you are correct, sir.

https://www.reuters.com/world/china/china-january-new-bank-loans-surge-513-trillion-yuan-beat-expectations-2025-02-14/

The narrower M1 money supply climbed 0.4% in January from a year earlier, compared with a 1.4% fall in December.

Starting from January, the central bank included personal demand deposits and non-bank payment institutions' client provisions in M1, which previously covered only cash in circulation and corporate demand deposits.