China's money supply, including M0, M1, and M2, all increased at steady speed last year.  This compares clearly with the stimulus money supply of previous two years.

At year end 2011, China's broad money supply (M2) stood at 85.16 trillion yuan, up 13.6 percent year-on-year. Narrow money (M1) registered 28.98 trillion yuan, rising by 7.9 percent year-on-year. Currency in circulation (M0) posted 5.07 trillion yuan, up 13.8 percent year-on-year. The net amount of money input recorded 616.1 billion yuan for the full year, down 21.4 billion yuan year-on-year.

As can be seen in the last chart of the above link, the growth rate of M2 supply last year end stood at the same level as 2006 or 2007, and M1 supply was heading to low level only seen during the 2008 financial crisis.