It's very easy to attack China's economic policy missteps of the past few years.9 r0 @# I% D. c- y7 t/ c1 R( T
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Propping up an overvalued stock market and surprising the market with currency announcements are just the latest examples.- D; ]% ?6 v5 q" ~
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But the bigger criticism is usually over the nature of the post-2009 stimulus package - which kept Chinese growth high by going on a credit and investment binge driven by state owned enterprises, state owned banks and local government.6 z# n$ b9 F3 f( b: G( S
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That's left the Chinese economy with a serious mal-investment problem (the often mentioned empty ghost cities) and high level of debt.; ^5 F& f7 v# L* r$ b9 O
But, for all the criticism, the counterfactual is rarely stated. What would global growth have looked like without it?
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At a time when the world was desperately short of economic demand, China stepped up and provided some.
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That stimulus package helped prop up global growth during the crisis but left China's economy dangerously out of balance.
Helping China make the transition back towards balance needs to be a central aim for global policymakers.
pcb 发表于 2015-9-8 06:567 i+ g) B U0 T) v4 k( \) ?
“释放巨额外汇储备也可以释放收回由于输入性通胀造成的流动性失控。”
其中“可以释放收回”, 究竟是“释 ...
赫然 发表于 2015-9-8 06:48: ]( X/ @1 q" f. W \
"接纳人民币进入SDR实际上为中国释放外汇储备打开了最后一道锁"4 |! ]6 p w7 B$ E7 G& L. P
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这是为什么?不明白,等指点。 ...
晨枫 发表于 2015-9-8 08:19
人民币成为硬通货,根本是要靠经济基础硬,但IMF接纳为SDR成员货币之一,这是为人民币的信用背书,货币市 ...
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