中国经济再平衡

Economic Rebalancing in China

中国领导层长期以来奉行的经济再平衡目标是,经济增长主要基于私人消费开支增加,而不是靠提升投资率和扩大贸易顺差。本文分析了这些趋势的根本原因,这将使各种政策建议成为实现更理想的经济平衡增长的源泉。在这些建议中,首先要让市场在决定储蓄存款利率方面发挥更大的作用,另外还需要进一步改革汇率、能源定价机制和完善社会安全网。在当前经济转型期间,政策制定者应迅速采取行动,对这些方面进行改革,以维持经济增长。

China’s leadership has long embraced the goal of economic rebalancing by which they mean achieving growth based primarily on increasing private consumption expenditure rather than an ever rising rate of investment and an expanding trade surplus.An analysis of underlying causes of these trends leads to a variety of policy recommendations to achieve the much desired rebalancing of the sources of economic growth.At the top of the list is a greater role for the market in determining the interest rate on savings deposits.Further reforms on the exchange rate,the pricing of energy,and improving the social safety net are also needed.Policymakers should move expeditiously on these reforms in order to sustain growth during a period of economic restructuring.