从1996年5月到1999年6月,中国人民银行连续7次降息,如果再加上停办保值补贴和出台利息税,实际降息共达9次。然而,经济的反应却很迟钝。投资并未因资金成本下降而增加,金融机构也并未因存贷款利差扩大而增加贷款。消费方面,社会消费品零售额实际增幅变化也不明显,消费 From May 1996 to June 1999, the People’s Bank of China cut interest rates seven times in a row. If interest subsidies and the interest tax were suspended, the rate cut actually amounted to 9 times. However, the economic response is slow. Investment did not increase due to lower capital costs, and financial institutions did not increase their loans due to the widening spread between deposits and loans. In terms of consumption, the actual increase in retail sales of social consumer goods has not changed obviously. Consumption