对当前通货紧缩问题的深层思考

自 1997年以来 ,我国进入了本轮经济周期中的通货紧缩阶段。国家为治理通缩虽采取了一系列财政与货币政策措施 ,但其效果却不尽理想。究其根源 ,主要在于当前的通货紧缩是发生在中国渐进式增量改革进程当中的增长型通货紧缩 ,促其产生的主要原因是中国改革过程中的体制性压抑。因此 ,中国经济要彻底走出低谷 ,光靠宏观政策是不够的 ,还要继续深化体制改革 ,着眼于政策与体制的联动。

China has stepped into the deflation stage of this economic cycle since 1997. Although China has adopted a lot of fiscal and monetary policies to harness it, the result is not satisfactory. The present deflation is a growth-oriented deflation during China's gradually increasing reform, the major reason of which is the system constrain in the course of reform. Therefore, macro policies alone are not enough for China to get through the trough completely. It requires the continuous in-depth system reform and emphasizes the synergy between policies and system.