事实上，中国城市和地方企业所需要的流动性比传统发达国家的通缩、信用紧缩和价格下跌情形下的需求更多，因为地方政府和国有企业的基础设施和房地产投资仍在消耗大量资金。
In fact, Chinese cities and local enterprises will need even more liquidity than would be required in a classic case of deflation, credit tightening, and falling prices, because infrastructure and property investments by local governments and SOEs are still consuming funds.