久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Economy

Stimulus scheme in need of reboot

By GAO CHANGXIN (China Daily) Updated: 2014-08-12 13:22

Economic data in recent months has shown meaningful improvement on the back of a series of government stimulus measures, which seem to have put a stop to China's latest slowdown, which was highlighted by first-quarter growth decelerating to an 18-month low.

Stimulus scheme in need of reboot
Chinese premier rules out economic hard landing
While doubts are clearing about whether Beijing can fulfill its 7.5 percent full-year growth target, worries have surfaced about the stimulus itself, which are reminiscent of the policies that created the problems in the Chinese economy in the first place.

In July, the official manufacturing Purchasing Managers Index reached its highest level this year at 51.7. Profits of Chinese industrial companies rose 17.9 percent year-on-year in June, up sharply from an 8.9 percent rise in May, according to the National Bureau of Statistics. The bounceback came amid Beijing's policy accommodation.

In June, Chinese banks extended a stronger-than expected 1.08 trillion yuan ($175 billion) in new local-currency loans. M2, a broad measure of money supply, jumped 14.7 percent in the same month from a year earlier, which was 1.7 percentage points higher than the central bank's 13 percent annual rise target this year.

Much of the liquidity went into infrastructure investment, which served as the driving force for the recovery. According to the NBS, investment in infrastructure grew 4.4 percent in the first half from a year earlier.

"The recovery is mainly being driven by two factors: investment and external demand ... consumption played little part," Qiao Hong, chief economist, greater China at Morgan Stanley, told a news briefing last week.

That conflicts with the objectives of the nation's ongoing reforms. China's "economic miracle" of the past 30 years was largely driven by investment and exports. But that growth model has reached the point where it is no longer sustainable, given the toll it has taken on the environment and resources.

That realization prompted the central government to initiate sweeping reforms starting last year, with one key objective being increasing the role of consumption in the economy.

The slowdown this year was mainly caused by those very reforms, which include deleveraging, reining in investment and cutting overcapacity. Stimulating the economy in a way that conflicts with the reforms seems to indicate that the government's commitment to reform has waned.

China's economic reforms are at an inflection point, with many issues increasingly becoming gray rather than black and white. For China to make the leap that Japan and South Korea did, becoming a developed economy, the nation needs to have a tough mind and a strong hand.

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 本道久久综合88全国最大色 | 国产成人18黄网站免费网站 | 国产日韩精品一区二区在线观看 | aaaa级毛片 | 视色4setv.com | 久久亚洲精品tv | 久久国产精品免费一区二区三区 | a级片在线观看视频 | 国产亚洲欧美日韩在线看片 | 亚洲免费视频一区 | 韩国一级黄色毛片 | 日本加勒比在线播放 | 分享一个无毒不卡免费国产 | 久久久综合结合狠狠狠97色 | 性欧美videos俄罗斯 | 孩交啪啪网址 | 国产成人夜间影院在线观看 | 国产一及片 | 99www综合久久爱com | 欧美视频一二三区 | 色婷婷色综合激情国产日韩 | 在线看欧美成人中文字幕视频 | 国产一级爱c片免费播放 | 毛片网站大全 | 国产妇乱子伦视频免费 | 国产精品yjizz视频网一二区 | 国产一区二区三区影院 | 国产成人精品免费视频网页大全 | 91青青国产在线观看免费 | 国产精品私人玩物在线观看 | 国产精品96久久久久久久 | 成人羞羞视频国产 | 久久久在线 | 大尺度福利视频在线观看网址 | 国产成人亚洲综合网站不卡 | 一级做a爰在线就看 | 免费一级a毛片免费观看欧美大片 | 国内精品小视频在线 | 国产精品大片天天看片 | 古代级a毛片可以免费看 | 日韩精品网 |