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 / Opinion

Stimulus very different from 2008

By Ed Zhang (China Daily) Updated: 2014-04-14 07:12

Never have economists been so polarized in their views about China.

Since the beginning of the year, many of them have been talking about the country's coming Minsky moment, or a sudden collapse in the value of assets. Others are ruling out that possibility.

Some say government stimulus, like the one in late 2008, led by the central government's 4 trillion yuan ($650 billion) commitment, would benefit the economy. Others say it wouldn't.

The market has been all the more divided since a new government investment program was announced at a State Council executive meeting in the first week of April.

Stimulus very different from 2008
Government won't resort to short-term stimulus

Stimulus very different from 2008

Some welcomed the so-called mini-stimulus as the shot in the arm the economy badly needed.

Others criticized it as a sign of Beijing succumbing to the local governments' pestering for easy credit, and of the leaders abandoning their commitment to reform.

However, all signs in Beijing suggest that China can neither expect to boost its growth rate to the pre-2008 level nor, because of its financial health, dole out large amounts of credit to struggling industries, as it did after 2008.

There isn't as much demand, both at home and abroad, for the country's already excessive manufacturing capacity. There is no point in using financial stimulus to build still more of the same capacity and to produce still more of the same goods, as an article by Cai Fang, one of China's leading economists and demographers, recently pointed out.

This is where the recently announced mini-stimulus is different from the 4 trillion yuan stimulus plan launched at the end of 2008. The bigger previous stimulus was designed to primarily bail out large State-owned enterprises, some of which even used some of the easy credit they received to relend it to smaller companies to earn interest. Many small enterprises were denied any benefit from what was meant to be an anti-crisis contingency package and were squeezed out of the market instead.

In contrast, the mini-stimulus of 2014 contains no favors for SOEs. It consists of three main components - building more housing units for the urban poor, cutting back taxes on small and micro enterprises and committing additional investment to building railways while speeding up financial reform in that industry.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 日韩a毛片免费全部播放完整 | 免费一区二区三区视频狠狠 | 欧美成人免费观看久久 | 高清欧美日本视频免费观看 | 一级片国产| 丝袜毛片 | 国产精品久久久久久免费 | 一区在线视频 | 69凹凸国产成人精品视频 | 欧美一级在线免费观看 | 毛片手机在线 | 性欧美欧美之巨大69 | 一区免费在线观看 | 欧美大尺度xxxxx视频 | 亚洲精品欧洲一区二区三区 | 俄罗斯18videosex性欧美成人 | 久久久久亚洲日日精品 | 香港激情三级做爰小说 | 久久ri精品高清一区二区三区 | 欧美色成人tv在线播放 | 乱子伦xxxx | 亚洲黄色性视频 | 一本久久综合 | 国产精品国产三级国产an | 免费欧美一级 | 免费毛片播放 | 欧美激情综合亚洲一二区 | 成人免费视频一区二区三区 | 国产成人免费a在线资源 | 一级特黄牲大片免费视频 | 毛片免费的 | 国产真实乱子伦精品视 | 日韩高清免费观看 | 成年人免费在线视频观看 | 亚洲成人手机在线 | 男人天堂网2022| 国产一区二区在线播放 | 最新国产精品好看的国产精品 | 韩国精品一区视频在线播放 | 特黄毛片| 尤物tv已满18点击进入 |