变化中的世界

A Changing World

过去40年,在金融、货币和贸易的推动下,全球实体经济发生了巨大的结构变化,从根本上改变了我们对全球经济关联的结构的理解。各个国家在全球经济中的变化、政策不一样,使其在全球经济和金融中的地位也发生了根本变化。全球增长的重心正在从发达国家转向新兴经济体。未来5到10年,这一趋势将继续进行。同时,新兴经济体也面临着巨大的挑战。在未来的全球经济增长中,相当程度上将受约束于债务过高和对债务去杠杆化的管理过程。

The global economy has undergone significant structural change thanks to the push by financial,monetary and trade forces in the past 40 years.It has profoundly changed our understanding of the structure of global economic links.The different changes,policies and status of different nations in the global economy have led to fundamental changes in their position in the global economy and finance.The focus of global growth is shifting from the developed world to the developing economies.Such a trend will continue in the coming five to 10 years.Meanwhile,the emerging market economies are facing harsh challenges.In the future global economic growth stories,their prospects,to a large extent,will be subject to their high debt levels and their management of debt de-leveraging.