本文对2007年以来中国的通货膨胀的成因进行了系统分析。汇率低估、土地税收优惠、能源和环境价格扭曲等一系列有利于制造业的政策扭曲和对服务业准入的管制，造成资源过度流入制造业部门，带来了中国贸易顺差的持续大幅增长。贸易顺差激发了货币升值预期和热钱流入。基础货币增长、货币乘数变化，以及货币中介目标和通胀之间的不稳定关系等给货币当局管理货币和总需求带来严峻挑战。
We explain the causes of inflation in China starting at the second half of 2007. Due to series of policy distortions which lead disproportional allocation of resources between manufacture and service sector，China has been accumulating huge trade surplus since 2004. Trade surplus bring about expectation of RMB revaluation and hot money inflow and left monetary authority with series of challenges，such as base money growth，changing money multiplier and unstable relationship between money intermediate targets and inflation.
