• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    China's Economy Is Repeating Japan's Mistakes

    2013/5/2 14:05:00 38

    EconomyChina's EconomyJapan's Exchange RateExchange Rate

    There are no conflicts and competitions in China and Japan, but the two countries have the same development pattern. If not careful, the Chinese economy may repeat the mistakes of Japan.


    Postwar Japan Economics Recovery and China's recent economic growth depend on exports and cheap labor. The undervaluation of the exchange rate gives the exporters the competitive advantage, while the promotion of exports is at the expense of the people's household income and consumption.


    In addition, both China and Japan encourage high savings, and then use savings to invest. Both countries have generated huge trade surpluses and invested in overseas assets based on US Treasury bonds to avoid the risk of currency appreciation and help overseas to acquire funds for their exports. The two countries also use domestic funds to support high investment to promote economic growth.


    The Japanese music stopped abruptly in September 1985: the signing of the Plaza Accord forced the Japanese yen to appreciate, causing Japan's exports to decline and economic growth to slow down.


    To restore growth, Japanese policymakers have launched a wave of credit driven investment to offset the impact of the yen's appreciation. This resulted in asset price bubbles and finally ended in collapse. Then Japan took advantage of government spending and low interest rates to avoid the collapse of economic activities, but the imbalance was increasing.


    Since then, Japan has had huge fiscal deficits, high government debts and bloated central bank balance sheets. To a certain extent, this is to support the operation of the government and support asset prices.


      Brewing banking crisis


    Up to 1990, Japan They are still very successful - there has been only a brief interruption in the course of strong growth. Since 1990, after the collapse of the bubble economy, Japan has been stuck in economic stagnation for nearly 20 years.


    China's objection to hasty revaluation of the renminbi stems from avoiding Japan's old path.


    But China's response to the global financial crisis is much like Japan after the Plaza Accord. (the financial crisis has resulted in a sharp decline in China's exports and a slowdown in economic activity. )


    China has launched a wave of investment through the rapid credit expansion of the state owned banking system instead of the government's support to promote economic growth.


    Like Japan, China's banking system is vulnerable. China does not maintain a high level of growth through financial deficits, but through direct lending to designated projects through banks.


    China relies on overvalued assets as a pledge and relies on infrastructure projects with insufficient cash flow to repay its debts, which means that many loans will not be repaid. These bad debts may trigger a banking crisis, and may also take away a large part of China's huge savings and income and weaken the growth potential of the economy.


    In addition, Japan was much wealthier than China at the beginning of the crisis, so it has considerable advantages in coping with the economic slowdown. Japan also has a good educational system, strong innovation and scientific and technological strength, and diligent working style, which contribute to its adjustment. Japan has the world's leading manufacturing industry and the rich intellectual property rights of the electronics and heavy industry, which is also an advantage of Japan.


    In contrast, China relies on cheap labor to assemble and produce products for export using imported raw materials. The current shortage of labour and rising wages are weakening their competitiveness. China's efforts in innovation and high-tech manufacturing are still at an early stage.


    China's authorities admit that credit drives Investment The strategy leads to capital mismatch, low investment efficiency and state-owned banks' loss of loans.


       China's challenge


    In recent years, the achievements of China have been more and more astonished. But if China fails to complete the necessary economic transformation, its astonishing success will ultimately be attributed to a sudden failure.


    The question now is whether China can avoid becoming the next Japan.


    China faces huge challenges in abandoning the investment led growth model. Relying on subsidies to expand production capacity and promote economic growth has become increasingly unworkable. The act of maintaining or adjusting the current strategy may lead to a greater than expected economic slowdown, which will have an impact on China's social and political stability.


    The whole world thinks that China will maintain growth, but the growth rate will be slower than in recent years. This view is based on what the world economy needs, not what it is. As the novelist C.S. C.S. (C.S. Lewis) said, "finding the truth, finding comfort may be the last thing, finding comfort, finding no comfort at all, and finding the truth. Only the illusory bubbles and wishful thinking end up in despair."

    • Related reading

    Nearly 30 Enterprises In Quanzhou Landed On The Hongkong Stock Market.

    financial news
    |
    2013/5/2 10:41:00
    32

    Chinese Textile Manufacturing Industry Hits Brazil Market

    financial news
    |
    2013/5/2 9:22:00
    22

    China Textile Materials Price Index Officially Released

    financial news
    |
    2013/4/28 15:36:00
    23

    Shenzhen False Trade Interest Chain Survey: Corporate Fraud Tax Rebate Inflated Trade Volume

    financial news
    |
    2013/4/27 8:52:00
    27

    The Depreciation Of The Yen Has Cooled, And The Domestic Retail Market Has Been Heated Up Overseas Purchasing Market.

    financial news
    |
    2013/4/25 14:10:00
    65
    Read the next article

    Temperament And Single Products Emerge In An Endless Stream With The Most Fashionable Style.

    Thin body is the best beauty weapon for beautiful women, and the beautiful clothes will be more attractive. For many women who love beauty and love fashion, beauty and charm are the most needed packaging for them. Next, we will learn the sweet collocation of this season with the world's clothing and shoe net, and show the most attractive self.

    主站蜘蛛池模板: Aⅴ精品无码无卡在线观看| 亚洲jizzjizz中国少妇中文| 奇米四色77777| 日批免费观看视频| 伊人色综合视频一区二区三区| **一级毛片在线直播| 无码少妇精品一区二区免费动态| 免费一区区三区四区| 婷婷六月丁香午夜爱爱| 成人性生交视频免费观看| 亚洲欧美日韩国产综合高清| 青草娱乐极品免费视频| 日本三级香港三级久久99| 欧美日韩一区二区不卡三区| 国产麻豆天美果冻无码视频| 久久亚洲精品无码观看不卡| 男孩子和男孩子做到哭泰国| 国产日韩精品在线| www国产成人免费观看视频| 最近最新中文字幕完整版免费高清 | 天下第一社区视频welcome | 韩国精品视频在线观看| 奇米影视7777狠狠狠狠色| 亚洲av本道一区二区三区四区| 精品国产欧美精品v| 国产精品亚洲欧美云霸高清| 三上悠亚中文字幕在线| 欧美乱大交xxxxx| 午夜伦伦影理论片大片| 五月天婷五月天综合网站| 少妇厨房愉情理9仑片视频| 亚洲av中文无码乱人伦在线视色| 精品亚洲成a人片在线观看| 国产日本韩国不卡在线视频| ffee性护士vihaos中国| 日本最新免费二区| 亚洲欧美精品中文字幕| 老司机午夜在线视频免费观| 国产精品久久久久久福利| 一区二区三区精品视频| 日韩欧美在线播放|