觀點中國經濟

How China can avoid the Japan trap
中國如何避免日本式陷阱

Income needs to accrue to those who will spend it — but this will require redistribution on a significant scale
沃爾夫:中國經濟的基本現實是居民消費僅佔GDP的40%左右。政府需要營造更加平衡的消費導向型經濟,這將意味著向民衆再分配收入和資產。

Has China’s period of relatively rapid economic growth come to an end? That was the focus of last week’s column. The answer, I argued, was that it still had the potential to catch up on the living standards of the world’s richest countries, because it is relatively poor. But this does not mean it will do so. It confronts big obstacles to continuing success. In this column, I will address one of the most important such obstacles: “underconsumption”.

中國經濟相對較快成長的時期是否已經結束?這是本專欄上週文章的焦點。我認爲,答案是中國仍有潛力趕上世界最富裕國家的生活水準,因爲它現在仍然相對貧窮。但這並不意味著它一定會趕上。它在延續成功方面遇到巨大障礙。在以下本週專欄文章中,我將分析最重要的此類障礙之一:消費不足。

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