全球货币政策迈向宽松：机遇与挑战 货币政策转向后的全球经济：稳定经济增长是关键 文/清华大学五道口金融学院特聘教授黄海洲 一个国家的经济在面临高、中、低三条增长路径时，该如何选择？这似乎是一个简单问题，但答案可能并不简单。当一个国家面临有良好回报的发展机遇 时，如果因为政策发力不足、协调不完善，尤其是财政政策和货币政策端发力协调不够，而错过了新投资机会带来的经济增长，错失繁荣，那将非常可惜。 美国经济增长的韧性源于其面对危机和挑战时宏观政策层面的积极和协调。每当面临重大危机时，政策发力充足，力争迈向高增长之路。 美国经济韧性的根源，也在于善用科技创新和资本市场两个经济增长发动机协同发力。反映到资本市场上，美国从应对2008年金融危机开始，到应对2020年 疫情危机期间，培育出7个市值超万亿美元的科技公司。这背后的深层次原因是资本市场对风险投资的积极态度。只有科技创新和资本市场两个经济增长发 动机协同发力，才能实现高质量、高速度增长。可以说，无金融，不科技。 随着通胀的大幅回落，全球的央行2024年都改变了紧缩的货币政策立场，进入降息周期——日本除外。宽松的货币政策和积极的财政政策有利于提升投资风 险偏好，培育 ...

Core Viewpoint - The global economic governance paradigm is undergoing profound evolution, characterized by the shift from a single power structure to a more collaborative and shared governance model, emphasizing multilateral participation and institutional restructuring [6][10]. Group 1: Global Economic Governance Changes - The current global economic governance is influenced by geopolitical conflicts, rising protectionism, and the acceleration of digital and green transformations, leading to a weakening of global growth momentum [6][12]. - The restructuring of financial order is a significant manifestation of adjustments in global governance, highlighting the need for a diversified sovereign currency coexistence and orderly competition [7][12]. - The role of the International Monetary Fund (IMF) and Special Drawing Rights (SDR) is evolving from crisis response to regular operation, enhancing their integration into trade, financing, and reserve systems [7][21]. Group 2: China's Role in Global Governance - China is transitioning from a rule-taker to a rule-maker in global economic governance, promoting high-level opening-up and aligning with international high-standard trade rules [8][12]. - The country is developing a comprehensive policy framework around digital payments, green finance, and data regulation, aiming to create replicable international governance solutions [8][12]. - China's commitment to multilateralism and shared development is evident in its efforts to enhance institutional compatibility and participation depth within the global governance system [7][8]. Group 3: Future Governance Paradigms - The future of global economic governance remains undefined, with key variables including the restructuring of multilateral mechanisms, the rule-based advancement of technological governance, and the diversification of the international monetary system [8][10]. - Balancing national sovereignty with global cooperation, efficiency with fairness, and risk prevention with innovation will be crucial for the effectiveness and sustainability of future governance frameworks [8][12].