Indeed, the surge in bank loans caused China’s M2 (a broad measure of the money supply) to soar, from 150% of GDP in 2008 to some 200%, or more than CN¥100 trillion, today. The massive injection of liquidity into China’s economy has contributed to rising debt, especially among local governments and firms, while fueling massive real-estate bubbles, and resulting in significant excess capacity.
事实上，当时出现的银行贷款高速增长令中国的M2（衡量货币供应的广义数值）大幅飙升，从2008年相当于GDP的150%上升到如今的约200%（超过100万亿人民币）。对中国经济大规模注入流动性不但催生了大量地产泡沫和过剩产能，也导致负债增加，地方政府和企业负债状况尤为严峻。