In 2009, trade payables and receivables largely fall as a result of the decline in transactions with both suppliers and customers.
This is consistent with the data that the mean of sales growth is negative in 2009.
In contrast, bank loans increase substantially in 2009, which is after the commencement of the ECG program.
The trend in ROA is consistent with the business cycle. We can see that the remaining variables do not change greatly over the sample period.