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2015年年中出现“股灾”的背后原因究竟是什么?它并不是一次偶发性的股票市场价格的急剧波动事件,也不是金融监管部门没有能够有效地对股票市场实施监管的结果,而是中国经济增长所带来的生产规模扩大和金融资产快速增长之间,没有找到一个合适的路径来扩大总需求的必然现象。因而,对于下一步金融改革的方向和重点的讨论,应该跳出股票市场本身的监管思路,从中国经济长期增长趋势和新的发展特征的梳理上入手,明确什么样的融资体系才能更有效地配置金融资源和促进经济增长。经过30多年的经济增长,当前中国经济有两大新特
What is the reason behind “stock market crash” in mid-2015? It is not an incidental sharp fluctuation in the stock market price, nor is it the result of the financial regulator failing to effectively supervise the stock market. Instead, Is the inevitable result of China’s economic growth brought about by the expansion of its production scale and the rapid growth of its financial assets without finding a suitable path to expand aggregate demand. Therefore, for the next discussion of the direction and focus of financial reform, we should jump out of the supervision of the stock market itself. Starting with the analysis of the long-term economic growth trend and new development characteristics in China, we can specify what kind of financing system can be more effectively configured Financial resources and economic growth. After more than 30 years of economic growth, there are two major new specialties in the Chinese economy