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王德培在2011年经济形势专家交流会上谈:股市上半年的纠结、僵局并非只是紧缩政策惹的祸,股市制度层面建设的滞后以及市场资金配置的嬗变同样不容忽视。其实中美股市的复杂波动都具有周期特征,中国股市大周期8年左右,中周期4年,小周期1-2年;美国股市则在人口和消费周期作用下形成40年的大周期,在企业投资影响下形成10
Wang Depei Talking on Economic Exchanges of Experts in 2011: The tangled stock market in the first half of the year, the impasse is not just a curse caused by the austerity policy. The lag in the construction of the stock market system and the evolution of market capital allocation can not be ignored. In fact, the complex fluctuation of the Sino-US stock market has periodic characteristics. The Chinese stock market has a large cycle of about 8 years with a medium cycle of 4 years and a small cycle of 1-2 years. The U.S. stock market has formed a 40-year cycle under the influence of the population and consumption cycle. Under the influence of business investment formed 10