Housing prices shot up, real-estate developers borrowed recklessly, and local governments became heavily indebted. As a result, broad money (M2) increased rapidly, and now stands at more than two times China’s GDP – one of the highest levels in the world.
最重要的是，中国经济的杠杆率大大增加了。房价一飞冲天，房地产开发商大肆借贷，地方政府也背上了沉重的负债。结果，广义货币（M2）迅速增加，现已超过中国GDP的两倍多，也是世界最高水平之一。