The page shows a number of indicators to measure liquidity conditions and Chinese authorities' policy stance. The credit impulse chart on the left illustrates the central bank's policy stance, which has been swinging between supporting growth (trending upwards) and preventing asset bubbles (trending downwards). While policy has been supportive in 2020 due to the pandemic, it is expected to normalize in 2021 and prevent excessive credit growth. The right chart shows the key policy rates that reflect the funding costs, and the People's Bank of China has been quite balanced in its monetary policy. The authorities will continue to prompt more liquidity to flow into micro and small enterprises.