New Threat to World Economy

The aggregate amount of money and credit in the global economy has risen sharply over the past 30 years,with its growth rate and stock far exceeding that of the real economy or real assets of the world.This is the view of Xiang Songzuo,professor at the Huazhong University of Science and Technology,whose opinion was first published in a recent article in China Business News.Xiang said this situation is a real threat to the world economy.Excerpts of his article are reprinted below: