June 13, 2025 10:08 AM GMT China Economics | Asia Pacific Strong TSF, Imbalanced Structure Key Takeaways Broad credit YoY remained strong on fiscal front-loading...New TSF came in at Rmb2,287bn (Consensus: Rmb2,330bn), with YoY of outstanding credit staying unchanged at 9%. Front-loaded govt. bond issuance has remained a key driver, led by special long-term treasury bonds and LGSB to support infrastructure capex. That said, private sector credit remains subdued, with a continued net decline in short- term h ...