金融危机到来之时,各国政府纷纷出台救市之举。刺激经济的政策使中国经济出现了有别于多数发达国家U型复苏的V型反弹,其背后有四个特定因素的支撑。但这种扩张性经济政策也使得中国经济不得不付出结构调整进度放缓、资产泡沫形成、通胀压力上升、资源配置效率下降的代价。未来中国经济发展的形势总体是乐观的,同时依然面临着来自投资、消费、出口领域的深层次挑战。中国经济需要逐步退出刺激政策,以结构提升为第一发展要务。 At the time of the financial crisis, governments of all countries have introduced a rescue package. The policy of stimulating the economy has brought a V-shaped rebound in the Chinese economy that is different from the U-shaped recovery of most developed countries. There are four specific factors behind the policy. However, such an expansionary economic policy has also caused China’s economy to have to pay the cost of slowing the pace of structural adjustment, the formation of an asset bubble, inflationary pressures and the inefficient allocation of resources. In the future, the situation of China’s economic development as a whole is optimistic while still facing deep-rooted challenges from the fields of investment, consumption and export. China’s economy needs to gradually withdraw its stimulus policy and promote structural upgrading as its primary development priority.