Recently, financial data has been released, revealing an interesting phenomenon: the entire market seems not to lack money, but the flow is just not moving.

First, looking at the total social financing (TSF), November saw an increase of 2.49 trillion yuan. This "financing total" hasn't shrunk, mainly because the government is issuing bonds (accounting for nearly 40%) and enterprises are also issuing bonds to support the situation. In other words, people are not relying on bank loans but are obtaining funds through direct financing.

In contrast, new RMB loans only amounted to 0.39 trillion yuan. This number actually tells two stories: one, local governments are conducting debt swaps, replacing some existing loans; two, the desire for enterprises and individuals to borrow money has not yet awakened. Banks are somewhat冷淡 (冷清 - quiet/slow).

The best illustration of the issue is the widening gap between M2 and M1. To explain simply: M2 is the "total purse" of society, including demand and time deposits; M1 is the "spendable cash" that can be used at any time. The larger the gap between the two, the more idle funds there are. The current situation is that enterprises are reluctant to invest and prefer to keep money in fixed deposits; ordinary people also prefer saving more, with low consumption desires. The speed of capital flow is slowing down, and market vitality indeed needs some stimulation.

Overall, it's not a problem of money itself, but that these funds are all in "wait-and-see" mode. The government and direct financing are providing support, but the real economic动力 (动力 - driving force) still depends on enterprises and consumption to truly pick up.