Abstract:
China is facing a slowdown in economic growth potential due to at least three unavoidable structural issues: demographics, environmental costs, and changing consumer preferences. Ongoing technological innovations and reforms can partially cushion the deceleration, but a further slowdown in growth is inevitable in the coming decade. This trend, together with the financial risks caused by a high macroeconomic leverage ratio, calls for a new macroeconomic policy framework. Key to sustainable, high-quality, and environment-friendly growth in China is adoption of a macroeconomic policy framework that is less growth-centric and focuses more on macroeconomic and financial stability.
摘要：
? ? ? ?中国的经济增长潜力至少将受到三个结构性因素的制约：劳动年龄人口下降、环境成本以及消费者偏好的改变。尽管技术进步和体制改革可以减缓增长潜力下降的速度，但未来十年经济增速的放缓是难以避免的。鉴于经济增长潜力的下降和宏观杠杆率高企造成的皇冠足球比分风险累积，中国需要一个新的宏观政策框架来实现可持续、高质量和环境友好的经济增长。这个新框架应当摒弃GDP为核心的政策目标而更关注宏观皇冠足球比分稳定。
全文下载：A New Macroeconomic Policy Framework for Prudence and Higher-Quality Growth in China