As a result of this chronically rapid growth in broad money, China’s M2/GDP ratio has surpassed 180%, the highest in the world. Though the full implications of this uniquely high ratio for macroeconomic stability need further investigation, it certainly implies financial fragility and a weakening of the PBOC’s ability to control overall liquidity in the economy.
过去几十年来货币供给明显快过产出。2012年，M2的增长率约为14%，相对历史标准来说比较低，但仍然显著高于正常GDP增长率。由于这种广义货币的长期快速增长，中国M2对GDP的比率已经超过了180%，为全世界最高。尽管这种特有的高比率对宏观经济稳定的全面影响需要进一步的证实，它肯定意味着金融脆弱性和中国人民银行对经济中总体流动性控制力的削弱。