流动性过剩和成本上涨是本轮通货膨胀的两大推手。2011年,我国仍然面临较大的通胀压力,通胀水平预计全年将呈现"前高后稳"的态势。在生产成本明显上升、需求不够旺盛和流动性严重过剩的宏观经济条件下,仅仅使用紧缩性货币政策无法有效治理当前通胀,还必须同时着力发展实体经济。发展实体经济可以从三个方面减轻通胀压力:一是吸纳社会闲置资金,增强企业消化成本的能力和增加供给,以直接减轻通胀压力;二是通过作用于股市以增强股市吸收过剩流动性的能力;三是通过增加就业缓解通胀对居民生活的负面影响。

Excess liquidity and rising costs are the two major promoters of the current inflation.China is still faced with big pressure from inflation.The inflation rate seems to be from high in the beginning to stable in the end of this year.This article argues that it does not have enough effect to control the current inflation only by tight monetary policy because of the macroeconomic environment that production costs significant increase,demand is not excessive,and the amount of total liquidity stock is too large.It is necessary to develop the real economy at the same time.Developing the real economy can ease the pressure from inflation in three aspects.Firstly,it can directly control the inflation by attracting the idle funds and improving firms' ability to adjust costs and by increasing supply.Secondly,it can improve the equity market's ability to attract excess liquidity.Lastly,it can also reduce the negative effect on people's life made by the inflation.