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: 99在线视频观看 | 国产麻豆一区 | 亚洲欧美视频在线 | 日本欧美在线观看 | 在线观看国产亚洲 | 欧美一区| 中文字幕综合在线 | 国产成人精品综合久久久久99 | 久久视频国产 | 激情小视频在线观看 | 亚洲美女一区二区三区 | 久久精品香蕉 | 亚洲综人网 | 九九精品视频在线观看 | 欧美区在线 | 日韩av在线一区二区三区 | 欧美另类视频在线观看 | 麻豆国产在线视频 | 日韩中文字幕有码 | 黄色性视频| 在线中文av | 91青青草原 | 国产精品二区三区 | 精品国内自产拍在线观看视频 | 伊人三级 | 在线免费观看麻豆 | 久久aⅴ国产欧美74aaa | 欧美日韩二区三区 | 国产三级在线观看 | 91精品福利| 欧美黄色成人 | www日韩av | 亚洲精品一区二区三区在线播放 | 成人一区三区 | 日本黄色高清视频 | 日本激情视频 | 成人羞羞国产免费图片 | 五月婷婷丁香激情 | 中文字幕av一区二区三区谷原希美 | 日韩欧美在线观看一区二区 | 亚洲精品视频观看 |