经济理论与经济管理 ›› 2024, Vol. 44 ›› Issue (12): 36-55.

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中国宏观经济报告(2024年):筑底回稳的中国宏观经济

  

  1. 中国人民大学
  • 出版日期:2024-12-16 发布日期:2025-01-18
  • 基金资助:
    本文节选自2024年CMF中国宏观经济分析与预测报告,为中国人民大学中国宏观经济分析与预测课题组集体讨论研究成果,执笔人:刘晓光、闫衍、张杰、王孝松,系列报告总负责人:刘元春、杨瑞龙、毛振华。本文数据除了特别注明出处之外,皆出自国家统计局、Wind数据库和CMF团队测算。本文是国家社会科学基金重大项目“稳增长目标下协同推动经济实现质的有效提升和量的合理增长的战略与路径研究”(项目编号:24&ZD046)的阶段性成果。

China's Macroeconomic Report 2024: Building a Bottom and Stabilizing China's Macroeconomy

  1. Renmin University of China
  • Online:2024-12-16 Published:2025-01-18

摘要: 2024年是中国经济触底企稳之年。在经历了2020—2022年三年疫情冲击和2023年恢复性增长后,2024年中国宏观经济深处呈现“流量恢复”与“存量调整”激烈碰撞的局势,面临与以往时期不同的困难和挑战,使得中国经济在总量与结构、宏观与微观层面出现了一系列值得关注的新现象、新特征、新问题。2024年前三季度,中国经济总体实现了预期发展目标,但面临的下行压力和风险挑战持续增多;第三季度末,中国调整宏观政策定位,有效落实存量政策、加力推出增量政策,有效扭转了中国经济逐季下行的态势,呈现八大触底企稳迹象。随着各项指标改善,第四季度经济增速有望触底反弹,2024年中国经济有望实现全年5%左右的增长目标,并以更好的姿态迈向2025年。2025年是中国经济筑底回升之年。与2024年不同,2025年中国经济发展将面临四大新机遇。同时,2025年也是多重力量交织下的结构调整年,中国经济面临一系列值得关注的下行风险。在上述定性判断基础上,本报告对2024—2025年中国经济增长进行了分情景预测,建议将本轮宏观调控进行到底、将符合政策一致性评估的改革举措尽快推出,并提出了七方面具体举措。


关键词: 中国经济, 经济复苏, 改革开放, 增长预测

Abstract: 2024 is the year when Chinas economy hits bottom and stabilizes After experiencing the impact of the COVID19 pandemic from 2020 to 2022 and the recovery of growth in 2023,Chinas macroeconomy in 2024 is facing a fierce collision between “flow recovery” and “stock adjustment”,which brings different difficulties and challenges from previous periods This has led to a series of noteworthy new phenomena,features,and problems in the overall quantity and structure,on macro and micro levels of Chinas economy In the first three quarters,Chinas economy met its expected targets,but faced increasingly downward pressures and challenges At the end of the third quarter,China adjusted its macroeconomic policy direction,implemented stock policies,and intensified the introduction of incremental policies,effectively reversing the downward trend of Chinas economy quarter by quarter and showing eight signs of bottoming out and stabilizing As key indicators improve,the economic growth rate in the fourth quarter is expected to bottom out and rebound Chinas economy is expected to achieve a growth target of around 5% in 2024 and move towards 2025 with a better posture 2025 is the year when Chinas economy bottoms out and rebounds Unlike 2024,Chinas economic development in 2025 will face four new opportunities Meanwhile,2025 is also a year of structural adjustment marked by the interplay of multiple factors,and the Chinese economy is facing a series of downward risks that are worth paying attention to Based on the above qualitative judgment,this report offers scenariobased predictions for Chinas economic forecasts for 2024—2025 Under the benchmark scenario,macroeconomic policies continue to exert force,and Chinas economy is further recovering It is expected that the economy will grow by 49% in 2024 and 48% in 2025 In an optimistic scenario,the real estate market has stopped falling and stabilized,and reform measures have brought new momentum It is expected that the economy will grow by 50% in 2024 and 52% in 2025 In a pessimistic scenario,the adjustment of the real estate market falls short of expectations,with the impact of Trumps tariffs It is expected that the economy will grow by 48% in 2024 and 46% in 2025 It recommends continuing with the current round of macroeconomic regulation,reform measures that meet policy consistency assessments be launched as soon as possible,and seven specific measures are proposed


Key words: China's economy, economic recovery, reform and openingup, growth forecast