HigH Foreign excHange reserves Fuel excess liquidity

唐雙寧

|Editorial note |As property and share prices continue to soar as of late, the problem of excessive liquidity has drawn wide concern in China. What is excess liquidity? What are its causes? What measures can be taken to solve the problem? Mr. Tang, former Vice Chairman of the China Banking Regulatory Commission, provides an in-depth analysis of excess liquidity - its causes, problems, and ways to tackle the issue.