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发表时间:2017-08-19 20:50:38    来源:freephpcms.com

文章来源:Project Syndicate

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完美世界txt精校版完整

Weak demand is dragging down China's economic growth. The real problem isn't a shortage of money: the broad money supply (M2) now exceeds CN¥155 trillion ( trillion), or 200% of GDP, and continues to grow by 12-13% annually. Rather, the current slowdown reflects financial constraints on the real economy – a problem that will be difficult to reverse in the near future.

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As the money supply and financial sector expanded, so did the shadow banking system, which operates beyond the reach of risk-mitigating regulation. According to data from Moody's Investors Service, by the end of last year, credit from China's shadow banking system had nearly tripled relative to 2011, to CN¥65 trillion. Since 2006, shadow banks’ share of total credit soared from 10% to 33%.


虎扑7月15日讯 今日,SportsCenter在社交媒体上发布了一张图片,其中包含克里斯-保罗,斯蒂芬-库里,朗佐-鲍尔,拉塞尔-威斯布鲁克以及德里克-罗斯,并逐一列出了他们夏季联赛的场均数据。

复旦大学经济学院

SportsCenter写道:“鲍尔的夏季联赛场均数据使他进入了精英的行列。”

  


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Ironically, these financial constraints have tightened against a background of strong financial-sector growth. Indeed, it is the financial sector's prosperity, driven partly by the success of market-oriented innovations, that has fueled growth in China's M2 and credit assets.

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This trend can be traced back at least to 2004, when a fast-growing trade surplus and massive capital inflows, as well as relentless exchange-rate appreciation, forced the People's Bank of China (PBOC) to resort to monetary expansion as a hedge against the resultant risks. Since then, China's unremitting investment in infrastructure and real estate has fueled domestic demand, absorbing and reinforcing this credit growth. In 2009, China took things a step further, with a massive three-year stimulus plan that expanded bank credit to more than CN¥20 trillion.

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The risks generated by these activities are not lost on the Chinese authorities. The newly appointed chair of the China Banking Regulatory Commission (CBRC), Guo Shuqing, has pledged to look more closely at banks’ off-balance-sheet activities and conduct a rigorous audit of their risk assets. In the meantime, China's securities and insurance regulators have cracked down on activities like hostile takeovers.

张军:China's Monetary Conundrum Tweet


  

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传播前沿经济理论|分享最新学院资讯

鲍尔今年夏季联赛场均得到17.0分8.3篮板9.8助攻。


But the truth is that a regulatory crackdown, while necessary to mitigate financial risk, will not resolve China's monetary conundrum, much less protect China's economy from the consequences of a financial crisis in the long run. For that, China will need to identify and encourage those financial innovations that can support real economic activity. Unfortunately, on that front, not nearly enough progress has been made.

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报业辛迪加(Project Syndicate)被称为“世界上最具智慧的专栏”,作者来自全球顶级经济学者、诺奖得主、政界领袖,主题包括全球政治、经济、科学与文化塑造者的观点,为全球读者提供来自全球最高端的原创文章、最具深度的评论,为解读“变动中的世界”提供帮助。

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罗斯当年夏季联赛场均得到9.5分4.0篮板5.5助攻。

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