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

chinadaily.com.cn
left corner left corner
China Daily Website

Structural reforms remain important

Updated: 2012-07-16 13:16
By Robert Wihtol & Yolanda Fernandez Lommen ( China Daily)

The global economic slowdown has created a volatile environment for policymakers, and exacerbated China's domestic challenges. The impact of the slowdown is reflected in the economic figures for the first half of 2012 that were published last week. The data confirmed lackluster trade flows, decelerating investment, and declining quarterly GDP growth.

Responding promptly to the challenges the government has taken an expansionary policy stance, and in late May it announced a set of stimulus measures combining short-term actions with longer term economic restructuring.

These measures will underpin growth in the second half of 2012. They include cuts and more flexibility in benchmark interest rates; increased public spending in education and health; targeted subsidies to boost consumption; and accelerated infrastructure investment. However, the economy remains vulnerable to sluggish growth in major world economies.

Weak external demand poses daunting challenges to economic growth. However, it also creates an opportunity for policymakers to address structural constraints, and allocate resources more efficiently for development needs. Major reforms should strengthen the domestic engines of growth and enhance the role of consumption and services, to offset the impact of the contraction in external demand.

Economic restructuring is a complex process encompassing structural adjustments to the supply and demand sides of the economy. Policy reforms must be mutually supportive and consistent. Fiscal and monetary policies both have a key role to play.

On the fiscal front, well-targeted policy actions to increase social expenditure will help to improve living standards. Social spending has increased substantially in recent years, but public expenditure on education, health and social security remains low by international standards. Shifting the composition of public spending from investment to public services will raise the disposable income of households, resulting in higher levels of consumption. This is key to transforming the growth model.

Other fiscal measures include strengthening resource transfers from central government to local governments, and increasing local governments' share of tax revenues. Currently local governments' fiscal revenues are insufficient to fund their obligations to provide social services. In addition, the central government could introduce transfer mechanisms to support poorer provinces and reduce regional disparities across the country.

Larger budget allocations are needed to provide adequate social protection in the world's most populous country. Accelerating social security reform is vital. By securing incomes and protecting workers from social risk, a comprehensive social security system reduces income inequality and fosters the role of domestic demand as a driver of growth. Given the rapidly aging population, pension reform requires urgent attention.

Tax reforms are also needed. The regressive bias of the taxation system should be reduced to promote social equity and inclusive growth. Direct taxation is more effective in adjusting income differences and introducing a progressive tax system would be a major step toward more equitable development. The current emphasis on indirect taxation is effective in raising revenue, but highly regressive. Taxing capital gains and property, and inheritance and gifts, would balance income distribution while offsetting revenue losses from the transition to more progressive taxation.

On the monetary front, prudent policy making should continue. This, in turn, requires greater financial liberalization. Monetary policy in the years ahead should focus on ensuring adequate and widely accessible financial resources and price stability. This will support economic restructuring and avoid an erosion of living standards.

Financial sector liberalization would help to increase the effectiveness of monetary policy. It is also essential for a successful transition to a services-oriented economy. Small and medium-sized enterprises are the backbone of the service sector, and they currently encounter difficulty obtaining financing. They urgently need access to bank loans. More sophisticated capital markets would widen companies' access to international and domestic capital markets and new financial options, and bolster government initiatives to technologically upgrade the industrial sector.

The counter-cyclical policies recently adopted by the government will support economic growth in the rest of 2012. China's fiscal position is strong and receding inflation gives confidence that there is scope for further monetary expansion. Together these should ensure a soft landing. However, it is essential for policymakers to move rapidly on the economic reforms set out in the 12th Five-Year Plan (2011-15). Failure to implement the reform agenda decisively could jeopardize the sustainability of growth.

Robert Wihtol is director-general of the East Asia Department of the Asian Development Bank, and Yolanda Fernandez Lommen is head of the economics unit of the ADB's office in China. The views are the authors' own.

 
8.03K
 
...
...
...
主站蜘蛛池模板: 麻豆视频国产 | 久久国产免费一区二区三区 | 精品成人在线视频 | 欧美日本高清视频在线观看 | 日本在线观看一级高清片 | 国产美女三级做爰 | 国产午夜精品理论片免费观看 | 日韩一级片 | 成人精品一区二区三区中文字幕 | 欧美a级毛片免费播敢 | 97在线观看成人免费视频 | 国产在线观看高清不卡 | 亚洲成人偷拍自拍 | 欧美怡红院免费的视频 | 国产精品毛片一区二区三区 | 久久精品国产免费看久久精品 | 91成人国产 | 欧美黄色免费 | 亚洲欧美日本视频 | 午夜爽爽爽视频 | 久草视频在线看 | 女人让男人桶的小视频 | 手机午夜看片 | 色综久久| 美女被躁爽死 | 成人精品网 | 成人看的一级毛片 | 男女晚上爱爱的视频在线观看 | 国产视频二区 | 国产精品久久影院 | 免费人成在线观看播放国产 | 三级黄色在线观看 | 欧美毛片大全 | 国产一区二区三区免费 | 男女一级爽爽快视频 | 一区二区三区不卡在线观看 | 日本爽快片100色毛片 | 精品国产三级 | 一个人看的免费观看日本视频www | 万全影院亚洲影院理论片 | 女人张开腿让男人添 |