China Economics Quarterly: 1st Quarter 2008 / 中国经济研究季刊：2008年第一季度

China’s real GDP growth softened but inflation reached a new decade high in 1Q2008. Developments in both domestic credit and FX inflows data at the start of the year cast doubts on the effectiveness of the existing tightening package. A review of the similarities and differences between the current episode of inflation with two historical episodes shows that currency appreciation remains the most viable option for the Chinese government. In light of the heightened inflationary pressures, it is vital for the government to maintain a tight policy stance in order to anchor inflationary expectations.

>>China Economics Quarterly: 1st Quarter 2008 April 2008 [PDF, 603KB]

中国2008年第一季度实际GDP增长放缓，同时通胀率创下十年来新高。今年年初国内信贷增长的情况和外汇流入数据令人对已有调控组合措施的成效产生质疑。对当前高通胀时期与历史上两次高通胀时期的差异进行对比，结果显示人民币升值仍是化解通胀压力最有效的解决途径。鉴于通胀率居高不下，政府必须坚持紧缩政策立场以稳定通胀预期。

>>中国经济研究季刊：2008年第一季度 2008年4月 [PDF, 741KB]