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
Opinion / Op-Ed Contributors

Tale of two cities and ghost towns

By Andrew Sheng and Geng Xiao (China Daily) Updated: 2014-10-10 07:36

Many observers regard the rise of the unoccupied modern "ghost towns" in China, which have been funded through risk-laden local government financing vehicles, as symptoms of a coming collapse. But this view underestimates the inevitability - indeed, the necessity - of such challenges on the path to development.

In 2012, the venture capitalist William Janeway argued that economic development is a three-player game involving the state, private entrepreneurial innovation, and financial capitalism, with inevitable cyclical overshoots that create the conditions for the next wave of invention and output growth. The United States had ghost towns once it began investing in railways, mining, and industrialization in the mid-19th century. But it experienced no systemic crisis.

Without large-scale infrastructure investment, especially in transport, the productivity gains that enabled the US' emergence as an industrial power would not have been possible. Though the process included significant creative destruction, the rapid economic growth offset losses resulting from excess capacity.

Similarly, when viewed through the long lens of history, China's ghost towns will prove to be merely potholes on its development road. China's massive infrastructure investment, funded largely through LGFVs, will most likely be remembered for its critical contribution to the country's economic modernization.

Of course, the translation of infrastructure investment into economic progress is not guaranteed. The new infrastructure - together with on-the-job training that enables Chinese workers to manage it effectively - must boost the country's productive capacity sufficiently to offset the value destruction from obsolete fixed assets and underemployment.

In this sense, China's prospects are promising. As it stands, the total value of infrastructure investment in China amounts to only about 240 percent of GDP, less than half of Japan's 551 percent - and with a much younger population. China's capital stock remains below $10,000 per capita; that figure is above $90,000 in the US and more than $200,000 in Japan (at 2011 prices).

Moreover, roughly 1 percent of China's population - about 12 million people - migrate from rural to urban areas each year. Unrelenting demand for modern, innovative infrastructure that supports citizens' livelihoods, improves energy efficiency, and minimizes pollution cannot simply be ignored - especially given urbanization's central role in driving economic modernization and productivity gains.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
...
主站蜘蛛池模板: 天堂综合网 | 51.cc网站入口永久入口 | 久操精品视频 | 成年人的黄色片 | 午夜精品在线视频 | 成人在线播放网站 | 欧美成人一区二区三区 | 一区二区三区黄 | 青草草在线视频 | 美女一区二区视频 | 国产精品高潮av | 免费在线成人 | 香蕉在线播放 | 中字av在线 | 久久yy| 色片网站在线观看 | 午夜久久久久久 | 亚洲一区二区成人 | 欧美高清一区二区 | 亚洲精品日韩在线 | 欧美日韩精品在线视频 | 99精品视频免费观看 | 免费日韩一区 | 91av在线免费 | 思思久久久 | 成人精品在线观看 | 国产午夜网站 | 欧美第七页 | 国产区在线视频 | 免费视频久久 | 日女人的逼 | 成人在线网 | 黄色av地址 | 成年人的视频 | 99色视频 | 久久免费国产视频 | 日韩欧美中文字幕视频 | 久久国产在线视频 | 日本一区二区三区在线观看视频 | 性一级视频 | 国产成人一区二区三区影院在线 |