It's worth noting that printing money and giving it to the banks is effectively the same as taxing cash - it causes inflation and reduces the value of Yuan-den

It's worth noting that printing money and giving it to the banks is effectively the same as taxing cash - it causes inflation and reduces the value of Yuan-denominated assets (though there are ways to manage this). By doing this, the Chinese government is subsidizing entities that borrow from the bank (which are often SOEs) without directly taxing its citizens.