Worse, restricting commercial banks’ role as financial intermediaries and encouraging the growth of unregulated shadow banking has generated even more risks for China’s economy. Clearly, a new approach is needed – one that is based on a deeper understanding of the dangers inherent in China’s banking system.
但这一措施并未遏制M2的增长；相反，去年M2增长比2012年更快。更糟糕的是，限制商业银行作为金融媒介的角色、鼓励不受监管的影子银行的增长已经给中国经济带来了更大的风险。显然，中国需要新方针——基于对中国银行体系内部风险更深认识的方针。