Peking University Guanghua Dean Tian Xuan Says Total Credit Expansion Is Not Weak, Only the Structure Has Changed

Xinhua News Agency published an article on September 14 quoting Tian Xuan, dean of Peking University's Guanghua School of Management, who said that total credit expansion is not weak but has only changed structurally, defending August's financial data and sparking controversy.

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2026-10-22 06:26 · 本文详细解析了2026年8月中国人民银行公布的金融数据。通过对新增贷款、涉融结构、利息支出及提前还贷等大量数据的深入计算，指出私人部门面临严重的“信用消灭”，其借到的钱在扣除利息和旧账后几乎为零，全社会的真实有效信用增量完全依赖政府债务。同时，文章批评了官方和体制内经济学家将数据粉饰为“融资结构优化”和“新质生产力填坑”的说法，揭示了中国经济正面临严重的私人需求萎缩与通缩压力。

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This event Peking University Guanghua Dean Tian Xuan Says Total Credit Expansion Is Not Weak, Only the Structure Has Changed 2026.09.14 · Official claim

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Article · 2026-09-17 00:23 August New Loans at 60 Billion—Worse Than During the Lockdown! Residents Won't Borrow, Enterprises Won't Invest, and Society Quietly Goes on Strike. Banks Pay 1.6% on Deposits to Buy 1.2% Government Bonds. Total Societal Interest Hits 14 Trillion—1.65 Times GDP Growth! Ponzi Financing and Sovereign Credit Are Clearing the Corpse of Private Credit

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