In fact, the rising cost of intermediation – largely a result of the distortions in China’s financial system – is among the most important factors driving the rise in borrowing costs for Chinese businesses. That is why further monetary loosening by the PBOC, though necessary to address faltering growth, will not be enough.
事实上，中介成本的升高——大部分是拜中国金融体系扭曲所赐——是推高中国企业融资成本的最重要因素之一。正因如此，仅仅依靠人行进一步放松货币政策是不够的——尽管这是提振增长的必须措施。