国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Economy

No pain, no gain for China's reformers

By Ed Zhang (China Daily) Updated: 2014-03-31 07:50

Squeezing those excesses out of the market is a necessary move to detoxify the rest of the economy. Most importantly, it will force the banks to reorganize their business.

This can't be called an austerity program, because we're talking about a long, slow process without a crash. Nor, certainly, is it quantitative easing. It is a deleveraging campaign.

No pain, no gain for China's reformers

China needs reforms for inclusive growth: Lagarde 

Actually, it's only recently that people can read news about funds in China collapsing, debtors defaulting and companies failing.

Getting those results has taken a GDP growth rate of less than 8 percent from the first quarter of 2012 to the fourth quarter of 2013.

If China can, in two more years of still lower growth (GDP expansion of 7.5 percent or less), it can reasonably hope to phase out a significant part of its old-economy industries.

And if, as some business commentators propose, the country is to eliminate up to half of its industrial base to make way for business based on the mobile Internet, it will have to keep the credit line really tight for local development projects.

The central government has declared that it will build a municipal bond market. But the period from passing laws and regulations to witnessing a functioning market could be at least two years.

It will take at least as much time to establish a credit rating system just at the city government level. To extend the system to all local governments, from the provincial level down to the township level, will require a much larger and longer effort.

So, with perhaps only a few exceptions, local governments will face a long period of tight credit. Many mayors and other officials will find it hard to achieve their development goals before their terms expire. Their most ambitious projects will be starved of funding.

People traveling to Haikou, Hainan province, and Beihai, in the Guangxi Zhuang autonomous region, can still see some "rotten-tail" (unfinished) buildings from property booms in the 1990s.

A boom cut short can leave nearly permanent scars on a city. There will probably be more cities in just that situation a few years from now.

Just as the central government has never helped Haikou and Beihai rebuild, it is all up to local governments to redirect their development path.

No pain, no gain for China's reformers

Top 10 figures in 2014 govt work report 

No pain, no gain for China's reformers

Experts: GDP growth target reasonable 

Hot Topics

Editor's Picks
...
...
诸城市| 虹口区| 宁化县| 当阳市| 成武县| 莱芜市| 苏州市| 科技| 富宁县| 东兰县| 仪征市| 怀来县| 镇坪县| 阳新县| 绥滨县| 杂多县| 大埔县| 乌兰浩特市| 湛江市| 肇东市| 留坝县| 巩义市| 黄骅市| 仪陇县| 五寨县| 临沧市| 扬中市| 正安县| 黑山县| 英山县| 秀山| 确山县| 银川市| 高密市| 察雅县| 云和县| 剑河县| 宁城县| 长汀县| 贺州市| 文化|