Speaking at the Hong Kong International Financial Leaders Investment Summit, PBOC Deputy Governor Zou Lan stated that as China's economic structure transforms and upgrades, the form of corporate assets has shifted from land and factories to technology, brands, and human capital. Financing needs have become more diversified, and the financing structure has undergone long-term trend-based changes, with the proportion of direct financing rising steadily. In 2025, the combined proportion of bonds and stocks in the increment of total social financing exceeded that of loans for the first time, and in the first nine months of this year it climbed further to 49.5%. The direction of loan allocation has also shifted from being mainly oriented toward real estate and infrastructure to high-quality development areas such as technology and green development.