今年上半年股市、楼市出现回暖现象,理解这两市回暖背后的本质原因,才能更好地观察经济走向。郎咸平新著《谁在拯救中国经济》一书认为,这两个市场之所以回暖,是因为这几年投资经营环境恶化和产能过剩,使得制造业的资金流入这些市场。政府信贷规模的扩充导致部分信贷资金进入股市,也使得国企开始疯狂炒地皮。本文选编自该书。 In the first half of this year, the stock market and the property market rebounded. It is only by understanding the essential reasons behind the warming of these two cities that we can better observe the economic trend. Lang Xianping’s book Who’s Saving China’s Economy argues that the reason why these two markets are getting warmer is that the investment environment in these years has deteriorated and overcapacity has caused manufacturing capital to flow into these markets. The expansion of government credit led to the part of credit funds into the stock market, but also makes the state-owned enterprises start crazy speculation land. This article is selected from the book.