QE4冲击和中国的政策选择研究

Research on QE4 Impact and China's Policy Choices

阐明了美联储提出QE4的现实背景和政策思想渊源,分析了QE4的经济后果以及中国面临的政策挑战。面对QE4冲击,认为中国不应立刻跟风出台4万亿投资的2.0版,暂时也没有必要大规模减持美元资产而盲目进行外汇资产多元化配置。中国现在要做的是扩大内需,减少对美国市场的依赖,逐渐减少对美国的贸易顺差以控制美元资产规模。

This paper clarifies the realistic background and ideological policy origin of QE4 proposed by Fed, and examines the economic consequences of QE4 and policy challenges in China. Facing QE4 impact, this paper argues that China should not immediately introduce the version 2.0 of four trillion investment to follow the trend, and it is not necessary to reduce dollar holdings in large-scale temporarily and diversify configuration of foreign exchange as- sets. It is important for China to expand domestic demand, reduce dependence on the U.S. market, and reduce its trade surplus with the United States to control the scale of U. S. dollar assets gradually.