The slowdown of China's economic growth depends on the adjustment of structure through tax cuts. The slowdown of China's economic growth depends on the adjustment of structure through tax cuts. Introduction: China's GDP grew 7.6% year-on-year in the second quarter, a new low in more than three years. In July, China's export growth was only 1%. Last year, China's export also experienced a 30% growth of 110 miles under wind load. How should China face this slowdown in economic growth? Caoyuanzheng, chief economist of Bank of China, said in an interview yesterday that
China's GDP in the second quarter grew by 7.6% year-on-year, a new low in more than three years. In July, China's export growth was only 1%, while last year, China's export growth was 30%. How should China face this slowdown in economic growth
Caoyuanzheng, chief economist of Bank of China, said in an interview yesterday: "China's economic growth has bid farewell to the two high-speed growth rates that supported the capacity reduction of the two industries. 10. growth when the economy is shut down and not in use begins to decline to a growth range of 7-8%. It is normal for an export-oriented economy to bid farewell to high-speed growth, which is an inevitable phenomenon in the late stage of urbanization and industrialization. It is expected that China's GDP growth will maintain a growth rate of 7-8% in the next decade. This is a good thing. It is expected that China's economic growth will decline. 1. Economic growth Precautions for oil change of nanshijin universal tensile testing machine: it will stabilize and recover in the third quarter of this year. Because the European debt crisis has stabilized, and Chinese enterprises have also experienced ten months of de stocking. On the whole, the worst has passed, and it will not get worse. "
investment master Rogers also said in an interview yesterday: "why can't China's economy grow by 2% and 3%? European and American countries can't even reach 2%."
at present, there are four suggestions on China's policies, but the investigation and interview found that there are two policy orientations to avoid
first, it overemphasizes investment. Chenzhiwu, Professor of financial economics at Yale University, said: in 1994, China's fixed asset investment accounted for 35% of the annual GPD. By 2010, the proportion of fixed asset investment in GDP was as high as 70%. The current fiscal policy and excessive reliance on fixed asset investment have brought about short-term prosperity, but have further distorted China's economy
second, excessive monetary policy relaxation. Caoyuanzheng said that China's current monetary policy should not be excessively relaxed, because China's demand for money is declining. The problem is that the market is shrinking, goods cannot be sold, and industries reduce investment
Rogers also believes that China's economic growth is not worrying in the long run, and it may be unwise to further ease monetary policy
Dr. zhanganyuan, visiting professor of the University of international business and economics, said in an interview with this newspaper: "the current economic downturn is inevitable. The negative effects of the previous easing policy on inflation and asset prices are being digested, but the contradiction between excess capacity and insufficient demand has just emerged. The excess and shortage of the real economy are not a problem that monetary policy can solve."
experts suggest that the policy way out
option 1: adjust the structure
Cao Yuanzheng believes that the direction of China's macro policy should not be changed, but we should fine tune the pre adjustment to hold the economy. For example, we can expand financial expenditure, but local finance is weak. We can use the old means of the central finance to invest in railways and water conservancy, so as to leverage other investments. But "stability" is not the goal, it is a condition. We can't use anesthetics. When the operating table is on, the operation is not done. The so-called "operation" is to adjust the economic structure, promote reform, change the system, and straighten out the relationship between the local government and the central government. Specifically, the adjustment of the economic structure means that external demand cannot be relied on, and domestic demand should be relied on comprehensively. Instead of relying heavily on the development of the secondary industry as in the past, we should develop the tertiary industry and the service industry
Jiakang, director of the Financial Research Institute of the Ministry of finance, told this newspaper that breaking monopoly should continue to make the economy more dynamic
option 2: tax reduction
Jia Kang said: "tax reduction should continue to be the focus of current policies."
Caoyuanzheng reminded that tax reduction must be done, and it is also being reduced now, but the tax is reduced to zero, the demand is not there, and the goods can not be sold. The problem of China's economy is not a cost problem, but a demand problem
option 3: expand the proportion of direct financing
Zhang Anyuan suggested that the fund demand of financing platform is a rare highlight under the background of slowing economic growth. There is no one size fits all approach to platform supervision. Some platforms are in a very healthy asset liability situation. The local finance has made adequate arrangements for the repayment of principal and interest. The central department can speed up the approval process to meet the requirements of the issuance scale