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最近几个月,流动性的快速投放还未明显拉动经济增长。在今年前4个月,社会融资总量净增7.9万亿元,增量比去年同期多了63%,增幅明显高于2012年4季度的34%。但同时,经济增速却小幅下滑,1-4月工业增加值平均增速仅9.5%,低于去年4季度的10%。而在2009年和2010年,类似规模的流动性增长都曾带来了经济增长的明显加快。
In recent months, the rapid liquidity has not yet significantly stimulated economic growth. In the first four months of this year, the total social financing volume increased by a net amount of 7.9 trillion yuan, an increase of 63% more than that of the same period of last year. The growth rate was significantly higher than the 34% increase in 4Q12. However, at the same time, the economic growth rate dropped slightly. The average growth rate of industrial added value in January-April was only 9.5%, down from 10% in the fourth quarter of last year. In 2009 and 2010, similar increases in liquidity have brought a marked acceleration of economic growth.