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
Opinion / Op-Ed Contributors

Economic growth change is the 'new normal'

By Ma Jun (China Daily) Updated: 2014-10-21 08:06

Two issues concerning the "new normal" state of the Chinese economy deserve special attention. First, why is a mega policy stimulus not needed? Second, what will be the driving force for structural transformation of the economy?

Three reasons explain why a large stimulus is not necessary.

Despite the slowing of the economy, unemployment is not a major concern in China today. Official statistics show the latest monthly employment rate is improving. Had GDP not grown around 7.5 percent before 2007, unemployment would have been much more serious. Now China doesn't need to create so many jobs as before, because the working-age population is shrinking, and China's industrial structure is changing from one dominated by heavy chemical and manufacturing industries to one dominated by the service sector. Labor-intensive service industries create more jobs than capital-intensive heavy industries.

The Chinese economy's leverage ratio has been rising rapidly since 2009. China's total debt-to-GDP ratio, or its M2/GDP ratio is lower than those of many developed countries, but is higher than those of most developing countries. A high leverage ratio tends to increase financial risks. A high leverage ratio is a problem especially with local government financing vehicles and in the real estate market. The room available to increase the leverage ratio is much smaller than it was before 2008.

The government's debt outlook will face upward pressures in the next few decades, given the pension financing gap, the rise in health care costs and the expenditure associated with cleaning up the environment. Experience shows that a fast increase in the financial leverage ratio often ends up in a form of a higher government debt later. Given that other factors will likely push the government debt/GDP ratio closer to its limit, the room to continue to increase the leverage ratio is limited.

Another noteworthy point of the new normal state is the structural transformation of the economy. Historically, people look to the government to "adjust" the economic structure. We are familiar with the "key industries, strategic industries and emerging industries" determined by the authority. Under the new normal state, the economic structure will be shaped more by the market force, and in particular, change in consumer preferences.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
...
主站蜘蛛池模板: 一区二区三区国模大胆 | 亚洲国产一区在线 | 国产成人91精品 | free性欧美hd另类精品 | 美女做爰视频在线观看免费 | 亚洲一级理论片 | 色老久久 | 国产精品久久久久久久久免费 | 97视频网站| 亚洲成色在线 | 亚洲精品成人久久 | 久久好看视频 | 欧美日韩偷拍自拍 | 亚洲成a人一区二区三区 | 国产精品特黄一级国产大片 | α片毛片 | 97视频在线免费 | 日韩在线视频免费 | 美女很黄免费 | 草免费视频| 亚洲免费网站观看视频 | 久久视频精品36线视频在线观看 | 成人黄色免费网址 | 亚欧美图片自偷自拍另类 | 成人免费视频网站 | 68久久久久欧美精品观看 | 一区毛片| 日韩欧美一区二区三区免费观看 | 久久日本三级韩国三级 | 欧美日韩亚洲第一页 | 亚洲国产一区在线二区三区 | 国产一区二区免费在线 | 久久这里只有精品免费播放 | 国产成人精视频在线观看免费 | 香港激情黄三级在线视频 | 久久国产一区二区三区 | 亚洲在线免费观看 | 中文字幕日韩三级 | 成年男女免费视频网站播放 | 亚洲欧美日韩在线观看二区 | 免费一级毛片在线播放视频 |