推荐回答(2个)
与全球经济类似,近来中国经济也出现增速持续减缓走势。受四万亿超常刺激措施作用,中国GDP同比增长率2010年1季度达到11.9%峰值,此后总体上呈现回调趋势。2010年4季度GDP增速从3季度9.6%回升到9.8%,此后7个季度持续下降。2012年前3个季度经济增速持续走低,分别为8.1%,7.6%和7.4%。从“朗润预测”(具体参见附注)对中国GDP季度增长率预测值与实际值的偏差 来看,2012年前三个季度“朗润预测”连续三次出现正值误差,累计误差值为1.1个百分点,显示目前经济减速具有某种“超预期”特点。中国经济为何减速?外部经济环境影响无疑是重要原因。主要发达经济体作为中国主要贸易伙伴,其经济减速会抑制中国出口需求。虽然中国企业在开拓出口市场多元化方面多方努力并取得成效,外部经济减速仍会通过外需环节拖累中国经济增长。不过分析大国经济表现特点,更应从内在因素方面分析根源。从国内看中国经济增速减缓至少有三个层面背景根源。第一是长期原因。中国总人口中劳动年龄人口比例正经历峰值期并将趋于下降,加上年轻劳动力供给增量趋于减少,对潜在供给增速产生某种抑制作用。另外中国与发达国家可比人均收入差距较快缩小,意味着潜在后发优势发挥空间逐步收窄并制约潜在供给增速。考虑长期结构因素趋势性变动对供给面影响,中国经济潜在增速可能已从早先两位数高位回落到一位数。虽然对潜在增长率难以获得精准估计,考察国际比较经验和学界主流看法,观察中国近年宏观经济表现,有理由推测长期潜在增速应已从早先10%左右下降到目前8%-9%。第二是周期原因。上一轮开放经济景气增长成就巨大,但是周期累积矛盾与失衡因素需逐步调整,要求一段时间经济增速减缓。例如中国央行总资产从2001年初3.83万亿元增长到2011年初26.9万亿元,间共增长六倍。同期中国广义货币M2从大约14万亿元上升到73.4万亿元,十年共增长4.2倍。然而同期中国实际GDP增长约1.7倍。即便考虑经济转型期“货币深化”因素,货币总量规模仍扩张过快,伴随经济增长偏快偏热、通胀压力挥之不去、资产价格间歇飙升等失衡现象。另外央行资产负债表扩张幅度大比例超过广义货币,提示中国金融抑制程度可能有增无减。宏观金融过度扩张的累积矛盾,客观上需要一段时期经济适度减速加以调整化解。第三是短期原因。2008年底一揽子刺激经济措施,对稳定当时就业形势与促成经济增速较快回升发挥了重要积极成效。然而刺激措施毕竟是通过透支未来收入与需求发生作用, “功成身退”后会由于透支回补效应派生经济减速现象。例如刺激措施包括2009-2010年对汽车业提供降低购置税和下乡补贴,刺激中国汽车产销量从2008年965万辆和936万辆,分别跃升到2009年1420万辆和1362万辆以及2010年1875万辆和1804万辆,两年产量累计增长幅度高达94%。2009年中国汽车产销量已居世界第一。但是常识告诉我们,汽车市场增速不可能维持在年均30%-40%超常水平,两年井喷式增长对汽车未来供需潜能透支需要后续减速回补。结果在刺激措施退出后,2011年产销量增速双双急剧下降为约1.8%,2012年车市仍处于“微增长”状态。另外刺激政策推动钢铁业反弹、地方融资膨胀、房地产扩张,这些领域也都发生后续透支回补效应,构成宏观经济增速减缓的行业背景。
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