For major advanced economies, the financial crisis five years ago marked the end of a prolonged period of debt-financed domestic consumption, based on wealth effects derived from unsustainable asset-price overvaluation. The crisis thus led to the demise of China’s export-led growth model, which had helped to buoy commodity prices and, in turn, bolster GDP growth in commodity-exporting developing countries.
平心而论，后危机时期“新常态”的基础情景一直认为全球经济增长将不及2008年前的繁荣期。对主要发达经济体来说，五年前的金融危机标志着债务融资国内消费长时期的终结，这一时期的基础是来自不可持续的资产价格高估的财富效应。因此，危机导致了中国的出口拉动经济模式萎靡不振，出口拉动模式有助于提振商品价格，而商品价格的上升反过来刺激了商品出口发展中国家的GDP增长。