This year, the CCP has printed at least 20 trillion yuan, primarily to support local governments and state-owned enterprises, with little benefit to consumer spending. In January 2023, China’s broad money supply was at 274 trillion yuan. By January 2024, this had risen to 298 trillion yuan, and now stands at 311 trillion yuan. Therefore, nearly 20 trillion yuan has been printed over the past 12 months.
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