出处:“CMRC中国经济观察”第32次季度报告会快报(3月2日),“中国经济的‘新常态’”中国经济的“过去式”可理解为是2007年前的状态,有3个特征:一是经济增速较快,二是通胀率很低,三是资产价格上行压力持续存在。理解这一现象以及更长时间诸多宏观经济现象的重要出发点,就是高储蓄。假定中国储蓄给定的话,实际上使用方式只有3种:一是形成境内有形资产,二是 Source: CMRC China Economic Observer, 32nd Quarterly Update (March 2), “The New Normal of China’s Economy,” and “the Past Tense of China’s Economy.” Pre-status, there are three characteristics: First, rapid economic growth, the second is very low inflation, the third is upward pressure on asset prices persist. An important starting point to understand this phenomenon and many macroeconomic phenomena over a longer period of time is high saving. Assuming that given China’s savings, there are actually only three ways of using it: one is to form domestic tangible assets and the other is