In the aftermath of the 2008 crisis, as the recovery of real economies in Europe and the USremained sluggish, central banks resorted to a different form of QE: purchases of long-termgovernment bonds. In the eurozone, bond purchases are still ongoing. But this kind of QE issignificantly different from what the PBoC has undertaken.

2008年金融危机爆发后，在欧美实体经济复苏依然乏力之际，各国央行曾采取过一种不同形式的量化宽松计划：买入长期国债。在欧元区，债券买入仍在进行当中。不过，这种量化宽松计划与中国央行采取的措施存在显著不同。

Bond purchases by western central banks aimed to stimulate the real economy. By pushingdown long-term interest rates, authorities hoped to persuade households and businesses tobuy homes and expand factories. By contrast, the PBoC action is aimed squarely at the stockmarket.

西方央行买入债券旨在刺激实体经济。通过压低长期利率，当局希望能促使居民和企业买房和扩建厂房。相反，中国央行的举措则明确针对股市。

“If the PBoC does buy stocks from investors, that definitely injects money to the real economyand is essentially QE for sure, said Larry Hu, China economist at Macquarie Securities.

麦格理证券(Macquarie Securities)中国经济学家胡伟俊(Larry Hu)表示：“如果中国央行确实从投资者手中买入股票，这么做绝对会向实体经济注入资金，实质上无疑是一种量化宽松。

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