中国的三大趋势：一是结构转变，发展的目标是为了每个人能多消费少干活，靠劳动力优势不可维持。二是经济减速，投资主导的高增长无法重回，这与政府政策无关。三是发展动力来自民间自下而上的创新，西方经济之所以发达是因为高效，高效的原因主要来自每个优势企业的自发创新，政府主导的发展行将结束。

China's three big trend:One is the structural transformation,Development goal is for everyone to work less consumption,By having an advantage in labor do not maintain.The second is the economic slowdown,The leading investment growth can't return to,This has nothing to do with the government's policy.Three is to develop the power comes from folk bottom-up innovation,The western economy developed because of high efficiency,Efficient reason mainly came from every advantage enterprise's spontaneous innovation,The development of government leading to end.

　　广发基金副总经理、投资总监朱平

Guangdong development fund deputy general manager/Investment director ZhuPing

　　在投资对GDP贡献46%情况下，何以出现增长减速？投资效率的下降不容忽视。用5年边际资本产出率ICOR衡量，新增单位GDP需要投入资本量已从2007年的3.2提高到3.9，如果单独考察四万亿投资计划实施后的1年ICOR已飙升至5，接近亚洲金融危机前四小虎的资本效率。如今再启万亿基建投资将加剧效率恶化，值得警惕。

In the investment to GDP contribution 46% cases,Why growth slowdown?Investment the decline in efficiency that nots allow to ignore.For five years marginal capital output rate ICOR measure,New unit GDP need capital invested quantity already from 3.2 in 2007 to improve to 3.9,If separate investigation four trillion investment plan implementation of 1 year after the ICOR has soared to 5,Close to the Asian financial crisis four tiger capital efficiency.Now to rev. Trillions of infrastructure investment will heighten efficiency deterioration,alarmed.

　　诺德基金总经理潘福祥

Noble fund PanFuXiang general manager

　　华尔街和奥巴马是主要的受益者，一个得实惠，一个捞选票。即使对实体经济起不了什么作用，QE也可制造些虚假繁荣，为两个月后的大选壮声势。

Wall Street and barack Obama is the main beneficiaries,A enrich,A win votes.Even for the real economy has no function,QE also can make some false prosperity,For two months after the election strong momentum.

　　中欧国际工商学院经济学与金融学教授许小年

China Europe international business school professor of economics and finance XuXiaoNian

　　被问及中国会否随美国和欧洲央行一起再次印钞票，我认为不会。一是美欧失业严重，中国就业还行；二是美国房价极低，中国房价仍在高位，三是欧洲有迫在眉睫的财政债务危机。诸多不同决定中国这次不会与美欧联手放水，反而警惕输入型通胀，更不会马上降息降准，各自为战是必然。

Asked whether China with the United States and the European central bank money spinner together again,I don't think.The us and Europe is a serious unemployment,Chinese obtain employment still line;The second is American house prices is extremely low,China's house prices still in high,Three is the European imminent financial debt crisis.Many different decided to the Chinese won't and the us and Europe to drain,But alert imported inflation,More won't cut interest rates drop quasi,Engage at will is inevitable.

　　国家信息中心经济预测部主任范剑平

The state information center forecast economic FanJianPing director

　　美国推出QE3是“以邻为壑”的政策。对中国经济的影响，从长期看将趋于负面。美元对人民币比率下跌，进一步加剧中国企业出口难度；同时推高大宗商品价格，加大输入型通胀压力。在中国经济增长放缓的背景下，使中国货币政策的执行陷入两难境地。

The United States QE3 is introduced"begger-my-neibour"policy.The impact on the Chinese economy,In the long run will tend to be negative.The us dollar to RMB rate fall,Further aggravate China enterprises to export difficulty;At the same time, pushing up commodity prices,Increase the imported inflation pressure.China's economic growth slowed in the background,China's monetary policy execution into dilemma.

　　北京大学金融与证券研究中心主任曹凤岐

Beijing university of finance and securities research center director CaoFengQi

　　8月份新增贷款7000亿，远超预期，表明多使用逆回购同样能增加流动性。过去3个月新增贷款总体上呈现上升趋势。货币政策做到了微调加力，但财政政策仍偏紧，前7个月的1.1万亿的财政盈余和实体经济的萧条很不匹配，是时候加大减税和增加民生领域的投入了。

New loans in August 700 billion,Much more than expected,Indicates that multiple use reverse repurchase can also increase the liquidity.The past three months on the whole new loans showed a rising trend.Monetary policy did fine strength,But fiscal policy is still partial tight,For the first seven months of 1.1 trillion fiscal surplus and entity economic depression is not matching,It is time to increase in the field of tax cuts and increase the people's livelihood into.

　　汇丰大中华区首席经济学家屈宏斌 （陈春雨 整理）

HSBC greater China region QuHongBin chief economist (ChenChunYu finishing)