Thus, low interest rates and non-market interference, rather than demand from enterprises, fueled explosive credit growth in the first half of 2009, surpassing the full-year target. If commercial banks had been allowed to base lending decisions solely on economic considerations, credit and money supply would have grown more slowly, limiting the risk of rising bad-loan ratios, stalled enterprise reform, inflationary pressure, and a resurgence of asset bubbles as excess liquidity enters equity and real-estate markets.