The study looked at the relationship between money supply growth and inflation in China. They used different tests to see if changes in money supply affect inflation, and vice versa. The results showed that inflation influences money supply growth, but the relationship is not stable over time. In some periods, increasing money supply can lead to both higher and lower inflation. This suggests that controlling inflation in China is not just about reducing money supply, but also about maintaining a stable growth rate. It's important for China to have a steady money supply to keep prices stable and support economic growth.