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中国宏观经济报告(2023年):从分化到平衡增长 被引量:1

China's Macroeconomic Report 2023:From Divergence to Balanced Growth
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摘要 2023年中国宏观经济持续恢复向好,高质量发展扎实推进。生产生活秩序修复是2023年经济复苏的主要动力,突出问题是市场内生性总需求不足,信心恢复缓慢。总需求不足背后有资产负债表冲击等周期性问题,更重要的是结构性原因。进一步深究,结构性问题背后是我国经济处于从以增量扩能为主向调整存量与做优增量并存的深度调整转轨期,宏观治理体系和地方政府行为模式还未能全面适应,政策的合力和传导效率下降。2024年依然处于党的二十大召开后的红利窗口期、新一轮政府机构改革和国有企业改革落地实施期、新技术推动国产替代的突破期和周期性因素筑底后的上行期。伴随着周期性力量见底回升和新动能逐渐集聚,各行业有望从分化状态进入平衡增长阶段。 In 2023,China's economy continued to recover and highquality development was solidly advanced.In 2023,China\s macroeconomy showed four new characteristics:the economic recovery process was tortuous;compared with the traditional economic recovery process,traditional leading indicators had failed during this recovery process;economic differentiation was obvious;and there was a large difference between macro performance and micro perception.Behind these four new characteristics,the restoration of production and living order was the main driving force for economic recovery in 2023.The prominent problem was the insufficient endogenous aggregate demand and the slow recovery of confidence.The reasons of the lack of aggregate demand are cyclical issues such as balance sheet shocks,and more importantly,structural problems.For example,the traditional drivers of consumption are missing,and structural factors lead to overshooting of the real estate market,and trade among advanced economies is facing challenges.Further investigation shows that behind the structural problems is that China\s economy is in a period of deep adjustment and transition from focusing on incremental capacity expansion to adjusting stock and optimizing incremental growth.The macro governance system and local government behavior model have not yet fully adapted.The combined force of policies and policy transmission efficiency decrease.In 2024,although cyclical and structural problems are still prominent,the most difficult period of economic transition has passed,cyclical forces will bottom out and gradually start to rise,and new structural momentum will continue to gather.2024 is still in the dividend window period after the“the 20th National Congress of the Communist Party of China”,the implementation period of a new round of government agency reform and stateowned enterprise reform,the breakthrough period of new technologies promoting domestic substitution,and the upward period of cyclical factors.Based on comprehensive judgment,the economy will further return to normal growth in 2024.As cyclical forces bottom out and new momentum gradually gathers,various industries are expected to move from a state of divergence into a stage of balanced growth.In 2024,we should focus on the following risks:(1)the interest rate gap between China and the United States will be maintained for a long period of time,thereby suppressing domestic asset prices;(2)the possibility of real estate liquidity risk spreading;(3)the structural and regional nature of local government debt problems are prominent;(4)local governments may exert too much force,interfering with normal market adjustments;(5)export pressure on developed economies in the United States and Europe is great,and adjustments to the international industrial chain impact the upgrading of the export structure.We recommend setting an economic growth target of 5%for 2024.In 2024,we must further clarify the direction of highquality development,timely launch practical new measures,enhance the confidence of enterprises and residents,and stimulate new momentum for economic development.We should fully consider new changes in economic operations,strive to clear the transmission mechanism,and improve policy efficiency.
作者 中国人民大学中国宏观经济分析与预测课题组 于泽 刘元春 刘晓光 闫衍 杨瑞龙 毛振华 RUC Research Group of Macroeconomic Analysis and Forecast(Renmin University of China)
机构地区 不详
出处 《经济理论与经济管理》 北大核心 2024年第1期21-38,共18页 Economic Theory and Business Management
基金 北京市习近平新时代中国特色社会主义思想研究中心项目“新时代防范和化解杠杆风险研究”(19LLLJA001)的阶段性成果。
关键词 中国宏观经济 房地产 消费 地方政府债务 结构性调整 China's macroeconomy real estate consumption local government debt structural adjustment
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