正确认识储蓄在我国经济增长中的作用

A Correct Understanding of the Role of Saving in Chinas Econoic Growth

本文根据１９８８—１９９７年间我国的经济运行历程，从规范分析和实证研究结合的角度，说明储蓄并不能全部转化为投资，反而会抑制市场需求，对经济增长产生负效应，因而，不应该片面强调和夸大储蓄对于经济增长的推动作用。笔者认为治理通货膨胀的根本手段并不在于鼓励和增加储蓄，相反，却在于控制没有实物保证的投资基金。

According to the 19881997 economic operation in China, this article, a combination of standard analyses with studies of substantial evidence, shows that saving can not completely turn into investments, but will restrain demands instead and produce a negative effect upon the economic growth. Therefore, we should not unduely emphasize and overestimate the role of saving in giving impetus to the economic growth. The article also insists that it is not the encouragement and increase of saving but, on the contrary, the control of the fund for investment and consumption without the guarantee of materials and the overquick increase of saving that can effectively bring inflation under control.