随着世界经济的蓬勃发展,中国的股市价格及房地产价格急速上涨,同时人民币也面临升值的压力,这与上世纪处于泡沫经济时期的日本极为相似。良好的经济基本面、宽松的资金面和市场信心是推动中日两国资产价格上涨的共同因素。而中日两国长期实行出口导向型经济发展战略,依靠间接融资的金融体制,成为导致两国资产价格膨胀的深层次原因。为进一步探讨我国是否会最终走向泡沫经济,我们有必要对日本泡沫经济和当前中国经济进行比较研究,从中得到一些有意义的政策启示。 With the booming world economy, China’s stock prices and real estate prices have risen sharply. At the same time, the renminbi is also under pressure to appreciate, much like Japan, which was in the bubble economy last century. A good economic fundamentals, a relaxed capital market and market confidence are common factors that push up asset prices in China and Japan. However, the long-term implementation of the export-oriented economic development strategy by China and Japan and the financial system of indirect financing have become the underlying reasons for the expansion of asset prices in both countries. In order to further explore whether our country will eventually move toward a bubble economy, it is necessary for us to conduct a comparative study of the Japanese bubble economy and the current Chinese economy and obtain some meaningful policy implications.