物价水平未必仅由货币政策决定关于2009年以来物价上涨的原因,观点之一便是货币发行过多。单从数字层面来看,这一观点显然有其合理性,2009、2010年两年间,我国M1分别增长32.4%和21.2%,M2增长27.7%和19.7%,均接近历史最高水平,M2的净增量是这两年GDP增量的2.6倍。2011年后我国货币供应增速降低,M1年增长率在7%左右,M2年增长率不超过14%,与之直接对应的结果是物价在2012年后的 Price level may not be dictated solely by monetary policy One of the reasons why prices have risen since 2009 is that money is over-issued. From a numerical perspective, this view is obviously reasonable. In the two years between 2009 and 2010, China’s M1 grew by 32.4% and 21.2% respectively, M2 grew by 27.7% and 19.7%, both of which were close to the highest level in history. The net The increment is 2.6 times of the increment of GDP in these two years. After 2011, the growth rate of China’s money supply will decrease. The annual growth rate will be around 7% in M1 and the annual growth rate in M2 will be more than 14%. The direct result of this is that after 2012