Liu Tao/Flickr

金融自由的弊端

发自伦敦——2007年,时任中国国家总理的温家宝指出“中国经济存在着巨大问题,依然是不稳定、不平衡、不协调、不可持续的结构性的问题。”如今,不平衡状态依然存在,而中国经济则太过集中于投资领域并过度依赖于信贷。

当前的中国领导层承诺要建立一个更为均衡的发展模式,并相信市场会在实现这一目标的过程中扮演“决定性的角色”。但当某些领域需要更强监管之时,中国官员们不应奢望自由市场会成为金融部门的一剂万能药。事实上,中国当前的经济不平衡状况在某种程度上正是反映出由信贷市场竞争所产生的危机。

即便是在2008年全球金融危机之前,中国的年均投资/GDP比率就达到极高的40%水平,而经济学家们也在呼吁向更消费导向的增长形势转型。2012年上述比率上升到47%,而工程建设已经占到了全部产值的40%。总信贷量也从相当于GDP的130%飙升到200%,无论是银行贷款还是“影子银行”信贷都急剧扩张。

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