tōnghuò péngzhàng: 通货膨胀 - Inflation

• Keywords: tonghuo pengzhang, 通货膨胀, what is inflation in Chinese, Chinese word for inflation, Chinese economy, China inflation rate, HSK economics vocabulary, 通胀, 物价上涨, purchasing power in China, Chinese financial terms
• Summary: Learn the essential Chinese economic term 通货膨胀 (tōnghuò péngzhàng), the direct translation for “inflation.” This guide breaks down the characters, explains its critical role in discussions about the modern Chinese economy, and provides practical examples for understanding how rising prices and purchasing power are discussed in everyday life and formal news reports in China.

• Pinyin (with tone marks): tōnghuò péngzhàng
• Part of Speech: Noun
• HSK Level: HSK 6
• Concise Definition: The economic phenomenon of a general increase in prices and a fall in the purchasing value of money.
• In a Nutshell: 通货膨胀 (tōnghuò péngzhàng) is a very literal term. Think of the economy's money supply as a balloon. When too much money is created, the balloon “swells up” (`膨胀`), making each unit of currency inside worth a little less. Consequently, you need more money to buy the same things, which we experience as rising prices. It literally means “currency swelling up.”

• 通 (tōng): To pass through, circulate, connect. In this context, it implies movement and circulation, as currency does.
• 货 (huò): Goods, commodities, or money. Here, `通货` is a compound that means “currency.”
• 膨 (péng): To swell, to expand. This character provides the visual image of something getting bigger from the inside.
• 胀 (zhàng): To be bloated, to expand. It reinforces the meaning of `膨`, emphasizing an over-expansion.

When combined, `通货 (tōnghuò)` means “circulating currency,” and `膨胀 (péngzhàng)` means “to swell or expand.” Therefore, the term 通货膨胀 paints a vivid picture of the money supply swelling up, losing its value in the process.

While “inflation” is a universal economic concept, its discussion in China carries specific cultural and historical weight. For decades, China's economic narrative was dominated by rapid growth and development. Now, as the economy matures, 通货膨胀 has become a central topic of concern for both the government and ordinary citizens. It directly impacts the cost of living—from the price of pork to apartment rents—and is a key indicator of economic stability. Unlike in the West where discussions on inflation often center on independent central bank policies (like the Fed), in China, controlling inflation is seen as a crucial task for the government to maintain social harmony and stability. For older generations who remember the hyperinflation of the late 1940s or the poverty preceding the economic reforms, the fear of their life savings being eroded by 通货膨胀 is very real. Therefore, when the government talks about managing `通货膨胀`, it's not just an economic goal; it's a pledge to protect the people's livelihood and maintain social order.

通货膨胀 is used in a wide range of situations, from formal economic analysis to everyday complaints.

• Formal/Written Contexts: You will see this term constantly in news articles (`新闻`), government reports (`政府报告`), and academic papers discussing economic policy, GDP, and interest rates.
• Informal/Spoken Contexts: In everyday conversation, people often use the shorter, more convenient term 通胀 (tōngzhàng). It's very common to hear someone complain about rising prices by saying “最近通胀太厉害了！” (Inflation is so bad lately!).
• Connotation: The term is almost always negative, as it signifies a decrease in one's purchasing power and financial well-being.

• Example 1:
  • 政府正在采取措施来控制通货膨胀。
  • Pinyin: Zhèngfǔ zhèngzài cǎiqǔ cuòshī lái kòngzhì tōnghuò péngzhàng.
  • English: The government is taking measures to control inflation.
  • Analysis: A typical formal sentence you would read in a news report. It highlights the government's active role in managing the economy.
• Example 2:
  • 严重的通货膨胀会降低人民的购买力。
  • Pinyin: Yánzhòng de tōnghuò péngzhàng huì jiàngdī rénmín de gòumǎilì.
  • English: Severe inflation will reduce the people's purchasing power.
  • Analysis: This sentence clearly links the concept of `通货膨胀` to its primary effect, `购买力` (purchasing power).
• Example 3:
  • 妈，最近猪肉怎么这么贵？是不是通货膨胀了？
  • Pinyin: Mā, zuìjìn zhūròu zěnme zhème guì? Shì bu shì tōnghuò péngzhàng le?
  • English: Mom, why is pork so expensive recently? Is it because of inflation?
  • Analysis: An excellent example of how this formal term is used in a casual, everyday conversation about the cost of living.
• Example 4:
  • 很多专家预测明年的通胀率会上升。
  • Pinyin: Hěn duō zhuānjiā yùcè míngnián de tōngzhàng lǜ huì shàngshēng.
  • English: Many experts predict that next year's inflation rate will rise.
  • Analysis: This sentence uses the common abbreviation 通胀 (tōngzhàng), which is frequently paired with `率 (lǜ)` to mean “inflation rate.”
• Example 5:
  • 为了对抗通货膨胀，我决定开始投资。
  • Pinyin: Wèile duìkàng tōnghuò péngzhàng, wǒ juédìng kāishǐ tóuzī.
  • English: In order to fight against inflation, I've decided to start investing.
  • Analysis: This shows how individuals think about `通货膨胀` in the context of personal finance.
• Example 6:
  • 央行加息的主要目的之一是抑制通货膨胀。
  • Pinyin: Yāngháng jiāxī de zhǔyào mùdì zhī yī shì yìzhì tōnghuò péngzhàng.
  • English: One of the main purposes of the central bank raising interest rates is to curb inflation.
  • Analysis: This sentence introduces related financial vocabulary like `央行` (Central Bank) and `加息` (to raise interest rates).
• Example 7:
  • 战争导致了恶性通货膨胀，货币几乎变得一文不值。
  • Pinyin: Zhànzhēng dǎozhì le èxìng tōnghuò péngzhàng, huòbì jīhū biànde yìwénbùzhí.
  • English: The war led to hyperinflation, and the currency became almost worthless.
  • Analysis: This example introduces the term for hyperinflation: `恶性通货膨胀 (èxìng tōnghuò péngzhàng)`.
• Example 8:
  • 全球供应链问题是造成当前通货膨胀的因素之一。
  • Pinyin: Quánqiú gōngyìngliàn wèntí shì zàochéng dāngqián tōnghuò péngzhàng de yīnsù zhī yī.
  • English: Global supply chain issues are one of the factors causing the current inflation.
  • Analysis: This sentence places the term in a global economic context.
• Example 9:
  • 与通货膨胀相反的是通货紧缩，那意味着物价普遍下跌。
  • Pinyin: Yǔ tōnghuò péngzhàng xiāngfǎn de shì tōnghuò jǐnsuō, nà yìwèizhe wùjià pǔbiàn xiàdiē.
  • English: The opposite of inflation is deflation, which means prices are generally falling.
  • Analysis: This is a great comparative sentence that introduces the antonym, `通货紧缩` (deflation).
• Example 10:
  • 我工资的涨幅跟不上通胀的速度。
  • Pinyin: Wǒ gōngzī de zhǎngfú gēnbushàng tōngzhàng de sùdù.
  • English: My salary increase can't keep up with the speed of inflation.
  • Analysis: A very common and relatable complaint heard in China and around the world, again using the shorthand `通胀`.

• Mistake 1: Confusing it with a simple price increase.

A learner might see that the price of apples went up and say: “苹果有通货膨胀了 (Píngguǒ yǒu tōnghuò péngzhàng le).” This is incorrect. 通货膨胀 is a macroeconomic term for a *general* rise in prices across the economy. A single item becoming more expensive is simply 涨价了 (zhǎngjià le).

• Correct: 苹果涨价了。(The price of apples went up.)
• Correct: 因为通货膨胀，很多东西都涨价了。(Because of inflation, many things have gotten more expensive.)
• Distinguishing from `物价上涨 (wùjià shàngzhǎng)`

While closely related, they are not interchangeable. `物价上涨` means “commodity prices rise.” It is the *symptom* or the *effect* that people feel. 通货膨胀 is the underlying economic *cause* or *phenomenon*.

• You feel the `物价上涨`: “我能感觉到最近物价上涨很明显。” (I can feel that the recent price increases are very obvious.)
• You analyze the `通货膨胀`: “经济学家在分析通货膨胀的根本原因。” (Economists are analyzing the root causes of inflation.)

• 通货紧缩 (tōnghuò jǐnsuō) - Deflation; the opposite of inflation, where general price levels fall.
• 通胀 (tōngzhàng) - The common, shorter colloquial term for inflation.
• 物价上涨 (wùjià shàngzhǎng) - “Prices rise”; the most direct and tangible effect of inflation on consumers.
• 购买力 (gòumǎilì) - Purchasing power; the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Inflation erodes this.
• 经济 (jīngjì) - Economy; the system in which inflation occurs.
• 央行 (yāngháng) - Central Bank (short for `中央银行`); the institution responsible for managing inflation.
• 利率 (lìlǜ) - Interest rate; a key tool used by the central bank to control inflation.
• 恶性通货膨胀 (èxìng tōnghuò péngzhàng) - Hyperinflation; extremely rapid and out-of-control inflation.
• 货币 (huòbì) - Currency / Money; the “通货” that is “swelling.”
• 贬值 (biǎnzhí) - To devalue / depreciate; what happens to money's purchasing power during inflation.