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1、从全球经济大视角看中国政策微调（ViewingChina'spolicyfine-tuningfromaglobaleconomicperspective）ViewingChina'spolicyfine-tuningfromaglobaleconomicperspectiveChina'smacroeconomicinformationnetworkinOctober28,2011Inthecontextofthegradualweakeningoftheglobalinflationalert,China'sinflationratehasfallenfortwo
2、consecutivemonths,butthelong-termsituationisstillnotoptimistic,inflationcenterwillrise.So,despitethetemporaryupturninthesituationthatbringsrespite,copingwithinflationwillbeaprotractedwar.Ifthe"fine-tuning"isunderstoodas"bigturn",itisclearlymisread.Examinethecurrentsituationandthefutureo
3、feconomicandfinancialChinesefromaglobalperspective,inmyopinion,monetarypolicychangeinformationChinahigh-risepassedout,"theseeightwordsareappropriateandtimelyfine-tuningcangetfurtherinterpretation:becauseof"danger"and"tone",called"timely";""willthe"micro",called"moderate".Sincethebirthof
4、thecentralbank,thepolicyonthemenuofthetwomainitemsiseconomicgrowthandpricestability,althoughyoucannothaveitbothways,butpolicymakersalwaysseektrendsinthebalancebetweenthetwo,eachpolicy,alwayscorrespondstotheimbalanceofbothendsoftheseesaw.This,ofcourse,isnoexception.LookfromtheglobalChine
5、se,whiletherelativelyweakergrowthmomentum,theothersideisalong-termupwardinflationcentral,fine-tuningisarationalchoiceoftheflowoftwo-phasebalance.Ontheonehand,thecomparisonofthestructureoftheglobaleconomyandChina'seconomyshowsthattheadjustmentofChina'smonetarypolicyisimperative.Concretel
6、yspeaking,althoughtheglobaleconomicrecessionissomewhatsensational,the"greatstagnation"seemstobedifficulttoavoid.Aftertheseveredeteriorationofthesummerthisyear,theEuropeandebtcrisishasstoppedthismonth,andGermany'spositiveperformanceinhelpingGreecehascalmedthemarketsentiment.Asexpectedbef
7、orethisistoopessimistic,aseriesofnewreleaseddataalsoshow"unexpected"features,suchasthecoreyesterdayreleased5.7%U.S.newhomesalesQoQand1.7%durablegoodsordersincreased,significantlybetterthanexpected.However,itisworthnotingthat,forashortperiodoftime,theeconomicsituationimprovedonl
