经济尚未企稳,改革仍需接力

The Economy Has Not yet Stabilized, and Reforms Still Need to Continue

今年一季度,虽然我国经济复苏迹象初显,但跟过去几轮宽松相似,本轮宽松仍主要是通过加速信贷投放,从而加高杠杆率的方式来撬动以房地产和基建投资为主的增长。从当前我国宏观经济形势看,以货币信贷扩张为基础的需求刺激政策的空间明显收窄,若要经济真正走上复苏和可持续稳定的轨道,告别过去几年的大幅波动,本轮宽松政策需要真正将结构性改革提到历史性的高度。

In Q1 2019, although China's economy showed signs of recovery, this round of monetary easing, like the previous ones, aims to promote growth by boosting the investments in real estate and infrastructure through accelerating credit expansion and thus increasing leverage. Under the current macroeconomic environment in China, the policy room for boosting demands based on the monetary and credit expansion has been significantly narrowed. If a sustained recovery is to occur and the drastic fluctuation in the past few years is to be terminated, the importance of structural reforms needs to be enhanced to a historic level during this round of policy easing.