通缩压力、金融动荡与供给侧结构性改革

Deflationary Pressure,Financial Volatility and Supply Side Structural Reform

本报告认为,全球货币政策分化明显,国际金融市场危机潜伏。2015年中国宏观经济承受通缩压力与金融动荡,2016年仍将艰难寻底。目前供给侧存在的问题不仅制约了潜在增长率的提高,而且不利于稳增长的政策效果的发挥。因此,我国必须通过供给侧的结构性改革构筑增长新动力,促进经济稳定增长。同时,还要大力推动金融监管体制改革,有效应对通缩,切实防范系统性金融风险。

This study concludes there is an obvious divergence in global monetary policy and a crisis lurking within international financial markets.In 2015 China’s economy withstood deflationary pressure and financial turbulence,trends which will continue in 2016.The problems with the supply side have not only restricted increase in growth potential,but also inhibited the effectiveness of stabilization policies.China must follow through with structural reform on the supply side to create new drivers of growth and promote economic stability.At the same time,efforts need to be made to push forward reform of the financial regulatory system,cope with deflation,and protect against systemic financial risks.