The problem is that China’s financial sector has accumulated considerable risk in recent years, with broad money (M2) having ballooned to ¥110.7 trillion ($18 trillion) – almost twice the country’s GDP – at the end of last year. In an attempt to rein in M2, which could indicate that the economy is overleveraged, the central bank tightened conditions for commercial bank lending, so that, for any given increase in M2, less credit is extended.
问题在于，近几年来中国金融部门累积了大量风险，到去年年底，广义货币（M2）总量膨胀到110.7万亿元，接近GDP的两倍。为了遏制M2——该指标表明中国经济有杠杆过高之嫌——中国人民银行收紧了商业银行贷款标准，因此，对于任何给定的M2增量，信用增量下降了。