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中国经济在2008年危机之后有一个增长模式的转换。从2008年前的出口-投资模式转到危机之后的信用-投资模式。这种转换的含义在于,出口-投资模式可以积累经常账户顺差,顺差是整个经济体的利润,有利润的补充,经济体的杠杆率提高是不明显的。而2008年之后,中国转到信用-投资模式,转而主要依靠国内的信贷等信用投放,来维持高投资和较高的经济增长,这
After the crisis in 2008, China’s economy experienced a shift in growth pattern. From the export-investment model before 2008 to the credit-investment model after the crisis. The implication of this conversion is that the export-investment model can accumulate the current account surplus, the surplus is the profit of the entire economy, with the addition of profits, the increase of the leverage of the economy is not obvious. After 2008, China switched to a credit-investment model and instead relied mainly on domestic credit and other credit launches to maintain high investment and higher economic growth.