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对于中国宏观经济而言,经济增长已经趋势性进入“6”时代。增速下滑一方面是宏观周期和经济规律作用的必然结果,另一方面也是经济转型的客观要求。尽快降低社会杠杆规模、消化过剩产能库存是中国宏观经济领域更为迫切的问题,经济增长速度放缓,事实上也是为了降杠杆和去库存赢得政策空间和预期空间。但是从近几个季度的去杠杆、去库存的政策落实现状来看,出现了两个值得密切关注的新趋势,一是去杠杆正在被杠杆转移所取
For China’s macroeconomy, economic growth has entered a trend of “6”. The declining growth rate is an inevitable result of the macroeconomic cycles and economic laws on the one hand, and is also an objective requirement of economic restructuring on the other hand. As soon as possible to reduce the scale of social leverage, digestion of excess capacity inventory is more urgent problems in China’s macroeconomic field, economic growth slowed down, in fact, is to reduce leverage and inventory to win policy space and expected space. However, judging from the actuality of de-leveraging and de-stocking policies in recent quarters, there are two new trends that deserve close attention. First, deleveraging is being leveraged