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尽管中央银行从1996年4月开始迄今已连续七次降低利率,然而,这样连续而大规模地降低利率,并没能有效地抑制人们的储蓄倾向及推动人们的消费热情。这种不论利息高低,就是不愿消费的现象背后,显然有其深层原因。这就是由于制度的不确定性和收入分配的畸形结构,使得人们无法对自己的生活作出理性预期,从而导致消费信心不足,最终影响有效的市场需求形成。首先,就制度的不确定性而言,由于我们正处于一个重要的制度转型时期,旧的制度已失去效力,新的制度又未能
Although the central bank has lowered interest rates seven times in succession since April 1996, the continuous and large-scale lowering of interest rates has failed to effectively curb people’s saving propensity and promote their enthusiasm for consumption. This phenomenon, irrespective of interest rates and unwillingness to consume, apparently has its own underlying reasons. This is because the institutional uncertainty and the malformed structure of income distribution make it impossible for people to make rational expectations about their own lives, leading to a lack of consumer confidence and ultimately to the formation of an effective market demand. First of all, as far as the uncertainty of the system is concerned, since we are at an important stage of institutional transition, the old system has become ineffective and the new system fails again