The growth rate of M2 has dropped sharply, and there is less money in the market. Is it necessary to reduce support for the real economy? Ruan believes that on the whole, the reduction of capital circulation and nesting in the financial sector leads to the reduction of deposits, which is conducive to the stable operation of financial institutions, reduces systemic risks and shortens the capital chain, and will not have a big impact on the real economy.

Judging from the data, the support for the real economy has not diminished. Relevant data show that the scale of social financing has grown relatively steadily. In 20 17 years, the scale of social financing increased by 19.44 trillion yuan, more than the previous year10.63 trillion yuan. Among them, RMB loans in the real economy increased by 13.84 trillion yuan, a year-on-year increase of 1.4 1 trillion yuan.

"When the growth rate of M2 tends to decline, the scale of social financing will maintain a high growth, which can prevent and control financial risks while ensuring financial support for the real economy." Sheng Songcheng, counselor of the People's Bank of China and executive vice president of China-Europe Lujiazui International Finance Research Institute, also said that the decline in M2 growth rate reflected the effect of deleveraging in the financial sector and the return to a reasonable level after high growth in previous years. The growth rate of social financing scale remained stable, indicating that financial support for the real economy has not weakened, and the liquidity of the real economy has not been greatly affected by financial deleveraging.

However, with the change of China's monetary structure in recent years, the importance of M2 has obviously declined. In recent years, financial innovation has developed rapidly. In addition to commercial banks, there are more and more ways for residents and enterprises to deposit money, such as off-balance sheet financing, money funds, internet financial deposits, and various asset management plans. The data shows that from 2065438 to the end of June 2007, the scale of Yu 'ebao reached 1.43 trillion yuan, making it the largest monetary fund in the world. Sheng Songcheng said that these financial products have strong monetary attributes and are growing rapidly, but many of them are not counted in M2. Moreover, a large number of enterprises and residents choose to save in the form of money funds and other deposits, the shortage of bank deposits, the increasing debt pressure and the decline in the ability of derivative loans have all led to the decline in the growth rate of M2.

Jiang Chao, chief economist of Haitong Securities, said that in the era of rapid development of financial innovation, the existing form of money has undergone tremendous structural changes, the scale of new money has maintained rapid growth, and the traditional M2 statistical money growth rate has gradually failed.