【摘要】 随着市场化改革的深入,特别是现代企业制度的建立,国有企业的市场化特征显现,微观主体行为随之变化,导致宏观政策的作用受到抑制。通货紧缩之所以形成,是因为微观主体对利润的预期过低,扩张的宏观政策又不能有效提高预期利润。本文认为,在我国的经济运行中存在推动利润持续下降的因素,经济增长有其内生障碍,而政府保护是内生障碍形成的主要因素。政府的非市场化行为已成为我国经济持续增长的阻力。更多还原

【Abstract】 Along with the progress of market oriented reform and the establishment of modern firm system,state owned enterprises have shown the feature of market economy and have changed their behavior.This has restrained the effect of macro-economic policy.The deflation was caused by low profit expectation of micro-entities and failing of expansionary macro policy to effectively raise expected profit.This article maintains that there are factors which continually press down the interest rate in China’s economic operation.There are indigenous obstacles to economic growth,and the government protection is the main factor which causing these indigenous obstacles.The non-market oriented behavior of government has become the obstacle to the steady growth of Chinese economy.更多还原