www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

No pain, no gain for China's reformers

By Ed Zhang (China Daily) Updated: 2014-03-31 07:50

Squeezing those excesses out of the market is a necessary move to detoxify the rest of the economy. Most importantly, it will force the banks to reorganize their business.

This can't be called an austerity program, because we're talking about a long, slow process without a crash. Nor, certainly, is it quantitative easing. It is a deleveraging campaign.

No pain, no gain for China's reformers

China needs reforms for inclusive growth: Lagarde 

Actually, it's only recently that people can read news about funds in China collapsing, debtors defaulting and companies failing.

Getting those results has taken a GDP growth rate of less than 8 percent from the first quarter of 2012 to the fourth quarter of 2013.

If China can, in two more years of still lower growth (GDP expansion of 7.5 percent or less), it can reasonably hope to phase out a significant part of its old-economy industries.

And if, as some business commentators propose, the country is to eliminate up to half of its industrial base to make way for business based on the mobile Internet, it will have to keep the credit line really tight for local development projects.

The central government has declared that it will build a municipal bond market. But the period from passing laws and regulations to witnessing a functioning market could be at least two years.

It will take at least as much time to establish a credit rating system just at the city government level. To extend the system to all local governments, from the provincial level down to the township level, will require a much larger and longer effort.

So, with perhaps only a few exceptions, local governments will face a long period of tight credit. Many mayors and other officials will find it hard to achieve their development goals before their terms expire. Their most ambitious projects will be starved of funding.

People traveling to Haikou, Hainan province, and Beihai, in the Guangxi Zhuang autonomous region, can still see some "rotten-tail" (unfinished) buildings from property booms in the 1990s.

A boom cut short can leave nearly permanent scars on a city. There will probably be more cities in just that situation a few years from now.

Just as the central government has never helped Haikou and Beihai rebuild, it is all up to local governments to redirect their development path.

No pain, no gain for China's reformers

Top 10 figures in 2014 govt work report 

No pain, no gain for China's reformers

Experts: GDP growth target reasonable 

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 草草影院在线播放 | 步兵精品手机在线观看 | 精品中文字幕不卡在线视频 | 亚洲精品国产专区91在线 | 美女视频黄色在线观看 | 日韩在线视频不卡一区二区三区 | 日本久久精品视频 | 午夜爽爽爽视频 | 一级做a级爰片性色毛片视频 | 自拍视频在线观看 | 欧美片欧美日韩国产综合片 | 欧美国产视频 | 99精品视频在线播放2 | 亚洲天堂男人 | 亚洲成人国产精品 | 美女黄色在线网站大全 | 三级黄色毛片视频 | 国产深夜福利视频网站在线观看 | 成 人 黄 色 激 情视频网站 | 久久久久亚洲香蕉网 | 亚洲涩涩精品专区 | 亚洲一区二区三区视频 | 精品日本久久久久久久久久 | 黄色美女毛片 | 日本三级免费网站 | 国产三级黄色 | 欧美一区精品 | 色综合久久久久久 | 欧美观看一级毛片 | 亚洲一区二区三区免费看 | 欧美亚洲国产精品久久久 | 怡红院爽妇网 | 一区二区三区久久精品 | 久久成人福利视频 | 欧美三级成版人版在线观看 | 深夜福利网址 | 97在线观看完整免费 | 视色4setv.com | 美女扒开双腿让男人爽透视频 | 国产欧美一区二区三区免费看 | 蜜臀91精品国产高清在线观看 |