Industry Info·行业资讯 - Amazon Web Services

English Abstract· 英 文 摘 要
relations between the currency issuance volume and the total volume of the social material wealth, the credit-debt
relationship at this stage is established on the basis of real material wealth, and guaranteed by real debt service
resources, thus it is stable and there is no systematic debt crisis.
National credit resources ceiling is shown as the balance between the volume of money supply and the size of
wealth created at the current term; and the general social price level serves as a barometer of the balance. The state
cannot increase the total social credit demand excessively beyond the total volume of real wealth of the country.
However, the state that is entitled to issue international reserve currency is able to continuously increase the total
social credit volume to meet the demand of the capital expansion in the country by going beyond the material
wealth created by the state in the current term. The contradiction between the limitation of increasing consumption
and the unlimitedness of self-expansion of capital in the process of the state’s creating credit demand drives the
state with the mintage for the world to expand the money supply volume by continuously going beyond the real
wealth creation capability of the state; although such an act does not trigger inflation domestically, it does create
credit inflation in an unconventional manner. It is the super liquidity provided by these states that pushes the
human credit demand to yet another new stage. That the state creates credit demand has established the relationship
between production and credit; when the first credit resources to develop this relationship runs exhausted, the
contradiction between production and consumption promotes the development of the second credit resources.
(III) The stage that the market creates credit demand
That the market creates credit demand means that instead of regulating the market credit demand through such
government-controlled credit instruments as money supply volume, interest rate and foreign exchange rate, social credit
demand are created by the market based on the value that economies may create in the future through the design of a
series of financing facilities enabling debtors to raise funds from creditors. The stage started from 1985 when the United
States became a net debtor country and ended in 1995 when the large scale of financial derivatives entered the market,
lasting 10 years in total. This stage is characterized by using future credit resources as the creation of credit demand by
the market is based on the wealth to be created in the future.
The fundamental difference between the state’s creating credit demand and the market’s creating credit demand is
that the government develops the realistic realizable value as credit resources by using the state creditworthiness and
creating credit demand by regulating the money supply volume. In order to perform its duty of stabilizing the macroeconomic
and credit environment, the state not only proactively supervises the credit system risks, but also refrains its
credit expansion behavior. That the market creates credit demand is a spontaneous behavior of capital that in order for
capital to pursue greater profit space, it develops the future realizable value as credit resources by taking advantage of the
contradiction between production and consumption, and between the limited first credit resources and the unlimitedness
of capital expansion. In this stage, the benefit driven capital combination morphology composed of capital owners and
occupants in credit relationship is the motive force for creating the social credit demand. As this is a unique mechanism
to realize capital expansion through operating credit-debt relationship, it lacks immanent impetus to constrain risks; the
state and market take turns in creating credit demand, and the principal function of the money in directly regulating the
social credit demand fades out, making it gradually evolve into a pricing tool for credit relationship.
There is a great difference between the market's creation of credit demand and ordinary credit transaction. That
the market creates credit demand means to tap the future credit resources on a large scale, so as to assume the
responsibility of expanding the market credit consumption demand and balancing the contradiction between production
and consumption through operating the credit-debt relationship in the special background that the realistic credit
resources are no longer able to underpin the demand for production development. The conspicuous characteristics of
the market's creating credit demand is to inject the value that could be generated in the future in the form of credit and
debt and maintain the economic and societal vitality of the state. It represents an irreplaceable historical process. While
ordinary credit transactions are behavior of local financing or profit making of capital, and this does not bring about any
Dagong Credit
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