For many years in the past, China practiced a highly centralized planned economy and regarded planning as being absolute. This hampered the development of productivity. The ongoing financial crisis has made it clear to us, however, that the market is not a cure-all, either. A totally laissez-faire approach will inevitably lead to economic disorder and unfair social distribution, and will eventually take its toll. A credible market-oriented reform should never set the market against government macro-regulation. The invisible hand of the market and the visible hand of government and social supervision should both act, and act vigorously. Only in this way can resources be distributed according to market rules and distributed in a reasonable, coordinated, balanced and sustainable manner.
国际金融危机再次告诉人们,不受监管的市场经济是多么可怕。从上世纪90年代以来,一些经济体疏于监管,一些金融机构受利益驱动,利用数十倍的金融杠杆进行超额融资,在获取高额利润的同时,把巨大的风险留给整个世界。这充分说明,不受管理的市场经济是注定行不通的。因此,必须处理好金融创新与金融监管的关系、虚拟经济与实体经济的关系、储蓄与消费的关系。
The international financial crisis once again shows how dangerous a market economy without regulation can be. Since the 1990s, some profit-driven financial institutions in economies lacking effective regulation have raised massive capital with a leverage of dozens of times. While they reaped huge profits, the world was exposed to enormous risks. This fully demonstrates that a totally unregulated market economy cannot work. We must strike a balance between financial innovation and regulation, between the financial sector and real economy, and between savings and consumption.
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