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刺激全球增长的两大“引擎”均面临风险

人工智能驱动的投资热潮与中国的出口机器，其可持续性充满不确定性

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    • 所涉及的巨额债务是一大风险。这引发了对金融泡沫的担忧，尤其是在人工智能驱动的生产力奇迹未能如预期般实现商业价值的情况下。
    • 所涉及的巨额债务是一大风险。这引发了对金融泡沫的担忧，尤其是在人工智能驱动的生产力奇迹未能如预期般实现商业价值的情况下。 图片来源：BLOOMBERG

    Mohamed El-Erian

    Published Sat, Jan 24, 2026 · 07:00 AM

    本文由AI辅助翻译

    查看原文

    去年，全球经济与市场屡次顶住了贸易战、增长放缓的警告以及多重负面冲击的压力——从地缘政治动荡到对美国联邦储备局（US Federal Reserve）独立性的攻击。

    今年的动荡开局表明，这些挑战远未消退。而且，投资者今年将不得不消化2025年重要增长驱动因素所面临的日益增长的风险。

    去年，全球经济和市场得益于两个高速运转的“工厂”全力开工，取得了连最资深的分析师都感到意外的积极成果。

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