This is a super interesting question. I want to write an article to explain it in detail, so here is a rough overview. China's M2 is 335 trillion yuan, but many regions have weak economies and people feel short on cash. Why? First, it looks like there is a lot of money being issued, but a large amount of currency is tied up in fixed deposits! Second, the total debt burden of 300% of GDP means that new funds are mainly used for debt repayment! What debt? Chinese people are well aware. Third, the downturn in the real estate sector undermines the core engine of the currency cycle and drags down land finance!