In the first half of this year, aggregate new loans had reached a record high of 7.37 trillion yuan ($1.08 trillion). Where has the vast amount of the new loans gone? Has ballooning credit really helped fuel economic growth? Or has it worked to produce capital bubbles? Zuo Xiaolei, chief economist of China Galaxy Securities Co. Ltd. based in Beijing, offered her opinion in the Shanghai Securities News. Edited excerpts follow.

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