1, 1987~ 1988 is a stage of economic expansion. Driven by the early economic expansion, the price index continued to rise, reaching the first historical high since the reform and opening up. Based on 1985 price index, 1986 price index rose by 6.0%, 1987 price index rose by 13.7%, and 1988 price index rose by 34.8%. The main reason for this inflation is still that in order to meet the growth requirements of social fixed assets investment and solve the problem of enterprise capital shortage, the government has increased its fiscal expenditure since 1986 and continuously expanded its fiscal deficit. Especially after the implementation of 1988 "one household" financial system, the social demand has further soared. At the same time, in order to solve the government deficit problem, money is issued year after year. By the fourth quarter of 1988, the currency in circulation in the market was 2134 billion yuan, a year-on-year increase of 46.7%. Due to the over-issuance of money, the circulation of money in the market has increased sharply, which has triggered a violent rise in prices and currency depreciation. In May of the same year, the government announced that the price subsidy would be changed from implicit subsidy to explicit subsidy. In June, the government repeatedly expressed its determination to overcome the obstacles of price reform. In July, the government tried to liberalize the price of brand-name tobacco and alcohol. This series of measures aggravated residents' uncertain psychological expectations, which triggered the snap-up of 1988 in mid-August and the bank deposit run. 1988 at the end of the fourth quarter, the total retail sales increased by 20.3% year-on-year. Bank deposits decreased by 2.6 billion yuan in August, and the official inflation rate reached 18.5%. In order to rectify the serious inflation, the central government has implemented a comprehensive "overload rectification" of the economy, and its measures are the most severe since the reform and opening up.

2. By the first half of 1993, inflationary pressure began to rise again, and the financial industry was in chaos. In the domestic financial market, a large amount of funds are concentrated in the real estate market in coastal areas. In order to realize their different interests, banks, financial institutions and local governments evaded the regulations and supervision of the central bank and raised a large amount of funds for the real estate industry, resulting in excessive money supply and credit scale exceeding the plan repeatedly. The central government began to implement a tight monetary policy in the summer of 1993, and Premier Zhu Rongji personally served as the governor of the People's Bank of China. The main measures taken include: strengthening financial discipline; Separate state-owned banks from their subordinate trust and investment companies; All specialized banks must immediately cancel unplanned loans; Restrict cross-regional loans; Send working groups to the provinces to check the implementation and so on. At the same time, in the foreign exchange market, the RMB depreciated sharply, and the exchange rate of RMB against the US dollar suddenly dropped from 1:5.64 to 1:8.27, and the balance of payments deteriorated. Due to the huge pressure of domestic demand and the soaring investment demand, the fiscal deficit and the extraordinary growth of money supply have led to an all-round outbreak of inflation.

From 1992 to 1993, due to the serious economic bubble in China (such as the merger of Hainan Development Bank), high inflation rate and great potential financial risks, the central government began to implement a "soft landing" in the summer of 1993, and introduced 13 measures in monetary policy to reduce the scale of bank credit. M0 The newly-increased money supply decreased from1528.7 billion in 1993 to1423.9 billion in 1994 and 59.68 billion in 1995. Because this regulation has learned the lesson that excessive monetary tightening led to economic supercooling in the past, the implementation of this monetary policy has always followed the principle of "moderate tightening", and finally successfully achieved a "soft landing" of the economy at 1996. But in fact, it has brought some negative effects: the tightening of credit situation has destroyed the balance of comprehensive credit to some extent; Restricting inter-regional credit greatly reduces the circulation speed of money; Austerity measures do great harm to non-state-owned enterprises, but have little influence on state-owned enterprises; There is a huge difference between the official interest rate and the market interest rate. 1in the summer of 1993, the loan interest rate of coastal specialized banks was 10%~ 16%, while the market interest rate reached 20%~35%.

3. In 2003, the national consumer price level rose by 65,438 0.2% over the previous year. Cities rose by 0.9%, while rural areas rose by 1.6%. Among the consumer prices, food prices rose by 3.4% and service prices rose by 2.2%. The retail price of commodities decreased by 0. 1%. The ex-factory price of industrial products rose by 2.3%. The purchase prices of raw materials, fuel and power increased by 4.8%. The investment price of fixed assets rose by 2.2%. The production price of agricultural products rose by 4.4%, including grain by 2.3%, cotton by 35.3%, oil by 19.4% and livestock by10.8%. At that time, the inflationary pressure in China mainly came from the huge demand for raw materials and other commodities for the construction of factories, roads and other infrastructure projects. At the same time, with the rapid economic growth, China's demand for raw materials has increased dramatically. In 2003, China's crude oil imports increased by 3 1.2% compared with 2002, reaching a record 9 165438+ 10,000 tons. China mainly adopts a prudent monetary policy.

4. Inflation caused by excessive economic growth and long-term international surplus since 2005. It has always been an international financial crisis.