1990年代后，中国外汇储备快速增长的原因并不是人们通常所认为的实际利用外资量大、外贸顺差大、热钱流入多，而是赶超情结和权力结构失衡双重作用的结果。基于中国解放之后历史阶段的理论分析表明：赶超情结和权力结构的失衡使中国步入了一种“低福利、低权利”的发展模式，劳动力低成本格局得以长期维持。这种格局既增加了中国出口商品的竞争力，获得顺差，也促进了FDI等资本流入，还加剧了中国经济失衡，导致国民消费率一路走低、投资率畸高、商品过剩严重，不得不以出口作为出路。这样就必然导致中国的外汇储备不断增加乃至高居世界第一。%the article thinks, after 1990 years, the causes of Chinese rapid growth of foreign exchange reserve is not com-monly referred to the large amount of actual use of foreign capital, the trade surplus, the inflow of hot money, but is the re-sults of the double role of catching up psychological and the imbalance of power structure. The analysis Based on of China's historical stages after the liberation shows that: The catching up psychological and the imbalance of power structure made China entered a "low welfare, low rights" model of development, so the low labor cost pattern could be longly maintained. This pattern can not only increase China exports competitive, obtain surplus; also promote capital inflows such as FDI; and made the Chinese economic be more imbalanced, lead the national consumption rate to go down all the way, the investment rate went extremely high, and the Commodity excess merchandise went to be more seriously, so made China had to export as a way out. In this way, would inevitably lead China to the increase of foreign exchange reserves, and ranked first in the world.
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