刺穿泡沫,还是缓慢治理?

Impaling Bubble or Delaying Governance?

对于中国日益严重的资产泡沫,国内外基本形成了共识,但在泡沫破不破的问题上,人们并未形成共识,许多人依然还幻想着企图泡沫不破而让经济运行自行平滑经济金融风险。但是,世界上没有不会破的泡沫,在一定程度上,泡沫的自行破灭对经济体的伤害比主动刺破要严重,特别是经济泡沫对企业将带来长期的停滞,将导致企业伤痕累累。由于经济增长的持续必须依靠企业的力量,不能等经济不可持续的事实已经发生了,再来消除金融泡沫。因此,在适当的时机主动刺穿经济泡沫,将比缓慢治理有利于中国经济发展。

There is a consensus at home and abroad concerning the increasing serious asset bubble in China, but consensus has not been reached as to whether to impale the bubble or not. Many people are still fantasizing the possibility that economic operation can voluntarily smooth the financial risks by itself without impaling the bubble. But the hub ble will be broken at last. To a certain extent, it will be more serious if the bubble is broken by itself than by impa ling. Especially economic bubble may bring about the long lasting stagnation to enterprise, which absolutely brings enterprise much suffering. Because the lasting economic increase relies on enterprise, it may be too later to eliminate financial bubble after economic non--lasting increase happens. Basically, it is more beneficial to China＇s economic development to actively impale the economic bubble than to slowly delay governance.