But this experience also underscores the impotence of monetary policy in a deflationary environment, owing to the unwillingness of banks to lend and of enterprises to borrow. The fact that loss-making enterprises were allowed to churn out cheap products, eroding the profitability of high-quality enterprises (and thus their incentive to invest), prolonged the deflation.
一个显而易见的教训是政府应该早一点开始放松政策，力度也应该更大。但这一经验也彰显出通缩环境中货币政策的无力，因为银行不愿放贷，企业也不愿借钱。亏损企业被允许大量生产廉价商品，从而影响到高质量企业的盈利能力（以及它们的投资激励），这一事实延长了通缩时间。