China's economic growth in 2004 seems to shoulder heavier downward pressure and deserves more attention rather than the problem of inflation. But ANBOUND think tank scholar believes that China’s continuous rapid growth in past years not only widens the economic scale, but also stimulates the expansion of financing lever, such as the increasing of off-balance-sheet financing. However, abundant off-balance-sheet financing deepens China’s off-balance-sheet inflation, and also force the government to maintain the economy stay above the red line of 6% by all means, or the inflation will be exploded.