Fang Gang: The Economy Is At A Cyclical Trough.

Looking at China's economic fluctuations from a cyclical point of view, China's recent decline in private investment is an important reason for the fact that the economy is at a cyclical low.

Fang Gang said that in order to promote private investment, we need to eliminate institutional barriers, strengthen property rights protection and enhance private enterprise investment confidence.

In the period of slower economic growth, add some

If the problem is not solved, investment opportunities will naturally decrease, and private investment will naturally slow down.

Since 2016, the growth of private investment in China has been slow. The first 8 months only increased by 2.1% compared with the same period last year, and the growth rate was far lower than the growth rate of the total investment of 8.1% over the same period.

This is rare in the past more than 10 years.

In response, Fang Gang, director of the National Economic Research Institute of China's Economic Reform Research Institute of Tokyo at the twelfth Beijing Tokyo forum, accepted the interview with Xinhua news agency.

The slowdown is related to the capacity of private enterprises, but it is not a direct result, because private enterprises have been producing capacity these years.

An important reason for the decline in private investment growth is that China's economy is in a cyclical trough.

As for the relationship between China's economic growth and structural reform, Fang Gang said, we should not just push it.

Regardless of economic growth.

Without economic growth, many problems such as employment and innovation can not be solved, and structural reform will be blocked.

As for the recent depreciation of the renminbi, Fang Gang said that in the past few years, a lot of hot money has been promoting RMB appreciation, which has led to the appreciation of the renminbi.

Moreover, the current RMB exchange rate is pegged to a basket of currencies, and the pound and euro in the basket are both depreciated and the Renminbi should also go down.