| ||||||||||||||||||||||||||||||||||||||||||||||||
|
Chinanews, Beijing, June 1 - Fan Gang, a member of the central bank's monetary1 policy committee, recently issued a report titled "The Internal and External Balance of Chinese Economy". The report makes an in-depth discussion on some sensitive issues related with Chinese economy. In this report, Fan attributes China's low consumption level to the fact that most Chinese do not have much money to spend. He also says that it will be acceptable for Renminbi to appreciate by 5% annually2. This is the first time that the central bank’s think tank made such statements on a public occasion. It should be worth noting that while the chief economist3 made such statement, Renminbi exchange rate to the US dollar had just hit a new high to touch the 7.65 point in its six trading days, the Beijing Morning Post reported.
When talking about the low consumption problem in China, Fan says that the problem has been caused by the fact that most Chinese have little money to spend and the widening income gap between the rich and the poor has made such problem become even worse now. Fan points out that in China, people who make an annual income of 10,000 yuan account for 80% of the working population and these people contribute to only 40% of the new GDP growth. The rest of the GDP growth is made by the high-income group, who account for only 20% of the working population. “Since the high-income group tend to spend little, it turns out that the average consumption level in China remains4 low,” Fan says. On the other hand, investment in China will remain high, the economist claims. For a long time to come, investment and capital accumulation will not only become an important booster to the Chinese economy, they will also become essential to China's urbanization, industrialization and modernization5 process, the financial expert declares. 60% of the investment in China is boosted by the demand for housing and public equipment. Investment in these two sectors6 will remain steady and sustainable. In light of this, it is necessary for China to keep a 20% annual investment growth, Fan says. He also points out that it is wrong to make a simple comparison between the Chinese economic structure and the current American economic structure.
点击  收听单词发音
|
||||||||||||||||||||||||||||||||||||||||||||||||
TAG标签：
- 发表评论
-
- 最新评论 进入详细评论页>>
