一、投资:经济波动的生长点固定资产投资对国民经济影响的传导途径有两条:一条是投资未形成现实生产力之前,通过总需求的变动对国民经济产生影响;另一条是投资形成现实的生产力,通过产业结构的变化影响国民经济发展。后一条途径将在下一节详述。投资对社会总需求的影响。从社会总需求方面看,主要与生产性货币供给量有关,并间接地影响消费性货币的供给。我国生产性货币供给有两个主要渠道,一个是政府财政投资的渠道,另一个是银行信贷投资的渠道。政府财政投资长期以来一直是我国固定资产投资的主要渠道。政府部门在货币的总循环中具有虹吸作用,即政府把生产部门的大部分收入通过税收和利润上缴的虹吸作用集中上来,然后再以政府投资的形式投入生产部门。经过这一非信贷的货币循环后,货币的所有权发生了变化,货币资产转变为国家资产,国民经济的资产积 I. Investment: The Growing Point of Economic Fluctuation There are two ways to transmit the impact of investment in fixed assets on the national economy: one is the impact on the national economy through the changes in aggregate demand before investment realizes the formation of real productive forces; the other is the investment that has become a reality Productivity affects the development of the national economy through changes in the industrial structure. The latter approach will be detailed in the next section. The Impact of Investment on Total Social Demand. From the perspective of aggregate social demand, it is mainly related to the productive supply of money and indirectly to the supply of consumer money. There are two main channels for China’s production of money supply, one is the channel for government financial investment and the other is the channel for bank credit investment. Government financial investment has long been the main channel for investment in fixed assets in our country. Government departments have a siphon effect in the general circulation of money. That is, the government centralizes most of the revenue in the production sector through the siphon effect of taxes and profits, and then inputs it into the production sector in the form of government investment. After this cycle of non-credit currency, the ownership of the currency has changed, and the monetary asset has been transformed into the national asset and the product of the national economy