Excessive liquidity is one of the main reasons in the current macro-economic problems of inflation, but this surplus is not the absolute total surplus, but the relative structural overcapacity.

• 摘要流动性过剩是当前宏观经济出现通涨问题的主要原因之一，但这种过剩并非是总量的绝对过剩，而是结构性的相对过剩。