Given that outstanding loans already amount to nearly double China’s GDP – a result of the country’s massive stimulus since 2008 – new loans are largely being used to pay off old debts, rather than for investment in the real economy. Thus, the more relevant concern is that the balance of outstanding loans has not risen.
但单纯提高信贷额度恐怕无济于事。鉴于2008年来的大规模刺激政策已经使中国未偿还贷款接近GDP的两倍，新增贷款主要并未进入实体经济，而是用于偿还旧账。因此，未偿还贷款余额并未上升恐怕更值得关注。