Discussion over Reasons of Financial Deepening Factors is on the High Side from Fiscal Policy Angle

The paper analyzes the phenomenon that the ratio of M2/GDP in China is so high in two points.First,it's the measure problem of GDP.Our GDP is underestimated.Then I make GDP bigger,and the ratio of M2/GDP becomes lower.Last,I give the reason why M2/GDP is still higher in finance policy view of issuing public debt.I propose that how our finance policy works with the process of financial development and the high ratio of M2/GDP doesn't represent the high level of financial development,but is the result of our special finance policy.