债务堆积在货币层面的反映是货币周转速度不断变慢,货币量虽然快速上升,但实体经济的融资成本依然高企(政府扩张挤出效应),经济增长越来越依赖于新增货币推动。由于货币沉淀,虽然每年社会净融资规模巨大,但形成增量部分的比例越来越低,很多信用 Debt accumulation reflected in the currency level is that the currency turnover rate continues to slow down, although the rapid rise in the volume of money, but the real economy financing costs remain high (government expansion crowding-out effect), economic growth more and more dependent on the promotion of new currency. Due to the precipitation of money, although the scale of net social financing is huge every year, the proportion of incremental parts is getting lower and lower, with much credit