World Commodity Price Fluctuation and China Factor: New Challenge on China's Economic Growth in Globalization
描述新世纪以来大宗商品价格波动的典型事实，分析2002-2007年商品繁荣的驱动原因，重点探讨中国因素对商品繁荣的直接和间接影响，并讨论价格波动对中国经济的影响及未来调整路径。
Since the new century, commodity prices have risen and fallen dramatically. Thanks to urbanization and industrialization, China's demand on metal and crude oil expands rapidly. Consequently, commodity prices fluctuation has a significant effect on China's economic growth. This paper characterizes stylized facts of recent commodity price movement, and analyzes the driving reason of the commodity boom during 2002 ~ 2007. Partic- ularly, the ' China factor' has significant influences on recent commodity boom directly and indirectly. Finally, this paper discusses the impact of commodity price swing on China and indicates some likely paths of future ad- justment.