再论消费、储蓄与投资的关系——兼论当前的宏观经济形势

Relationship between Consumption, Saving and Investment

我国的高投资源于高储蓄,高储蓄下的高投资既是难得的机遇,也是宏观经济均衡的必要条件。而近年来,投资率长期低于储蓄率不仅是经济增长和国民福利的损失,也是这些年来我国通货膨胀形成的根本原因。治理物资保障性的通胀需要充分发挥货币信贷作用,充分有效地促进储蓄向投资转化,需要调整投资政策,扩大投资去缩小投资率与储蓄率的差距,才能从根本上减轻贸易顺差压力和过剩流动性来源。

China’s high level of investment is supported by a high savings rate, which serves as a rare opportunity for us and also a necessary condition for macroeconomic equilibrium. However, in recent years, the investment rate maintained at a level that is below the long-term savings rate. This is not only a loss of economic growth and national welfare, but also the root causes of years of inflation. To fight the raw material inflation and fundamentally reduce the pressure of trade surplus and sources of excess liquidity, one needs to give full play to the monetary credit, promote an effective transformation of savings into investment, adjust investment policy, and expand investment so as to narrow down the gap between investment rate and savings rate.