摘要： 将基于货币对称性发展起来的会计学引入宏观经济分析领域，以资产—负债恒等作为 “元规则”，把宏观经济变量映射至资产—负债框架之中，通过判断资产端或债务端的 约束状况，可以重新理解增长，并划分其不同阶段。借此复盘中国经济增长历程，探析 经济问题产生的深层次原因，有助于制定更具针对性的宏观经济政策。当下，经济政策 制定的重心可放在精准判断宏观经济形势，明确房地产市场企稳的市场作用，以及确定 国债的投向和规模上。这一全新的宏观经济模型提供了一个直观的宏观变量分析框架， 在资产负债表规则的基础上，引入三大会计报表中的另两个报表——利润表和现金流量 表，进一步扩展了模型的模拟范围。

关键词: 增长, 会计学, 宏观经济模型, 资产负债表, 信用货币, 房地产市场

Abstract: By introducing accounting, which has evolved based on monetary symmetry, into the field of macroeconomic analysis and using the asset-liability identity as the “meta-rule”, macroeconomic variables can be mapped into the asset-liability framework. Through assessing the constraint conditions on the asset side or the liability side, we can reinterpret growth and classify its different stages. This approach allows us to review the trajectory of China’s economic growth, explore the underlying causes of economic issues, and facilitate the formulation of more targeted macroeconomic policies. Currently, the focus of economic policy formulation can be placed on accurately assessing the macroeconomic situation, and determining the allocation and scale of national debt. This novel macroeconomic model provides an intuitive analytical framework for macro variables. Building on balance sheet rules, the model’s simulation scope can be further expanded by incorporating the other two major accounting statements.

Key words: growth , accounting , macroeconomic model , balance sheet , credit money , real estate market