日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / View

More complex times spur needed change

By Ed Zhang (China Daily) Updated: 2014-12-01 06:59

Chinese officials will start their annual Economic Work Conference on Dec 9, according to Takungpao.com in Hong Kong. The conference is a key part of China's economic decision-making process in the last weeks of every year, held to plan the coming year's targets.

The targets are not made public because they are still internal, waiting for approval by the National People's Congress in March, although it seldom changes any of them.

Other than the GDP growth rate, the Economic Work Conference will as a rule also propose the targets and strategies for inflation, money supply, fiscal revenue and expenditure, and imports and exports.

A few weeks ago, government think tanks began to float their "opinion" that China reduce its annual GDP growth target from this year's 7.5 percent to just 7 percent. If that is written into the Economic Work Conference strategy paper, China's growth would have officially entered the "from 7 percent down" range.

Ever since reforms began in the late 1970s, annualized 7 percent growth was one of the most difficult, if not entirely impossible, things to do in this country. The government wanted to grow fast for starters. Even if the central government wanted a temporary slowdown, local governments still wanted to grow fast.

So except for a chaotic few years between the 1980s and 1990s, China's economy had more time overheating and later bubbling than in a slowdown. And from time to time, the growth rate turned out to be higher than the target.

Local governments' enthusiasm was easy to understand, for officials' merits were measured by their report cards on economic growth. They were considered good officials just by continuing to build things, thereby generating favorable economic statistics.

It was a simple game. So simple that they did not have to bother to ask whether all the things that they wanted to build would be worthwhile. And they never had to bother to ask where the money would come from. Multinational corporations seeking cheap labor and the China market, land developers seeking new projects, and funds and projects from a more resource-rich central government never seemed to let down local officials who were promising whatever preferential terms their business friends wanted to hear.

Things are different now. The significance of the change is not just a figure. If it is only a difference of half a percentage point, as the growth target would be for 2015, so what? It is the big picture that is different. The old development players are all gone. Local governments, already deeply indebted, cannot make, let even less deliver on, as many promises to investors as they did before.

The country still does not have the right mix among its financial resources, its largest group of labor (most noticeably 7 million or so college graduates every year), its level of consumer demand (from the broad interests of millennials to the acute needs of the aging), and its legal and regulatory systems. There is a huge gap, in fact, in each case.

A harsh reality is that when the government doesn't know how to support needed development, and large corporations also aren't interested in doing it, many things will have to be created from scratch, through initiatives by individuals and small enterprises. Nor would the traditional financial system prove very helpful. But all that may be a good thing - because it would inevitably demand more government reform, especially cutting more red tape and making room for private business owners to play a bigger role in the economy.

That is why there are people who forecast that 2015 will be a more active year for private equity and venture capital businesses than ever. The A-share market may be having a rally since it is connected with the Hong Kong bourse, and the first interest cut in two years was made. But if the PE/VC forecast comes true, it would start a much bigger trend.

The author is editor-at-large of China Daily.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: www亚洲| 亚洲黄色影院 | 欧美日韩视频免费在线观看 | 男人天堂最新网址 | 日韩视频中文字幕 | 国产高清一区二区三区 | 国语对白一区 | 神马久久av | 亚洲香蕉在线观看 | 激情网五月 | 欧美高清一级 | 亚洲天堂日本 | 成人在线播放视频 | 在线免费av网站 | 艳母动漫在线免费观看 | 免费萌白酱国产一区二区三区 | 成人免费毛片足控 | 中文精品一区 | 天天做夜夜爽 | 国产精品一区二区三区不卡 | 午夜在线免费视频 | 九色婷婷| 欧美孕妇性生活 | 国产一级自拍 | 国产乱子伦| 特级毛片在线播放 | 黄在线观看 | 香蕉视频在线免费看 | 国产激情无套内精对白视频 | 69国产视频 | 影音先锋男人色资源网 | 一级免费片 | 欧美成人一区二区三区 | 色婷婷在线影院 | 青青激情视频 | 人人舔| 四虎影院在线观看免费 | 中文字幕h | 亚洲色图3p | 久久国产片 | 欧美a v在线 |