建言金融政策 引领金融实践 | 《清华金融评论》2025年度回顾

Group 1 - The global economy is experiencing a shift towards more accommodative monetary policies, with central banks expected to enter a rate-cutting cycle in 2024, except for Japan [6] - The resilience of the US economy is attributed to effective macroeconomic policies and the collaboration between fiscal and monetary measures, which have helped avoid recession despite aggressive interest rate hikes [5][6] - The US GDP has shown unexpected growth, with a 2.9% increase in 2023 and a projected 2.8% growth in 2024, largely supported by excess savings accumulated during the pandemic [5] Group 2 - The article emphasizes the need for a new development model in China's real estate sector to stabilize the market and promote high-quality economic growth, as highlighted in recent central government meetings [9][10] - The current real estate model has led to high debt levels among companies, necessitating a shift towards a more sustainable approach that addresses both supply and demand issues in the housing market [10][11] - Key focus areas for the new real estate model include improving housing supply systems, enhancing financial services for homebuyers, and reforming sales systems to stabilize the market [11][12] Group 3 - The article discusses the challenges and opportunities presented by low interest rates in China, suggesting that a combination of proactive fiscal policies and accommodative monetary policies is essential for economic stability [40][41] - It highlights the importance of addressing structural issues in the economy, such as improving public services and enhancing the efficiency of resource allocation [41][42] - The financial sector is urged to adapt to the low interest rate environment by providing innovative financial products and services that meet the evolving needs of consumers and businesses [43] Group 4 - The rise of digital assets is reshaping the global financial landscape, with significant developments in regulatory frameworks and market structures [55][56] - Digital assets, including central bank digital currencies and cryptocurrencies, are becoming mainstream, prompting major economies to establish strategic frameworks for their development [55] - Challenges remain in terms of technology, regulation, and market liquidity, necessitating careful consideration of the future direction of digital assets [56][57]