近期,摩根士丹利新兴市场与全球宏观部主管鲁吉·夏尔马在《金融时报》上发表《中国上空的债务阴云》一文(以下简称《阴云》),将中国信贷膨胀与信贷危机联系起来,并得出了令人担心的结论。有必要对我国是否存在严重信贷膨胀进行深入研究。一、“信贷繁荣”确是诱发信贷危机和增长减速的重要因素,但发展阶 Recently, Ruiji Sharma, chief of the Emerging Markets and Global Macro Division at Morgan Stanley, published a paper entitled “The Cloud of Debt over China” (FT) in the Financial Times, linking China’s credit expansion to the credit crisis Get up and come to the worrying conclusion. It is necessary to conduct an in-depth study on whether there is a serious credit expansion in our country. First, “credit prosperity” is indeed an important factor inducing a credit crisis and a slowdown in growth. However, the development stage