三大冲突的交融：中国资本流动性过剩内在机理分析

The Interaction of Three Imbalances:a Study on Inner-Mechanism of China's Excess Capital Liquidity

当前中国宏观经济面临诸多问题,其重要原因就在于中国资本流动性过剩。而资本流动性过剩产生的实质则是三大冲突的交融:即实体经济与虚拟经济的冲突,转轨期新体制与旧体制的冲突和开放经济下内外均衡的冲突。为此解决中国宏观经济运行矛盾的突破口在于解决资本流动性过剩,其战略思路应该以金融全球化背景为出发点,适应国际货币体系调整,以国家安全作为重点,实现三大均衡:一是实体经济和虚拟经济的均衡;二是新旧体制交叉期的制度均衡;三是开放条件下内外均衡。

Under the background of financial globalization,China's excess capital liquidity resulted from the imbalances of three aspects:the imbalance between the real economy and the virtual one;the imbalance between the old institution and the new one in the period of system transition;and conflict of the internal and external balance in an open economy.The essay proposes that to solve China's excess capital liquidity problem,financial globalization should be regarded as a strategic basis.Adaptation to the adjustment of international monetary system and the general trend of international capital flows are also required to ensure three balances with the focus on national security,that is,the balance between the real economy and virtual one,the economic structure balance in the transition period of the old and new systems and the internal and external balance in an open economy.