2004年中国经济在投资以及出口等因素的拉动下实现了强劲的增长。然而,毋庸讳言,同时也伴随着许多令人关注、亟待解决的问题。本文透析了2004年以来中国宏观经济的一些热点问题,指出房地产泡沫化发展、部分行业过度投资、大量外资涌入、汇率升值压力等对宏观经济政策提出了严峻挑战,同时指出改革乃当务之急,宏观调控政策任重而道远。 In 2004, China’s economy achieved strong growth driven by investment, exports and other factors. Needless to say, however, it is accompanied by many issues of concern and urgency. This paper analyzes some hot issues in macro-economy in China since 2004 and points out that the real estate bubble development, over-investment in some industries, the influx of a large amount of foreign investment and the pressure of exchange rate appreciation pose severe challenges to macroeconomic policies. At the same time, it is pointed out that reform is a top priority and macro Regulation policy long way to go.