宏观环境的不确定性和不明朗性将伴随2011年始终,这几乎是不可避免的2011年,全球经济形势可能比2009年更困难,也会比刚过去的2010年更加具有不确定性。从国际经济来看,金融危机之后,美、欧等发达经济体亦面临结构性问题困扰,去杠杆化的过程必将使其经济增长低于过去的平均水平,踏上复苏之路依然漫长;而对于中国,情势更加复杂,经济转型之路才刚刚起步,通货膨胀已卷土重来,经济发展不平衡的矛盾将更加凸现。同时,还要面临外来因素的困扰。如在美国定量宽松货币政策的大背景下,流动性的再度泛滥不仅对人民币升值带来巨大压力,并可能进一步使好不容易收紧的货币政 It is almost inevitable that the macroeconomic uncertainties and uncertainties will accompany the rest of 2011. In 2011, the global economic situation may be more difficult than in 2009, and will be more uncertain than the 2010 in the past. From the perspective of the international economy, advanced economies such as the United States and Europe are also facing structural problems after the financial crisis. The deleveraging process will surely bring their economic growth below the average level in the past and will still have a long road to recovery. As for China, the situation is more complicated and the road to economic restructuring has just started. Inflation has come back and the imbalance in economic development will become even more prominent. At the same time, we must also face the problems of external factors. As in the context of the quantitative easing monetary policy in the United States, the resurgence of liquidity will not only bring tremendous pressure on RMB appreciation, and may further make the tightening monetary policy