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: 影音先锋国产在线 | 操人视频在线观看 | 97毛片 | 日韩一区二区三区四区 | 久久久久免费看 | 蜜臀99久久精品久久久久小说 | 日批在线看 | 中文字幕视频观看 | 国产高清视频在线观看 | 日本黄色免费视频 | 欧美人与禽zoz0性伦 | 视频一区二区视频 | 天天色天天综合 | 爱爱视频免费看 | 天天爽爽 | 日韩在线第一 | 男人天堂手机在线 | 一级片大全 | 国产午夜网站 | 久久一道本| 亚洲欧美视频在线 | 国内精品偷拍 | 丁香婷婷综合激情五月色 | 日韩在线精品强乱中文字幕 | 中文在线字幕观看 | 一级久久 | 啪啪网站免费 | 九九九在线| 高清在线一区 | 黄色一二三区 | 中文字幕+乱码+中文字幕一区 | 欧美性v | 国产一区二区网站 | 久久精品无码一区二区三区 | 日本一级在线观看 | 亚洲69av | 国产男女精品 | 男女插插插视频 | 懂色av一区二区 | 久久国产免费观看 | 亚洲女人18毛片水真多 |