Since the beginning of this year, the total financial output has maintained a reasonable growth, reflecting a moderately loose monetary policy orientation. As the March financial data release window approaches, reporters interviewed multiple analysts for foresight. Overall, the industry generally expects a significant rebound in new credit and social financing in March, continuing to solidify support for the real economy. According to Wang Qing, Chief Macro Analyst of Oriental Jincheng, it is expected that new credit will increase by about 3 trillion yuan in March, a significant increase of about 2 trillion yuan compared to the seasonal increase in February. It is expected that a large scale of local government bonds will be exchanged for existing loans from urban investment platforms in March, which will directly lower the medium and long-term loans for newly added enterprises in the month. However, the current growth rate of infrastructure investment is on the rise, manufacturing investment maintains a high level of growth, and the disbursement of loans for real estate "whitelist" projects is accelerating, all of which will provide strong support for medium - and long-term loans to newly invested enterprises. Wang Qing also believes that the real estate market continued to show a slight rebound trend in March, coupled with policy support for residents' medium and long-term consumption loans and business loans, it is expected that residents' medium and long-term loans will resume a year-on-year increase in March. Chen Xing, Chief Macro Analyst of Caitong Securities, predicts that the net financing scale of government bonds in March will still be at a high level, about 1 trillion yuan higher than the same period last year. The net financing scale of corporate bonds will decrease compared to February, and government bonds may continue to support the year-on-year increase in social financing scale in March. It is expected that the new credit scale in March will be about 2.8 trillion yuan, the new social financing scale will be about 5.3 trillion yuan, and the M2 growth rate will rebound to 7.2%. Wang Qing predicts that the newly added social financing scale in March will be about 5 trillion yuan. Considering that large-scale hidden debt swaps will significantly reduce the scale of medium and long-term loans for new enterprises and overall new loans, the current new social financing data can better reflect the support of the financial aggregate for the real economy. From a structural perspective, the main support point still comes from government bond financing. Driven by the pre fiscal efforts and large-scale issuance of replacement bonds, the scale of government bond issuance remained high in March, and net financing is expected to reach 1.4 trillion yuan, an increase of about 1 trillion yuan year-on-year. Bian Quanshui, Chief Macro Analyst of Western Securities, predicts that there will be an increase of 3 trillion yuan in new loans and 4.5 trillion yuan in new social financing in March, with a year-on-year growth of 8% in existing social financing. Currently, China's stance on implementing a moderately loose monetary policy is clear, and there is sufficient room for monetary policy. Looking ahead to the next stage, Wang Qing expects that the central bank will pay more attention to playing the role of structural monetary policy tools, focusing on supporting key areas and weak links of the national economy, while guiding financial institutions to increase credit allocation through structural guidance. (New Society)