缓和全球通胀，中国发挥积极作用

得益于疫情防控得当、社会生产秩序稳定，宏观政策力度节奏把握精准，中国物价一直运行在总体合理区间，对全球物价发挥了积极作用。

2021年以来国际通胀水平明显上行，特别是今年以来国际通胀水平进一步快速上行，美欧等经济体物价连续创下多年或历史新高。得益于疫情防控得当、社会生产秩序稳定、宏观政策力度节奏把握精准，中国物价一直运行在总体合理区间，对稳定全球物价发挥了积极作用。

Inflation" has gradually become a buzzword in business and economic circles since 2021. In April, the year-on-year growth rates of the Consumer Price Index (CPI) and Producer Price Index (PPI) in the United States rose 8.3 percent and 11.0 percent, respectively. Right now the US CPI and PPI are still at four-decade high levels.自2021以来，“通货膨胀”逐渐成为商界和经济界的热门词汇。4月份，美国消费者价格指数（CPI）和生产者价格指数（PPI）同比增长率分别上升8.3%和11.0%。目前，美国的CPI和PPI仍处于40年来的高位。

Europe is even worse in terms of inflation as European Union member states face energy shortages and geopolitical tensions triggered by the Russia-Ukraine conflict.由于欧盟成员国面临能源短缺和俄乌冲突引发的地缘政治紧张局势，欧洲的通货膨胀情况更为严重。

A combination of factors has contributed to the high inflation rates, including policy factors, supply issues and geopolitics, to name just a few.政策因素、供应链问题和地缘政治等多重因素共同导致了高通胀率。

After the outbreak of the COVID-19 pandemic in late 2019, many countries adopted expansionary monetary and fiscal policies. Take the US as an example. Government departments launched a series of stimulus policies, including both monetary and fiscal policies in response to COVID-19. In March 2020, the year-on-year growth rate of the broad money supply (M2) rose from 6.7 percent to 10.2 percent, reaching a peak of 26.9 percent in February 2021. In addition, the Federal Reserve Board has also stimulated the economy through reducing interest rates and practicing quantitative easing.2019年末新冠疫情暴发后，许多国家采取了扩张性货币和财政政策。以美国为例，为了应对疫情，美国政府推出了一系列刺激政策，包括货币和财政政策。2020年3月，广义货币供应量（M2）同比增长率从6.7%升至10.2%，2021年达到26.9%的峰值。此外，美联储委员会还通过降息和实行量化宽松政策刺激经济。

In terms of fiscal policy, the US government also introduced a series of stimulus programs. By early 2021, a number of fiscal stimulus policies were in place and paved the way for inflation. These programs involved a total amount of some $5 trillion, which was almost equal to a quarter of the US GDP in 2020. This is a striking stimulus program when we compare it to the Subprime Mortgage Crisis of 2007-2008. At that time, the Obama Administration's fiscal stimulus policy stood at around $787 billion, which amounted to 5.4 percent of the US GDP in 2008. There is no doubt that US monetary and fiscal policies and the accompanying tremendous liquidity are very important causes of inflation in the US and the world as well.美国政府还推出了一系列财政刺激计划。到2021年初，许多财政刺激政策已经落实，为通货膨胀铺平了道路。这些刺激计划共涉及约5万亿美元，几乎相当于2020年美国国内生产总值（GDP）的四分之一。与2007-2008年的次贷危机相比，这些刺激计划相当惊人。当时，奥巴马政府的财政刺激政策约为7870亿美元，相当于2008年美国GDP的5.4%。毫无疑问，美国的货币和财政政策以及因此引发的巨大流动性是导致美国和全球通胀的重要原因。

Other developed countries have also adopted similar stimulus policies. The money supply grew at a peak rate of 12.4 percent in the eurozone in January 2021. Another factor that must be kept in mind is the Russia-Ukraine conflict, as it can lead to potential energy shortages, which further exacerbate inflation in the EU. As can be seen from statistics, the EU's PPI was as high as 31.5 percent and 36.8 percent in March and April 2022. Even the CPI, which rose relatively slower, reached 7.4 percent in April.其他发达国家也采取了类似的刺激政策。2021年1月，欧元区的货币供应量增长率达到了12.4%的峰值。俄乌冲突是另一个必须关注的因素，因为这场冲突可能导致潜在的能源短缺，从而进一步加剧欧盟的通货膨胀。从统计数据可以看出，2022年3月和4月，欧盟的PPI分别高达31.5%和36.8%。即使是涨幅相对较慢的CPI在4月份也达到了7.4%。

Japan also adopted an extremely expansionary monetary policy. Even in April, when the US and other countries began to raise their interest rates, the Bank of Japan still stuck to an expansionary monetary policy. To achieve an expansionary effect, the BOJ continues to buy government bonds in order to suppress the interest rates of Japanese government bonds, thus injecting more liquidity into the market.日本同样采取了极具扩张性的货币政策。今年4月，当美国和其他国家开始加息时，日本央行仍坚持扩张性货币政策。为了实现扩张效应，日本央行继续购买国债，从而向市场注入更多流动性。

In short, the expansionary monetary policies of the world's major developed countries are an important reason for the current global inflation.总之，世界主要发达国家的扩张性货币政策是当前全球通货膨胀的重要原因。

The disruption of supply chains caused by COVID-19 is another important reason for global inflation. At the beginning of the COVID-19 pandemic, many countries around the world held a "wait and see" attitude, which led to even more serious spread of the contagion. The spread of the virus led to the cessation of production in some areas and subsequent serious shortages of supplies. That said, the labor shortages caused supply shocks. When demand recovers quickly but supply recovers more slowly, inflation occurs. COVID-19 has also led to chaos in transportation services, with rising freight prices and tight capacity, and this phenomenon has also pushed up global inflation.新冠疫情导致的供应链中断是全球通货膨胀的另一个重要原因。在新冠疫情暴发之初，世界上许多国家都持“观望”态度，这导致了疫情更为严重的传播。病毒传播导致一些地区停产，随后供应严重短缺。也就是说，劳动力短缺造成了供应冲击。当需求迅速恢复，但供应恢复较慢时，就会发生通货膨胀。疫情还扰乱了运输业，货运价格上涨，运力紧张，这一现象也推高了全球通胀。

The Russia-Ukraine conflict that broke out in February is exacerbating the problem of global inflation. The conflict directly leads to global energy jitters. NYMEX crude oil was $95.72 per barrel on Feb 28, just as the hostilities began. On March 7, the price rose to $130.50 per barrel, which is the highest level since August 2008. For US CPI data, the sub-item "Energy" (fuel, electricity and gasoline) prices rose by as much as 32.0 percent and 30.3 percent, year-on-year, in March and April. Another sub-item, "Transportation "increased 22.6 percent and 19.9 percent, respectively.今年2月爆发的俄乌冲突加剧了全球通胀问题。这场冲突直接导致全球能源紧张。就在冲突爆发之初，2月28日纽约商品交易所原油价格为每桶95.72美元。3月7日，油价上升至每桶130.50美元，为2008年8月以来的最高水平。美国CPI数据显示，3月和4月，“能源”（燃料、电力和汽油）分项价格同比分别上涨32.0%和30.3%。另一个分项“运输”分别增长22.6%和19.9%。