If the economic growth and monetization were included in our model the tax rate of seigniorage would be the sum of the contribution rate of growth, the rate of monetization and the nominal rate.

如果考虑经济增长和货币化过程，铸币税的税率等于经济增长贡献率、货币化速度、和名义利率的加总。

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Based on the up-mentioned points, the high monetization ratio of China will see a longer life until the growth rate of M2 which is driven by resources capitalization is lower than that of GDP.

由此，中国的经济高货币化进程还将持续一段时期。直至资源资本化推动的M2增速低于GDP增速为止。

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Few players were willing to click through to the offer sites, he says, resulting in the low monetization rate.

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