摘要
Based on macroeconomic analysis since 2003, this article holds that a trend towardsoverheating has surfaced in Chinas economy. Chinas rapid economic expansion hasaffected the quality of its growth, with rising material and energy consumption and imbalancedeconomic structure as the main manifestations. Regarding macroeconomic policy options in2004, decision-makers should shift the policy focus from control of deflation to preventionof inflation; the pace of economic growth should be properly set; a balance betweenconsumption and investment should be strengthened by controlling excessive expansion ofinvestment, and industrial restructuring should be conducted in a coordinated manner onthe basis of properly controlling the overly rapid industrial growth; policies should becontinued to boost exports and sustainable growth of foreign investment; and more effortsshould be made to accelerate the change in the mode of economic growth.
Based on macroeconomic analysis since 2003, this article holds that a trend towardsoverheating has surfaced in Chinas economy. Chinas rapid economic expansion hasaffected the quality of its growth, with rising material and energy consumption and imbalancedeconomic structure as the main manifestations. Regarding macroeconomic policy options in2004, decision-makers should shift the policy focus from control of deflation to preventionof inflation; the pace of economic growth should be properly set; a balance betweenconsumption and investment should be strengthened by controlling excessive expansion ofinvestment, and industrial restructuring should be conducted in a coordinated manner onthe basis of properly controlling the overly rapid industrial growth; policies should becontinued to boost exports and sustainable growth of foreign investment; and more effortsshould be made to accelerate the change in the mode of economic growth.
