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

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Tale of two cities and ghost towns

By Andrew Sheng and Geng Xiao (China Daily) Updated: 2014-10-10 07:36

Many observers regard the rise of the unoccupied modern "ghost towns" in China, which have been funded through risk-laden local government financing vehicles, as symptoms of a coming collapse. But this view underestimates the inevitability - indeed, the necessity - of such challenges on the path to development.

In 2012, the venture capitalist William Janeway argued that economic development is a three-player game involving the state, private entrepreneurial innovation, and financial capitalism, with inevitable cyclical overshoots that create the conditions for the next wave of invention and output growth. The United States had ghost towns once it began investing in railways, mining, and industrialization in the mid-19th century. But it experienced no systemic crisis.

Without large-scale infrastructure investment, especially in transport, the productivity gains that enabled the US' emergence as an industrial power would not have been possible. Though the process included significant creative destruction, the rapid economic growth offset losses resulting from excess capacity.

Similarly, when viewed through the long lens of history, China's ghost towns will prove to be merely potholes on its development road. China's massive infrastructure investment, funded largely through LGFVs, will most likely be remembered for its critical contribution to the country's economic modernization.

Of course, the translation of infrastructure investment into economic progress is not guaranteed. The new infrastructure - together with on-the-job training that enables Chinese workers to manage it effectively - must boost the country's productive capacity sufficiently to offset the value destruction from obsolete fixed assets and underemployment.

In this sense, China's prospects are promising. As it stands, the total value of infrastructure investment in China amounts to only about 240 percent of GDP, less than half of Japan's 551 percent - and with a much younger population. China's capital stock remains below $10,000 per capita; that figure is above $90,000 in the US and more than $200,000 in Japan (at 2011 prices).

Moreover, roughly 1 percent of China's population - about 12 million people - migrate from rural to urban areas each year. Unrelenting demand for modern, innovative infrastructure that supports citizens' livelihoods, improves energy efficiency, and minimizes pollution cannot simply be ignored - especially given urbanization's central role in driving economic modernization and productivity gains.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
...
主站蜘蛛池模板: 日韩福利 | 欧美另类69xxx | 新版天堂资源中文在线 | 91在线中文| 波多野结衣mxgs1124在线 | 欧美日屁| 国产免费A片好硬好爽好深小说 | 青青草国产精品欧美成人 | 国产成人av免费观看 | 澳门一级淫片免费视频 | 99精品久久 | 在线免费日韩 | 欧美1区2区 | 精品一区二区三区在线观看国产 | 成年在线视频免费视频观看 | 欧美日韩国产网站 | 欧美一区二区免费电影 | 国产日产精品一区二区三区四区 | 亚洲精品九九 | 国产a精品三级 | 欧美日韩在线一区 | 天天综合色天天桴色 | 成在线人免费视频一区二区三区 | 欧美调教视频 | 欧美日韩国产一区二区三区不卡 | 国产精品久久国产精品 | 香港三级台湾三级在线播放徐 | 久草手机在线视频 | 丝袜美腿一区 | 亚洲综合电影 | 亚洲高清免费观看 | 综合久久av | 天天影视综合网色综合国产 | 国产精品视频在线观看 | 成人免费看 | 84pao视频强力打造免费视频 | 久久国产精品久久 | 大香萑75久久精品免费 | 精品国产黄a∨片高清在线 亚洲3atv精品一区二区三区 | 国产一区二区三区在线电影 | 91视频网 |