中国经济从1997年10月开始发生物价水平下降,至今已经是连续20个月的通货紧缩了。从1998年下半年开始,政府采取了扩张性的财政政策,增发国债、扩大公共基础设施建设、扩大内需。这些政策取得了一定的效果,不仅表现在支撑了当年的经济增长率,而且使企业“存货”的增长率大幅减小,“存货投资”在GDP中的比重从过去的10%以上,下降到4.7%。这在一 Since October 1997, the Chinese economy started to experience a drop in the price level. It has been a deflation so far for 20 consecutive months. Since the second half of 1998, the government has adopted an expansionary fiscal policy to issue more treasury bonds, expand public infrastructure and expand domestic demand. These policies have achieved some results, not only in supporting the current year’s economic growth rate, but also in reducing the growth rate of enterprises ’inventories ’ significantly. The share of “stock investment ” in GDP has increased from 10% Above, dropped to 4.7%. This is one