论文部分内容阅读
中国的经济政策来了一个180度的大转弯,在经历了几个月抑制通货膨胀的努力后,中国政府决定优先考虑经济增长。央行在11月30日宣布降低银行准备金率,在未来几个月将会释放大约350亿人民币的流动性。这是一个巨大的转变,从2010年7月起,中国的通胀达到6.5%,为了控制通胀,中国央行四次提高利率,七次提高银行准备金率。但今夏以来,通胀指数开始下降,欧元危机导致中国最大的海外市场——欧洲市场急剧萎缩。与此同时,中国的房市大幅度回落,严重冲击钢材和其他建筑相关行业。中国前十大城市和一些二线城市的房价已经连续三个月下降。2009年和2010年过分宽松的货币政策导致了流动性过剩和地方政府的巨额债务。
After a 180-degree turnaround in China’s economic policies, the Chinese government decided to give priority to economic growth after a few months of efforts to curb inflation. The central bank announced on November 30 to reduce the bank reserve ratio in the next few months will release about 35 billion yuan of liquidity. This is a huge shift. Since July 2010, inflation in China has reached 6.5%. To control inflation, the PBoC raised interest rates four times and raised the bank reserve ratio seven times. But since the beginning of this summer, the inflation index started to decline. The euro crisis led to a sharp contraction in the European market, China’s largest overseas market. At the same time, the housing market in China dropped significantly, seriously affecting steel and other construction-related industries. Housing prices in China’s top 10 cities and some second-tier cities have dropped for three consecutive months. Over-easing monetary policies in 2009 and 2010 led to excess liquidity and huge debts of local governments.