2015年四季度,世界经济复苏低于预期且走势分化。美国经济保持稳定增长态势,就业市场表现强劲,如期启动10年来的首次加息。欧元区和日本尽管实行了量化宽松货币政策,但短期内难以恢复目标通胀水平。受美联储加息预期和大宗商品价格低迷影响,新兴经济体增长进一步放缓,短期内难有大幅改善。政策层面,发达经济体货币政策不一,美联储重启加息进程,而欧洲央行、 In the fourth quarter of 2015, the world economic recovery was lower than expected and the trend was diverging. The U.S. economy maintained a steady growth with a strong job market and started its first interest rate hike in 10 years as scheduled. Despite the introduction of the quantitative easing monetary policy in the euro area and Japan, it is difficult to resume the target inflation in the short term. Affected by the Fed’s rate hike expectations and sluggish commodity prices, the growth of emerging economies further slowed down and there was hardly any significant improvement in the short term. Policy level, developed economies, monetary policy varies, the Federal Reserve restart the process of raising interest rates, while the European Central Bank,