US EUROPE AFRICA ASIA 中文
Business / Opinion

Among the experts, believe whom you will because few agree

By Ed Zhang (China Daily) Updated: 2014-01-27 08:14
Among the experts, believe whom you will because few agree

The outlook for China's growth this year depends very much on which expert you talk to. The range of forecasts is huge, from a dismal 6 percent or so for GDP growth to bullish figures depicting expansion not seen since the late 1990s.

People care about China's growth because the country's performance will affect the prices of many commodities and services worldwide - and ultimately affect many businesses. But the country is also so complex that even many Chinese economists cannot agree with one another in overall terms.

Some analysts tend to emphasize the problems and the dangers those problems purportedly pose. And the problems are many - from hideous corruption and rampant rule-bending in some areas to a lack of basic rules in others. If all the icebergs appeared at once and were as large and menacing as they are supposed to be, you would think few countries would remain afloat once there was contact.

Other analysts tend to say: "Well, we've seen many of these problems - from the government's mounting debt, mainly at the local level, to the piling up of non-performing bank loans.

"We've seen worse job market crises. We saw millions of people without jobs, feeling bitter about their lives in many cities - first the young people freed from rural re-education camps in the early 1980s, then middle-aged workers (reportedly as many as 30 million) made redundant by the reform of State-owned enterprises the then premier Zhu Rongji conducted.

"We've seen areas full of abandoned building projects in our cities. And you can still see their remnants in cities such as Haikou in Hainan and Beihai in Guangxi Zhuang autonomous region."

Admittedly, many of the troubles that China has gone through also involved huge social costs, such as inflation when State control of all prices was lifted in the late 1980s.

But the experience in handling the results of reform, and especially in steering the economy back to normal growth again, has toughened the country in ways that other countries have not experienced so intensely.

The huge diversity in all the China forecasts this year (as in every year, short-term or long-term) reflects the poles of a range of possibilities: either the country has learned nothing from its experience or it has learned so much that it no longer needs to keep learning.

Either of those is an unlikely outcome, going by how much debate there is in the Chinese media about what to do to implement the changes that people are calling for.

No matter how much growth slows, it is a slowdown that the government is engineering. Macroeconomic authorities cannot let things run out of control as in the early 1990s, when many still had doubts about the market orientation of reforms following the debacle of the initial price reforms, when the economy showed 5 percent growth in 1990 and 7 percent in 1991.

The result was plain to all. Problems from a slowdown of that kind forced the country to implement market-oriented reforms on a much larger scale - and much more earnestly.

In fact, the next waypoint for reform is apparent in the National Bureau of Statistics' preliminary report for last year. For the first time in the country's recent history, growth in services, 8.3 percent, exceeded that of manufacturing, 7.8 percent, in a meaningful way.

This has not come easily. Growth in the two sectors was on a par, 8.1 percent, in 2012. In 2011, manufacturing growth outstripped services growth, 10.6 percent to 8.9 percent and, in 2010, manufacturing grew 12.2 percent and services 9.5 percent.

The only other time the service sector grew slightly faster was in 2008 after the global financial crisis ruined many of China's export opportunities.

Despite the many uncertainties that change may bring, if China can manage to keep its service sector expanding faster than manufacturing, it is highly likely to grow into a more consumption-based economy.

Believe whichever expert you will on growth, but bear one thing in mind: In gauging China's performance over the next few years, the service-manufacturing comparison is going to be a more useful gauge of performance than GDP growth.

The author is editor-at-large of China Daily.

?

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 免费a级在线观看播放| 国产精品久久国产三级国不卡顿 | 国产区精品一区二区不卡中文| 8050午夜二级毛片全黄app| 女人张开腿让男人做爽爽| 中文字幕免费观看全部电影| 青青热久久久久综合精品| 蜜中蜜3在线观看视频| 天天摸天天碰成人免费视频| 亚洲av最新在线观看网址| 色一情一乱一伦黄| 国产成人精品999在线观看| 香蕉视频污网站| 国语自产精品视频在线看| xxxxwww免费| 成人性生交大片免费看午夜a| 久久久亚洲精品视频| 日韩精品无码专区免费播放 | 亚洲另类精品xxxx人妖| 欧美精品一区二区三区免费观看| 国产啊v在线观看| 99热精品在线免费观看| 日本后进式啦啦啦动态| 亚洲AV无码精品蜜桃| 欧美日本在线观看| 亚洲欧美日韩高清在线看| 男人添女人下部高潮全视频| 国产午夜福利在线观看视频| 亚洲综合色7777情网站777| 国产精品日日爱| 67pao强力打造67194在线午夜亚洲| 在线天堂中文字幕| 99国产精品无码| 大JI巴好深好爽又大又粗视频| 一本加勒比HEZYO无码人妻| 成人在线欧美亚洲| 中文字幕中文字幕在线| 柳岩aa一一级毛片| 亚洲国产婷婷综合在线精品| 欧美最猛黑人xxxxx猛交| 亚洲男人的天堂久久精品|