美国持续量化宽松政策和主权债务困境

The Sustained Quantitative Easing of the US and its Sovereign Debt Plight

人口老龄化和债务危机,成为限制发达国家经济增长的重要因素。美国二次量化宽松政策的推出,以及后续持续量化宽松的趋势,引发全球国债竞争性发行问题。量化宽松政策之下,通货膨胀预期骤增,而发达国家的就业状况和经济增长问题并没有得到解决,实体经济的持续复苏需要虚拟经济的相对缩减和重大技术创新的涌现。在全球经济体系相对混乱之际,中国应在人民币国际化、推进区域货币金融合作与改革国际货币体系三个层面开展行动,化危机为机遇,发挥应有作用。

Population ageing and public debt crisis have prevented the developed economies from achieving a solid recovery.The US QE2 and possible new quantitative easing have led to the problem of global competitive issuing of debt.Against the backdrop of continued QE,inflation expectations have become ever strong while developed economies are yet to find real solutions to joblessness and slow growth.Sustained recovery of the real economy requires relative contraction of the virtual economy and emergence of major technological breakthroughs.Given the disorderly global economic landscape,China should play an active role in pushing forward RMB internationalization,regional currency and financial cooperation and reform of the global monetary regime.