看了贵刊上期的特别策划,不禁想对M2的问题谈一谈自己的看法。从2012年起,中国M2的增长就一直呈现稳步上升态势,与之相对的解释是,中国在构筑“世界工厂”过程中,需要大量的投资来“铺平垫稳”。也就是说,M2大部分跑到投资中去了。但在最近,这一现象可能正在发生变化。央行在2013年第4季度公布的《中国货币政策执行报告》中也承认,现在中国经济增长“对投资和债务的依赖仍在上升”。尤其是近年来地方主导的大规模融资建设模式进一步强化,在稳定了GDP增长率的同时,也增大了经济运行中的潜在风险。这是一个很有意思的事,一方面,加剧投资会引发金融领域的系统 Read the special planning of your period, can not help but want to talk about their own views on the issue of M2. The growth of M2 in China has been on a steady upward trend since 2012, as opposed to the explanation that China needs a lot of investment to “smooth out” the process of building a “world factory”. In other words, most of M2 went to invest in it. But in recent times, this phenomenon may be changing. The central bank also acknowledged in its “Report on the Implementation of China’s Monetary Policy,” released in the fourth quarter of 2013, that economic growth in China is still “rising on investment and debt.” In particular, the local-led large-scale financing construction mode has been further strengthened in recent years. While stabilizing the GDP growth rate, it also increases the potential risks in economic operation. This is an interesting thing. On the one hand, intensifying investment will trigger a system in the financial sector