启动增长周期

Calm Down, Please

2014年，投资者即使不是在火山喷发的现场，也该看到了远处丝丝冒出的蒸汽。2014到来，发达国家的经济迎来了复苏后最好的前景。美国失业率降至6．7％，欧股创下新高。

Optimism about emerging markets has been spreading since 2013. According to Albert Edwards, Societe Generale's uber-bearish strategist, many things are overrated nowadays, including some well-known economic terminologies. In his ironic statements, 'BRIC' stands for 'Bloody Ridiculous Investment Concept', and 'MINT' stands for 'More Irritating New Terminology'. His arguments may be unfair, but is not completely irrational. In 2013, most investments pouring into the advanced economies achieved good returns, while those flowing into emerging economies suffered a big defeat. To tackle the problem, the emerging economies will have to use the right remedy. On the one hand, they need to ask the advanced countries to be more responsible when quitting the QEs. On the other hand, they need to make themselves stronger by implementing reforms in key sectors. Like the stock market, economies fluctuate. A setback today often creates a better tomorrow. If the emerging economies improve their policies and deepen their reforms, they will certainly be able to revive in the future.