通货紧缩、流动性陷阱及中国宏观经济政策整合研究

The Synthesis Study of Deflation, Liquidity Trap and the Macroeconomic Policy in China

1990年代中期以来，中国经济运行的性质已开始发生变化，市场需求逐渐成为制约经济增长的主要因素，经济增长越来越依赖于消费结构高级化的带动，而不是靠需求数量的低水平扩张来牵动。在这一宏观经济态势中，产品结构、产业结构的高级化，资源配置优化，生产的市场需求导向，经济活动效率和经济运行质量的提高就成为经济增长的内在需求。根据中国经济的现状，应当主要参照凯恩斯学派和货币学派的理论，综合运用货币政策和财政政策，同时加大制度变革力度（主要是产权制度、法律制度、企业制度），以摆脱经济疲软，并使国民经济走出粗放增长的恶性循环。

Since the middle of 90's, great changes have taken place in China's economic mechanism. Market demand has gradually become the main factor of restricting China's economicgrowth; thus China's approach to the economic growth more and more relied on the advanced consumptive structure. In this macro - economic environment and the current economic situation, with reference to the theory of Keynesian economics and the monetary economics, China should comprehensively apply monetary policy and fiscal policy and enhancethe institutional reform, including the property right system, legislation system and the enterprises system, for the purpose of extricating the national economy from slump and the vicious circle of extensive growth .