PBOC’s Pan Gongsheng: Credit Growth Alone Can’t Gauge Financial Support for Economy

Pan's framing is a quiet pushback against the loan-growth scoreboard that markets have long used as a proxy for Chinese stimulus, and it signals the central bank wants credit data read alongside equity and bond financing. The emphasis on venture and private equity for early-stage tech also hints at where policy attention may sit as bank-led lending loses some of its diagnostic value. Whether this reframing is followed by concrete measures to channel non-loan capital toward tech firms is the open question.