日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Macro

A chance to renovate

By Deng Yaqing | bjreview.com | Updated: 2013-09-22 14:31

After three decades of dramatic growth, China's economy needs a breather to refuel

Inside a sea-wave-shaped building in Dalian, a coastal city in Northeast China's Liaoning province, political leaders, business elites and economists from around the world hardly exhausted the list of economic issues that have generated plenty of public concern. Among the many buzzwords thrown around was "reform".

A chance to renovate
Wrapping up: Guests discuss the topic Innovating Into the Future on September 13, the closing day of the seventh Summer Davos. [Photo / bjreview.com]

It was the venue of the World Economic Forum's Annual Meeting of the New Champions 2013, or the seventh Summer Davos, which ran from Sept 11 to 13 at the Dalian International Conference Center. Under the theme Meeting the Innovation Imperative, the forum focused on China's economy as well as future measures by the new Chinese leadership.

"The new season of the Chinese economic miracle, one of better quality and higher efficiency, is unveiled," said Chinese Premier Li Keqiang at the opening ceremony on Sept 11.

Five years have passed since the eruption of the global financial crisis in September 2008. While the developed world is beginning to show signs of recovery, emerging economies now face the threat of slower growth. China's GDP growth declined from 7.9 percent in the fourth quarter of 2012 to 7.7 percent in the first quarter of 2013, and then further slowed to 7.5 percent in the second quarter.

"China is moving rapidly away from quantitative growth to quality growth. In the past, it heavily depended on a resource-intensive model," Martyn Davies, CEO of Frontier Advisory, a South Africa-based research, strategy and investment advisory firm, told Beijing Review at the sidelines of the forum.

Davies believes the rest of the world, especially export-dependent countries like Australia, Brazil and South Africa, to varying degrees, would be hit by China's slowdown.

"The current slowdown is largely policy-induced, and doesn't mean China is now in the midst of an economic contraction. The 7.5-percent growth target is quite reasonable for the next few years," said Adam S. Posen, President of Peterson Institute for International Economics, a Washington, D.C.-based private, non-profit think tank.

As a matter of fact, since taking office, Premier Li has laid emphasis on ensuring steady growth, adjusting the structure of the Chinese economy and advancing reform, rather than blindly pursuing high-speed GDP growth. "As long as GDP growth doesn't fall short of 7.5 percent and the consumer price index is no higher than 3.5 percent, priority will be given to carry out reforms and restructure the economy," said Yang Shubing, head of the Information Research Department at the Research Office of the State Council, at a briefing in Beijing on September 16.

To fend off shocks from the global financial crisis, China unveiled a 4-trillion-yuan ($653-billion) stimulus package in November 2008. "Though appealing figures were registered, economic growth at that time was qualitatively low," said Davies.

"A short-term stimulus policy could be one way to drive up growth. But after weighing the pros and cons, such an option would not help address the underlying problems" said Premier Li.

China is at a critical stage of economic transformation and upgrading, said Li, and its prospects are promising. This was echoed by Fan Gang, Director of National Economic Research Institute under the China Reform Foundation. "The current slowdown marks the soft landing of China's economy. By going through two or three years of structural adjustments, contradictions will be basically eliminated," said Fan. He added that China was capable of maintaining steady growth in the second half year, but economic expansion at over 9 percent was impossible. "A growth rate floating between 7 percent and 8 percent is the new norm, while a 9-percent growth rate implies inflation and asset bubbles," said Fan.

So far, moves to steer the Chinese economy in a new direction seem to be working. Strong rebounds were also seen in major economic indicators in August.

Consumption-led growth

For years, China's economy has been underpinned by massive investment and foreign trade. Today, such a growth model is no longer feasible with rising local government debt and a gloomy external environment for exports. The 4-trillion-yuan stimulus package, though significant in helping China ride out the global financial crisis, has led to structural contradictions in the economy, which need an urgent solution. As Premier Li pointed out in his speech, expanding domestic consumption is now a top priority when it comes to restructuring China's economy.

Since the ultimate purpose of economic expansion is to improve people's livelihood, the leading factor in driving consumption should be the people, rather than the government. "China's economic growth has become too expensive. Due to large amounts of capital input into the economy through fixed-asset investment by the government, five to six dollars of debt is created per every dollar of growth. Inefficiency is a serious problem," said Davies.

Adam Smith's view that a country's economic growth is closely linked to the size of its market means that a bigger market allows for a more defined division of labor, giving birth to more advanced and innovative technology. With rising productivity, more value will be generated, which in turn will push market expansion, said Zhang Weiying, an economics professor of Peking University, at the forum.

Previous 1 2 Next

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 99ri精品| 欧美精品一区二区在线电影 | 国产精品日韩 | 很黄很暴力深夜爽爽无遮挡 | 韩国精品 | 欧美日韩视频 | 国产麻豆剧传媒精品网站 | 99综合| 国产精品视频播放 | 91亚洲国产成人精品性色 | 欧美色黄视频 | 青娱乐手机免费视频 | 色蜜桃网 | 日本不卡在线一区二区三区视频 | 九九精品视频一区在线 | 亚洲精品第一国产综合高清 | 手机在线看片国产日韩生活片 | 天天干天天干天天 | 日本青草视频 | 欧美成a高清在线观看www | 亚洲成片在线观看12345ba | 激情五月婷婷 | 婷婷尹人香蕉久久天堂 | 欧美最黄视频 | 亚洲视频区 | 新婚人妻不戴套国产精品 | 天天色av | 国产sm主人调教女m视频 | 日本黄页在线观看 | 久久青 | 欧美高清在线精品一区 | 国产91在线观看 | 一区亚洲 | 久久一区二区视频 | 毛片国产| 久操伊人| 做羞羞视频 | www.蜜臀 | 国产美女自拍视频 | 日本高清不卡一区久久精品 | 三级视频在线播放 |