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

Xin Zhiming

Strong medicine is not the best economic remedy

By Xin Zhiming (China Daily)
Updated: 2010-04-07 10:02
Large Medium Small

Serious ailments require major treatment. But as the body recovers, it could be disastrous to go on prescribing strong medicine.

Strong medicine is not the best economic remedy

While the central government is conscious of that rule, some local policymakers are still adamant in expanding investment to boost economic growth.

Hubei, a central province that is anything but prosperous compared with such manufacturing hubs as Guangdong and Zhejiang or financial centers such as Shanghai, announced an eye-popping 12 trillion yuan ($1.8 trillion) investment plan, with 5 trillion yuan to be pooled in the coming three years.

That is 12 TRILLION yuan, not BILLION, believe me. It is three times the $586 billion two-year investment plan initiated by the country in late 2008 in combating the global financial crisis.

While people cast doubt on the financial feasibility of the bold plan, it is worrisome that in the post-crisis era many local governments have continued to resort to government-led investments to boost the economy, a departure from the country's professed goal of making the economy more consumption-driven.

Chongqing, a southwestern municipality, just launched a 1 trillion yuan investment plan. Reportedly Guangdong province has released a five-year investment plan worth 2.3 trillion yuan while Yunnan province has planned to invest 3 trillion yuan in the coming five years.

A doctor may know that strong medicine can be effective in treating patients in an emergency, but will do more harm than good on a patient who has steadily recovered. A better solution may be applying milder treatment and, on that basis, inspire the self-healing function of the body.

For the Chinese economy, a mild but more sustainable treatment is to unleash domestic demand by gradually increasing people's incomes and restructuring the income distribution regime, among others.

Pumping in huge amounts of money quickly boosts gross domestic products (GDP) figures, but won't provide a consistent, inherent driving force for the economy.

Related readings:
Strong medicine is not the best economic remedy China reaffirms openness to foreign investment
Strong medicine is not the best economic remedy China beats US in green investment
Strong medicine is not the best economic remedy Inflation less worrisome than asset bubble 
Strong medicine is not the best economic remedy Efforts underway to cool flow of hot money after asset bubble fears

After pulling the Chinese economy out of crisis through massive investment projects, central policymakers have already realized the risk of continuing stimulus measures. They instead are pondering the best timing for an exit.

Guo Shuqing, chairman of China Construction Bank, the second-largest Chinese lender by assets, warned the country would suffer from economic overheating if its GDP growth exceeded 9.5 percent. Many economists forecast it would be 11-12 percent in the first quarter of this year.

If the massive local investment plans are implemented, high GDP growth is certainly out of question.

But considering ample liquidity as a result of the 2008 stimulus has caused potential, if not real, asset bubbles, how will the Chinese economy cope with the problem, apart from others, such as ballooning local debt, if those new plans are rolled out?

xinzhiming@chinadaily.com.cn

主站蜘蛛池模板: 欧美精品日日鲁夜夜添 | 欧美操人视频 | 国产成人夜间影院在线观看 | 国产精品亚洲综合久久 | 在线观看亚洲免费视频 | 国产成人一级片 | 亚洲第一网站 | 国产亚洲欧美精品久久久 | 国产一级精品高清一级毛片 | 99精品久久99久久久久 | 日韩欧美久久一区二区 | 手机看片日韩国产 | 久久成人免费播放网站 | 久久精品一区二区三区日韩 | 女人张开双腿让男人桶完整 | 四色永久 | 欧美在线精品一区二区三区 | www.夜夜骑.com | 欧美日韩加勒比一区二区三区 | 成人午夜两性视频免费看 | 日韩高清免费观看 | 国产高清精品自在久久 | 蘑菇午夜三级 | 国产成人aa在线视频 | 女人扒开腿让男人捅啪啪 | 日本免费人成黄页网观看视频 | 久草综合在线视频 | 免费a级毛片网站 | 日本人的色道www免费一区 | 男女扒开双腿猛进入爽爽视频 | 99视频有精品 | 国产成人亚洲精品91专区高清 | 夜色邦合成福利网站 | 国产精品高清在线观看地址 | 欧美一级视频免费看 | 91久久香蕉国产线看 | 美女午夜色视频在线观看 | 国产萌白酱在线一区二区 | 国产自一区 | 国产女王s调视频vk 国产女王vk | 91国在线啪精品一区 |