훐맺췢믣뒢놸맜샭춶뛠풪뮯퇐뺿췵낮볳ꆡ쇵쿈럡ꆡꆡ2000쓪틔살,훐맺뗄췢믣뒢놸놣돖뿬쯙퓶뎤,췢믣햼뿮뗄퓶뎤ꆣ퓚퇫탐뗄닺뢺햮뇭짏,닺랽훷뷘훁2006쓪뗗틑듯떽10663틚쏀풪ꆣ듓쫀뷧랶캧튪뇭쿖캪췢믣뒢놸뗄퓶뎤,뢺햮랽훷튪뇭쿖캪죋쏱뾴,훐맺틑뺭폚2006쓪돵뎬맽죕놾돉캪췢믣뒢놸뗚뇒뗄퇫탐욱뻝뗄퓶뎤,헢훖죕틦삩듳뗄믵뇒듭엤믡튻듳맺ꆣ췢믣뒢놸뗄뻞듳듦솿뫍뿬쯙퓶뎤,튻랽쏦쳡볓듳퇫탐놾짭뗄믣싊럧쿕ꆣ퇫탐퓚뛠듳돌뛈짏뿉틔룟쇋훐맺뗄탅폃뗈벶뫍뎥뢶쓜솦,쇭튻랽쏦췢믣뒢돐쫜뛔돥뗄돉놾,횱뷓뻶뚨쇋쒿잰뗄믣싊훆뛈돖탸놸뗄돖탸맽뿬퓶뎤튲룸훐맺뺭볃듸살쇋뢺쏦펰쿬,퓋탐뗄웚쿞ꆣ퓚헢훖쫐뎡룱뻖쿂,뫪맛뷰죚볈튪믽벫틽웰쇋맺쓚췢톧쫵뷧뗄룟뛈맘힢ꆣ펦뛔쇷뚯탔맽쪣늢닉좡뷴쯵헾닟,럀횹뺭볃맽죈,춬ꆡꆡ뛔폚훐맺살쮵,췢믣뒢놸퓚춻웆췲틚쪱,튲튪캬돖죋쏱뇒믣싊퓚뫏샭뻹뫢쮮욽짏뗄쿠뛔튻횮뫳,돖탸퓶뎤뗄쟷쫆뿉쓜퓚뛌웚쓚뮹믡컈뚨,뷸뛸릮만틸탐룄룯뗄돉맻,늻쓜맽뛈쟖쪴뷰죚퇓탸쿂좥ꆣ돖탸퓶볓뗄뻞뛮췢믣뒢놸늻뷶믺릹뗄샻틦,럱퓲믣싊헾닟뿉돖탸탔붫쫜떽뛔돥돉볓뻧쇋맺쓚뷰죚쫐뎡쇷뚯탔맽쪣,훆풼쇋퇫탐믵뇒놾뗄훆풼ꆣ헾닟뗄뛀솢탔,볓듳쇋뫪맛뺭볃헾닟쓚췢욽뫢뗄톹3.뫪맛뺭볃헾닟쓚췢욽뫢뗄톹솦퓶듳ꆣ솦,뛸쟒튲뛔듦솿뗄맜샭쳡돶쇋룼룟뗄튪쟳ꆣ죧맻쮵,좫쟲맺볊쫕횧쪧뫢죕틦볓뻧ꆢ훐맺췢믣1.볓뻧맺쓚뷰죚쫐뎡쇷뚯탔맽쪣ꆣ뒢놸뿬쯙퓶뎤붫믡뷏뎤쪱웚듦퓚,쓇쎴,퓚떱잰뗄맺듓쒿잰쟩뿶살뾴,죕틦퇏훘뗄췢늿쪧뫢헽춨맽볊뺭볃뷰죚룱뻖쿂,뷶뷶틀뾿훐맺쪵쪩쓚늿헾닟뗄쳘뚨뗄슷뺶볓뻧쇋훐맺뺭볃뗄쓚늿쪧뫢,벯훐뇭쿖뗷헻,살뗷뷚맺볊뺭볃뗄쪧뫢쫇늻쿖쪵뗄ꆣ훐맺맺볊캪췢믣뒢놸돖탸퓶뎤듸뚯쿂뗄쫐뎡쇷뚯탔뗄랺샄ꆣ쫕횧쪧뫢뗄뗷뷚,튻랽쏦탨튪틀뾿죋쏱뇒믣싊뗄늨쇷뚯탔맽뿬췆뚯쇋탅듻뗄엲헍뫍춶뗄룟쯙퓶뎤ꆣ뚯,떫룼듳돌뛈짏퓲탨튪틀뾿뺭볃뷡릹뗄뗷헻ꆣ쒿좥쓪4퓂럝틔살,훐맺헾뢮닉좡쇋솽듎볓쾢,4듎쳡잰,훐맺틑뺭닉좡쇋쪮럖믽벫뗄믣싊늨뚯뫍뺭볃뷡룟짌튵틸탐듦뿮ힼ놸뷰싊,랢탐뚨쿲욱뻝뗈랽쪽뛔릹뗷헻뗄듫쪩,떫퓚췢믣뒢놸늻뛏퓶볓,쏀맺뗈훷튪쓚늿쪧뫢뷸탐훎샭ꆣ듓쒿잰쟩뿶살뾴,쇷뚯탔맽듳뗄릤튵뮯맺볒짐캴췪좫랢믓웤쿠펦뗄헾닟뗷뷚ퟷ폃뗄컊쳢늢캴폐킧뗘뷢뻶,퇫탐뛔돥췢믣햼뿮뗄톹솦틀맺쓚췢뺭볃룱뻖쿂,훐맺뫪맛뺭볃쓚췢늿욽뫢톹솦좻뫜듳,뛔돥뗄돉놾틀좻퓚짏짽ꆣ폫돥춻폐쯹볓듳ꆣ2.훐퇫틸탐믣싊헾닟뿉돖탸탔쫜떽뛔돥돉놾뗄ꆡꆡ듳쳥살쮵,쫀뷧룷맺췢믣뒢놸뗄맜샭훆풼ꆣ뛾퓋ퟷ,훷튪럖캪솽훖:얲췾뗄ퟩ뫏맜샭뫍탂죧맻췢믣뒢놸퓶뎤뗄쟷쫆뗃틔놣돖,늢쟒뛌웚볓웂뗄릫쮾맜샭ꆣ얲췾뗄ퟩ뫏맜샭훷튪쫇쓚늻퓙돶쿖쏷쿔뇤뮯,췢믣뒢놸뗄퓶뎤뇘좻믡듸뚯룹뻝놾맺뛔췢믣뒢놸뗄룷훖탨쟳,붫췢믣뒢놸럖캪92ꆡ쳬뷲짧믡뿆톧ꆡ2007쓪뗚2웚' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
믵뇒쫐뎡ퟩ뫏ꆢ춶ퟩ뫏틔벰뮺돥ퟩ뫏ꆣ믵뇒쫐뎡ퟩ춶ퟩ뫏,틔웚쪵쿖췢믣뒢놸뗄럖즢럧쿕뫍놣횵퓶뫏쫇룟쇷뚯탔ퟩ뫏,폃틔싺ퟣ붻틗탔뫍풤럀탔탨쟳,횵ꆣ쒿잰룃릫쮾맜샭뗄뒢놸뷰틑뎬맽1000틚쏀평얲췾퇫탐쿂짨뗄믵뇒헾닟늿쏅NBMP럅퓚맺쓚풪,듳풼햼탂볓웂췢믣뒢놸ퟜ뛮뗄80%,쫇탂볓웂췢믣쫐뎡맜샭;춶ퟩ뫏뫍뮺돥ퟩ뫏퓲쫴폚뎤웚췢믣뒢놸맜샭뗄훷쳥ꆣGIC뗄ퟩ횯볜릹쿠뛔뢴퓓,쿂닺ퟩ뫏,평얲췾퇫탐쿂짨뗄튵춶맜샭늿쏅쫴쯄룶훷튪웳튵,럖뇰벯훐폚릫릲쫐뎡ꆢ랿뗘닺ꆢ횱NBIM춶떽좫쟲쯄쪮뛠룶맺볒뗄뷰죚쫐뎡ꆣ탂볓뷓춶뫍릫쮾럾컱쇬폲,짏룶쫀볍90쓪듺붫폃틔싺웂뗄릫쮾맜샭퓲쫇틀뻝놾맺뛔췢믣뒢놸뗄룷훖탨ퟣ랢햹탔탨쟳뗄췢믣뒢놸캯췐룸룼뻟튵쳘뗣뗄떭쟳,틔벰뛔붻틗탔뫍풤럀탔뗄탨쟳,붨솢룟쇷뚯탔ퟩ십컽ꆣ퓚듋횮잰,떭십컽훷튪뢺퓰뛔탂볓웂맺폐웳튵뫏붻평믵뇒떱뻖(탂볓웂뷰맜뻖MAS)맜샭;룹뻝펯뷸탐뿘막맜샭,듓90쓪듺뾪쪼샻폃췢믣뒢놸춶폚샻탔뫍랢햹탔탨쟳,럖뇰붨솢튵뮯뗄춶맜샭릫맺볊뷰죚뫍룟뿆벼닺튵,훁뷱릫쮾닺쫐횵듯떽쮾GIC뫍떭십컽뛔췢믣뒢놸뷸탐맜샭ꆣ1003틚탂풪ꆣ웤훷튪횰쓜쫇퓚뛔놾맺햽싔탔닺튵뷸1.얲췾췢믣뒢놸뗄뛠풪뮯ퟩ뫏맜샭ꆣ탐뿘막맜샭뗄춬쪱,쳡짽탂볓웂웳튵뗄펯샻쮮욽뫍얲췾틸탐폚1990쓪뾪쪼뛔췢믣뒢놸쪵쪩뛠닣뎤웚뺺헹솦ꆣퟜ뗄살쮵,탂볓웂틔튵뮯춶맜샭릫듎맜샭,틔좫늿췢믣뒢놸붨솢쇋믵뇒쫐뎡ퟩ뫏ꆢ춶쮾캪훷쳥뗄뛠닣듎췢믣뒢놸맜샭,쪵쪩쪱볤뷏뎤,쪵ퟩ뫏틔벰뮺돥ퟩ뫏(닎볻뇭1)ꆣ웤훐,믵뇒쫐뎡ퟩ뫏쪩킧맻뷏뫃ꆣ탂볓웂풪믣싊퓚퇇훞뷰죚캣믺틔뫳놣틔룟쇷뚯탔뗄맺쓚믵뇒쫐뎡릤뻟춶,싺ퟣ붻틗탔돖컈뚨,췢믣뒢놸훰쓪쳡룟,뺭볃헻쳥퓋탐솼뫃,쫜뫍풤럀탔탨쟳;춶ퟩ뫏틔좫쟲엤훃뗄좨틦릤뻟뫍떽뛠룶퇇훞맺볒뗄맘힢,몫맺뫍십살컷퇇틑뺭럖뇰만뚨쫕틦릤뻟춶,싺ퟣ펯샻탔탨쟳;뮺돥ퟩ뫏,튲붨솢쇋놾맺뗄GICꆣ뻍쫇헾뢮퇸샏믹뷰,틔폍웸풴떼훂뗄훐퇫헾뢮쿖ꆡꆡퟛ짏쯹쫶,컒쏇뾴떽,얲췾닠훘폚좫뷰쇷죫캪뷰살풴,춨맽믽벫뗄몣췢춶싺ퟣ랢햹죽쟲엤훃뗄춶ퟩ뫏맜샭,뛸탂볓웂퓲닠훘탔탨쟳ꆣ늢쟒,췢믣뒢놸닺뿉틔룹뻝믵뇒헾닟ꆢ믣폚붨솢튵뮯뗄춶맜샭릫쮾ꆣ듓쪵쪩킧싊헾닟틔벰맺쓚뺭볃탎쫆탨튪,퓚믵뇒쫐뎡ퟩ뫏폫맻살뾴,솽맺췢믣뒢놸뻹퓚놣횤쇷뚯탔뫍낲좫탔뗄춶ퟩ뫏횮볤뮮ꆣ뷘훁2006쓪9퓂,춶ퟩ뫏ꆢ믵잰쳡쿂,싺ퟣ쇋룷쿮탨쟳,쪵쿖쇋놾뇒믣싊뗄컈뚨ꆢ뇒쫐뎡ퟩ뫏ꆢ뮺돥ퟩ뫏퓚얲췾췢믣뒢놸훐쯹햼뗄뇈췢믣뒢놸맦쒣뗄욽컈퓶뎤ꆢ췢믣뒢놸럧쿕뗄럖즢뫍샽럖뇰캪%ꆢ%ꆢ1쫕틦뗄쳡룟ꆣ솽맺뛔췢믣뒢놸뗄맜샭뫍쪹폃튲캪쫀.61%ꆣ웤훐춶ퟩ뫏쫇좫늿췢믣뒢놸ퟩ뫏춶뗄훷쳥,춶짦벰42룶랢듯뷧웤쯻맺볒쳡릩쇋뿉뷨본뗄닎뾼ꆣ뇊헟퓚듋뻍훐맺볒뫍랢햹훐맺볒뺭볃쳥ꆣ맺췢믣뒢놸맜샭춶뛠풪뮯쳡돶죧쿂뛔닟붨틩ꆣ뇭1.뷨본얲췾ꆢ탂볓웂뺭퇩,쏷좷훐맺췢믣뒢놸뗄1ꆡ2003쓪틔살얲췾췢믣뒢놸3듳ퟩ뫏쫕틦쟩뿶(떥캻탨쟳뚯믺,붨솢쫊떱뗄춶ퟩ뫏ꆣ:%)폫룶죋돖폐믵뇒폠뛮뗄탨쟳뚯믺쿠샠쯆,튻맺믵뇒쫐뎡ퟩ뫏춶ퟩ뫏헾뢮퇸샏믹뷰쏀맺PPI쏀맺CPI믵뇒떱뻖돖폐췢믣뒢놸뗄탨쟳튲쫇뛠닣듎뗄,훷튪%%%%%냼삨:붻틗탔탨쟳ꆢ풤럀탔탨쟳(룉풤탔탨쟳)ꆢ춶믺20041탔탨쟳(펮샻탔탨쟳)틔벰랢햹탔탨쟳ꆣ뛔폚컒맺뗄.79%%%%%쪵볊쟩뿶뛸퇔,췢믣뒢놸붻틗탔뫍풤럀탔탨쟳쯦ퟅ%%%%%믣싊훆뛈뗄쇩믮탔뛸뇤뮯;췢믣뒢놸펯샻탔탨쟳뫜ꆡꆡ쫽뻝살풴:샺쓪얲췾틸탐쓪놨춶늿럖ꆣ룟,췲틚췢믣뒢놸,죧듋뻞듳뗄듦솿웈쪹컒쏇늻뗃늻2.탂볓웂췢믣뒢놸뗄튵뮯릫쮾맜샭ꆣ죏헦뾼싇췢믣뒢놸뗄럧쿕쫕틦컊쳢ꆣ얲췾뺭퇩쿔쪾,탂볓웂헾뢮춶맜샭릫쮾(GIC)돉솢폚1981헫뛔늻춬뗄췢믣뒢놸탨쟳뚯믺,붨솢늻춬뗄췢믣뒢쓪5퓂,뢺퓰탂볓웂늿럖췢믣뒢놸뗄맜샭,틔싺ퟣ탂놸춶ퟩ뫏쫇쳡룟췢믣뒢놸맜샭쪹폃킧싊,복킡췢볓웂췢믣뒢놸펯샻탔탨쟳캪뺭펪쒿뗄,춨맽붨솢냼믣뒢놸닺맜샭럧쿕뗄훘튪듫쪩뫍쫖뛎ꆣ듓훐맺췢삨만뚨쫕틦릤뻟ꆢ좨틦릤뻟틔벰랿뗘닺퓚쓚뗄몣췢믣뒢놸맜샭뗄뷇뛈뾴,평폚췢믣뒢놸뗄튻킩탨쟳뚯ꆡ93' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
믺뚼쿠뛔뷏룟,헫뛔늻춬뗄탨쟳뚯믺,쫊떱뗘붨솢늻솢뫏샭뗄늻춬ퟩ뫏닺뮮늦믺훆,헢폐훺폚췢믣뒢춬뗄춶ퟩ뫏쫇뫜뇘튪뗄ꆣ뻟쳥살쮵,뿉틔내헕얲췾놸룼뫃뗘맜샭뫍쪹폃ꆣ얲췾틸탐퓚듋랽쏦붨솢쇋쒣쪽붫췢믣뒢놸듓ퟜ쳥짏럖ퟷ3듳ퟩ뫏:싺ퟣ붻틗쏅뗄믺훆,평얲췾틸탐횴탐캯풱믡뛔랽낸뗄쪵쪩뷸탔뫍풤럀탔뚯믺뗄룟쇷뚯탔ퟩ뫏ꆢ싺ퟣ펯샻탔뚯믺탐닃뻶ꆣ헢튻랽쏦볈싺ퟣ쇋믵뇒헾닟뛔쇷뚯탔뗄튪뗄뎤웚닺ퟩ뫏ꆢ싺ퟣ랢햹탔뚯믺뗄뮺돥ퟩ뫏ꆣ떱쟳,폖뿉틔헕맋뎤웚춶뛔닺컈뚨탔뗄튪쟳;쇭튻좻,뾼싇떽훐맺췢믣뒢놸뗄뻞듳듦솿,컒쏇폐뇘튪퓚랽쏦튲쪹췢믣뒢놸늻놻췪좫룮쇑뾪,퓚튻쿮탨쟳뚯3듳ퟩ뫏훐ퟶ뷸튻늽뗄쾸훂뮮럖,틲캪,늻춬샠탍뗄첬퓶듳뗄쟩뿶쿂,뿉틔춨맽웤쯻ퟩ뫏뷸탐뚯첬뗷헻ꆣ닺,웤춶뗄럧쿕쫕틦틔벰쯹탨튪뗄튵벼쓜,듦컞싛얲췾뮹쫇탂볓웂,퓚뛠닣듎췢믣뒢놸맜샭맽돌퓚뫜듳뗄닮틬ꆣ훐,뚼뛔췢믣닺뗄맜샭쪹폃쳡돶쇋뷏룟뗄낲좫탔2.뷡뫏컒맺췢믣뒢놸쪵볊쟩뿶,붨솢싺ퟣ컒맺뫍쇷뚯탔튪쟳,붨솢쇋뢴퓓뗄뻶닟믺훆뫍럧쿕뿘훆ퟔ짭돖믣탨쟳뗄췢믣뒢놸맜샭쳥쾵ꆣ믺훆,늢쟒틔램싉램맦뗄탎쪽폨틔쏷좷ꆣ듓쪵훊짏듓맺볊랶캧살뾴,탂볓웂뗄GIC뫍떭십컽퓚뾴,헢쫇평뛠닣듎췢믣뒢놸맜샭놾짭뗄뢴퓓탔쯹뻶닺뗄톡퓱짏뚼짦벰뫜뛠맘쾵놾맺랢햹햽싔뗄훘튪쇬뚨뗄,틲듋,훐맺폐뇘튪뷸튻늽볓뿬쿠맘솢램뷸돌,폲,죧뷰죚ꆢ랿뗘닺짵훁횱뷓춶뗈ꆣ뛸죕놾뗄몣췢췆돶룼캪퇏룱뗄ퟩ횯맜샭쳥쾵,틔맦랶뫍뿘훆췢믣춶훷튪벯훐퓚ퟔ좻풴뗄뾪랢ꆢ훆퓬튵ꆢ랿뗘닺ꆢ뒢놸뗄맜샭뫍쪹폃,붨솢맘폚췢믣뒢놸맜샭뗄췪짆뷰죚ꆢ놣쿕뫍퓋쫤튵뗈늿쏅ꆣ컒맺퓚췢믣뒢놸춶맜뗄램싉램맦쳥쾵뫍퇏룱뗄맜샭쳥쾵ꆣ샭짏,펦쪵쿖닺뗄뛠풪뮯,붫춶쇬폲퇓짬떽폐볛횤좯틔췢,힢틢폫맺볒풴햽싔ꆢ쓜풴햽싔,틔벰횧(놾컄ퟷ헟:췵낮볳ꆡ쳬뷲닆뺭듳톧뷰죚톧풺풺돖웳튵ퟟ돶좥햽싔뗄엤뫏,춨맽닺뛠풪뮯ꆢ쟸폲뫍뎤ꆢ뷌쫚ꆢ늩쪿짺떼쪦;쇵쿈럡ꆡ쳬뷲닆뺭듳톧뷰죚믵뇒뛠풪뮯춶,붨솢뚯첬뗄뇒훖뷡릹쳥쾵ꆣ듋췢,톧풺퇐뺿짺)뮹튪닎뾼쎳틗믯냩폫컒맺뗄뷸돶뿚쎳틗뛮뷸탐쫊떱퓰죎뇠벭:훓ꆡ뫓엤훃,퓚캴살춶맜샭췢믣뒢놸뎤웚닺쪱,컒맺췪좫뿉틔룹뻝룷훷튪쎳틗믯냩폫컒맺뗄뷸돶뿚쎳틗뛮닎뾼컄쿗:붨솢뚯첬뗄뇒훖뷡릹쳥쾵ꆣퟜ횮,퓚췢믣뒢놸뎤웚1.냍쫯쯉뗈:ꆶ뻞뛮췢믣뒢놸탨튪룼뛠춶쟾뗀ꆷ,ꆶ훐맺횤좯닺춶맜샭훐,펦떱붨솢평햽싔뻶닟늿쏅짨뚨룷훖놨ꆷ2005쓪10퓂25죕ꆣ닺뇈샽뗄믹ힼퟩ뫏2.냍쫯쯉:ꆶ췢믣뒢놸탨쟳뚯믺뗄뇤뚯폫췢믣뒢놸맜샭헾닟뗄,놣돖췢뇒햮좯뗈룟쇷뚯탔뷰죚릤뻟뗄쫊떱뇈샽ꆣ뗷헻ꆷ,ꆶ뺭볃컊쳢ꆷ1997쓪뗚11웚ꆣ3.뫎랫뗈:ꆶ췢믣뒢놸뗄믽벫맜샭:탂볓웂ꆢ얲췾뗄뺭퇩폫웴3.붨솢폐샻폚춶뛠풪뮯뗄췢믣뒢놸맜샭쳥훆폫쿠맘램싉램맦ꆣ쪾ꆷ,ꆶ맺볊뷰죚퇐뺿ꆷ2006쓪뗚6웚ꆣ퓚퇏룱쟸럖폃틔싺ퟣ늻춬탨쟳뗄췢믣뒢놸,폈4.몫볌퓆:ꆶ볓잿췢믣풴헻뫏샻폃,뮺뷢췢믣뒢놸룟퓶뎤뻖웤쫇룟쇷뚯탔ퟩ뫏뫍뎤웚닺ퟩ뫏뗄춬쪱,튲펦붨쏦ꆷ,ꆶ뫪맛뺭볃맜샭ꆷ2006쓪뗚5웚ꆣ94ꆡ쳬뷲짧믡뿆톧ꆡ2007쓪뗚2웚' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
