本文回顾了2011年至2012年第三季度亚太地区各经济体的表现。总体而言，由于受到外部经济再次下滑和国内经济刺激政策作用减退的影响，亚太地区经济增速出现了放缓，但是仍然远高于全球经济增长水平；通货膨胀的压力有所缓解；由于发达国家宽松政策带来的金融市场上的不确定性，亚太地区的新兴经济体在2012年上半年经历了一次集体的资本外流和货币贬值。本次国际金融危机已经出现了两次探底：第一次探底后，亚太经济国家普遍出台了大规模的经济刺激计划，使得本区域的经济与外部经济实现了“表象脱钩”；第二次探底后，并没有相应的大规模刺激计划，亚太地区经济增长放缓，本区域经济“实质挂钩”外部经济。展望未来，亚太经济体正站在政策的“十字路口”，结构性改革的任务有迹可循但依然艰巨。
We review the economic performance of Asia-Pacific Area from 2011 to 2012 Q3. Due to the resurgence of external downturn and the fading impact of domestic stimulus policy, the economic growth in this area slowed down, though still higher than the world average. Most countries had less inflation pressure than the year before. Countries in this area also encountered capital outflow as well as exchange rates depreciation owing to the uncertainty of easing policy in developed countries. All countries experienced two rounds of external economic slowdown, but the policy reactions to them were quite different: while Asia-Pacific countries struggled to decouple with those developed country in the first occurrence, they actually showed a stronger tie with the developed economies during the second round. Standing in the crossroad, Asian-Pacific economies still have a long way towards successful structural reform.
