The state printed money, how did the money flow into society and pass it on to us?Some people say that the central bank lends money to commercial banks, and commercial banks lend to enterprises and ordinary people. After obtaining the loan, the enterprise expands its business or production scale. Or invest in a new industry. Ordinary people earn US dollars while doing business abroad, and when they return to China to exchange with the bank, the state prints new renminbi for dollars in the hands of ordinary people, and the central bank prints money to buy local bonds, treasury bonds, and so on.
In fact, last year, China's money printing machine printed 28 trillion in one print, which is equivalent to printing one more Germany. This is the year and country in which a single economy has printed the most money in human history. Since so much currency has been overissued, our ** has not risen, the property market has not risen, and even the prices are not obvious**. What about the over-issuance of these currencies?
In fact, it doesn't matter how much water you put in, it won't be directly averaged to everyone. Instead, loans are issued through banks, and enterprises can expand their business or production scale after obtaining the loans. Or invest in a new industry. In this way, more jobs are created and wages are raised. And then it goes into everyone's hands.
But after the 28 trillion yuan arrived at the bank last year, the bank suddenly found that no one came to lend. The industry is poor and dare not lend. The industry is good and does not come to loans. Ordinary people are trying to figure out how to save money and save money. Not to mention loan consumption. So this money forms a passive repatriation. This is what we call passive balance sheet shrinking.
In the past, about half of all loans went to real estate. Last year, everyone stopped borrowing money to buy houses, and real estate developers stopped borrowing money to buy land. Then the entrepreneurs don't borrow money to update the production line anymore. Then the commercial banks will take the money of the central bank and do nothing. And he still has to pay interest to the central bank on the books, and after thinking twice, the best choice is, of course, to return it to the central bank. So most of the 28 trillion money that was over-issued went back obediently. There is no final reception in the market, and the only thing that can be borrowed is **.
From the perspective of **, the urban investment bonds dominated by local governments at all levels. Its scale has exceeded 65 trillion yuan. Many places** themselves are already insolvent. Therefore, after taking this part of the money, part of it is used to borrow new money to pay off the old. Part of it is still invested in traditional infrastructure construction. And once it enters the infrastructure, it can solve part of the employment to a certain extent. and will not cause excessively high inflation for other goods. This is one of the important reasons for China's infrastructure investment.
So although 28 trillion yuan has been overissued this year, most of it is idling within the state apparatus. If you don't borrow it, I won't borrow it, and 28 trillion will naturally be ignored.