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

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / View

Middle-income group can be a bridge to sustainable growth

By Zhu Qiwen | China Daily | Updated: 2016-05-19 08:47

The authorities' latest call for efforts to expand the middle-income group is much needed, because China's sustainable growth in the long run is dependent on the formation of a significantly larger middle-income group who will increase consumption and reward supply-side reforms that best serve their needs.

At a meeting of the Central Leading Group for Financial and Economic Affairs on Monday, President Xi Jinping particularly stressed efforts to expand the middle-income group and improve the income distribution mechanism.

This newly-found sense of urgency to further increase the number of middle-income workers is surely related to the role that consumption is now playing in ensuring the stable, moderate growth of the world's second-largest economy.

The latest statistics show that final consumption contributed 84.7 percent of China's economic growth in the first quarter while capital investments' contribution came in at 35.8 percent and net exports of goods and services dragged growth down by 20.5 percent. The consumption share marked a significant jump from the 66.4-percent ratio at the end of 2015.

Although China's economy expanded by only 6.7 percent year-on-year in the first quarter of 2016, the slowest since early 2009, indicating considerably strong headwinds, it is fairly reassuring, if not surprising, to see the rapid rise of consumption as a leading growth engine while traditional growth drivers such as investment and exports are losing steam.

Since all the domestic measures to address overcapacity in many traditional industrial sectors will take time to bear fruit and the global trade will not regain its growth momentum any time soon as the world economy struggles under international financial and political uncertainties, it is reasonable for Chinese policymakers to double down on stronger consumption-led growth to avoid an unexpected hard landing.

Recently, there has been talk of China's economy tending towards L-shaped growth as deep-rooted problems persist and new challenges emerge, including shrinking private investment, the real estate bubble, industrial overcapacity, non-performing loans, local government debt and financial market risk.

By ruling out the possibility of a quick and strong recovery, such a sober view has actually raised the question of how the country can manage to overcome the middle-income trap after more than three decades of double digit growth.

While rising income levels have eroded the international competitiveness of many small- and mid-sized economies to slow their growth, a significantly enlarged middle-income group might be the Chinese answer to this global development challenge.

In spite of the lack of a clearly-defined criterion for middle income in this country, the fact that Chinese travelers have made around 120 million overseas trips in 2015, up 12 percent from the year before, will at least provide a glance at the huge potential of a certain part of the country's middle-income group.

With a population of 1.3 billion, no one should expect the number of global-trotters from China to peak soon as the country's middle-income group is just set to expand.

Instead of regarding rising income levels for a larger number of Chinese workers as merely a burden on enterprises in this country, Chinese policymakers should realize that a better income distribution mechanism to ensure a larger share of the overall economic pie for the majority of workers will help sustain economic growth in the long run.

On one hand, a substantial increase in the number of middle-income families will give a lasting and powerful boost to consumption-led growth. On the other hand, upgrading their consumption will incentivize Chinese enterprises to embrace supply-side reforms on which China's economic future hinges.

In this sense, the middle-income level will not necessarily be a trap but rather a bridge to China's long-term growth.

The author is a senior writer with China Daily.

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 天天爽天天爽 | 久久国产综合 | 韩日中文字幕 | 国模大胆一区二区三区 | 51成人做爰www免费看网站 | 操女人逼视频 | 国产97在线观看 | 欧美精产国品一二三区 | 一本色道久久综合 | 午夜天堂在线 | 天天天色综合 | 久久男人的天堂 | 青青操视频在线 | 欧日韩不卡在线视频 | 成人在线视频免费看 | 久久免费精品 | 精品1卡二卡三卡四卡老狼 亚洲网在线观看 | 人与动物性xxxx | 国产小视频免费观看 | 男人的天堂亚洲 | 四虎永久免费网站 | 天堂av免费 | 蜜臀久久99精品久久久 | 成年人在线网站 | 亚洲精品aaa| 亚洲一级黄色大片 | 四虎少妇做爰免费视频网站四 | 亚洲成人免费在线观看 | 国产大学生自拍 | 婷婷丁香综合 | 色网站免费看 | 91亚洲一区| 男女拍拍视频 | 日韩欧美v| 国产日韩在线播放 | 一级片一级片一级片 | 日本天堂在线 | 欧美成人天堂 | 在线免费观看国产视频 | 成人在线播放网站 | 成人a级片 |