国际金融危机以来,主要发达经济体基于自身利益,加强贸易保护主义,以邻为壑,现代经济史以来的第三轮去全球化浪潮兴起。去全球化背后有其周期性因素,也有结构性因素。未来一段时间,全球格局处于再平衡过程中,去全球化仍将持续,全球经济将结构性持续低迷。金融全球化与经济去全球化进程的背离将放大金融市场波动。 Since the onset of the international financial crisis, the major developed economies have stepped up their protection interests based on their own interests and taken the beggar-thy-neighbor as the third wave of globalization since the modern economic history. Behind the globalization have their cyclical and structural factors. In a period of time to come, the global pattern will remain in the process of rebalancing and the globalization will continue. The global economy will continue its structural downturn. The divergence between financial globalization and economic globalization will magnify the volatility of financial markets.