危机前的“双发驱动”增长模式。在金融危机前最繁荣的时期(2004-2007年),中国之外新兴市场(EM ex China)的年均经济增速高达6.3%。在此期间,新兴市场处于“双发驱动”状态,消费和投资都是推动经济增长的核心动力,消费对GDP增长的贡献度超过一半,而投资的贡献度也达到40%。值得关注的是,新兴经济体的经济增长普遍呈现这种近乎平衡的双 Pre-crisis “dual-driven ” growth model. In the period before the financial crisis (2004-2007), China’s EM ex China grew at an average annual economic growth rate of 6.3%. In the meantime, emerging markets are in a “double-driven” state where consumption and investment are both the core drivers of economic growth. Consumption contributes more than half of GDP growth while investment contributes 40%. It is noteworthy that the economic growth in emerging economies generally presents this kind of near-balanced double