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目前中国宏观经济面临的两重约束,一是资产泡沫和通胀压力;二是去年“4万亿投资+近10万亿信贷”刺激政策的“后遗症”开始显现,那种没有效益的投资已出现难以为继的问题。中国30年来形成的外向型经济增长模式从来没受到如此严峻的考验。
At present, the dual constraints China’s macroeconomy faces are asset bubbles and inflationary pressures. Second, the “sequelae” of the “4 trillion yuan investment + nearly 10 trillion yuan credit” stimulus policy started to emerge last year. The investment has been unsustainable problem. The outward-oriented economic growth mode that China has formed over the past 30 years has never been so harshly tested.