Yu Yongding: China'S Growth Pattern Is Not Sustainable

A famous Chinese scholar said that China's growth pattern

Yu Yongding, a member of the monetary policy committee of the former people's Bank of China (PBoC), wrote a critique of the unusual growth myth of China, written by China Daily, which is controlled by the government.

The article points out that increasing social contradictions, pollution, lack of public services, and excessive dependence on exports and investment, especially real estate, are all factors threatening China's economic prospects.

Yu Yongding wrote in this editorial article: "China's economy has also paid a heavy price at the same time of rapid growth, but these costs will be borne by our descendants."

"This growth mode has now exhausted its potential.

Therefore, China's development has also reached a critical moment: the economic restructuring process is painful, but if it is not implemented, China's economy will lose a good momentum of growth.

At present, many international observers have accepted the view that China will take the place of the United States and become the world's largest economy.

Inside China, many leaders of the Communist Party of China are talking about the superiority of socialism with Chinese characteristics, and the resistance shown by China in the current global financial crisis seems to prove this point.

China's economy grew by 9.6% in the third quarter, but consumer price inflation (CPI) rose from 4.4% in October to 5.1% in the first month. Many economists worry that the economy is overheating.

City University Hong Kong (City University of Hong Kong) political science professor Zheng Yushuo (Joseph)

Cheng said that many academics with a sense of reform are worried that reform has stagnated because leaders are concentrating on power and power.

Yu Yongding described the lack of creativity and creativity as the Achilles heel of China's economy and sighed for the inefficiency of capital utilization.

"Some local governments simply dig their own holes and fill themselves out to create GDP," he wrote.

"The result is just a bunch of luxurious villas, government offices and skyscrapers."

Although most of his statements have been expressed before, in the official media, it is rare for senior authority scholars to express their dissatisfaction.

Yu Yongding also called for China's political reform to break the "evil alliance" among dignitaries.

"Under the current political system of China, political elites are prerequisites for good government.

But political elites have been eroded by the politics of flattery and cynicism.

Therefore, in order to develop the economy, we should take the lead in political reform.

If China can't change the current "