129823520838437500_658Liu Xiaozhong: delegation of authority who enjoy breaking economic woes
Liu Xiaozhong recently, Premier Wen Jiabao chaired the Symposium, said the economic situation in Wuhan
TERA CD-key, must implement the steady improvement in tone, adhere to the positive fiscal policy and a stable monetary policy, trustworthy growth in a more important position. Central was once again highlighted the steady growth, reflecting the current insufficient domestic demand, the decline in some sectors and enterprises benefit such contradictions have become increasingly prominent, an economic downturnPressure increases. April economic data is not encouraging, particularly financial revenue to fall sharply more confirmed that economic growth fell back to higher than expected. At the same time, from the recent oil prices and rising prices of consumer goods such as vegetables, is not difficult to find current real price situation is not particularly satisfactory. In this situation, steady growth-led macroeconomic policies. Following the Commerce Department made high profile10% growth in external demand, development and Reform Commission, a low-key relaxed after Government approval of investment projects, recent Central Bank are also combined with reduction of reserves of 0.5%, which makes positive financial and monetary combination again, take on increased responsibility. Central level highlights steady growth as an important structural tax cut measures, but in view of the economic contraction has a certain amount of endogenous, Structural tax cut alone without creating new demand, it is difficult to achieve stable growth, and effectively need to rely heavily on investment-led stable growth and positive financial investments. In fact, Government-led investment has been active again, recently issued by the Ministry of railways the first short margin manual display, at the end of last year, the Ministry of railways to obtain bank credit more than $ 2 trillion of intention, reflected to high-speed railRail investment-led government investment will accelerate again, as one of the main thrust of growth. The time, the fiscal and monetary stimulus effect of both hand effectiveness not only since the beginning of 2009, instead may cause accelerated of stagflation. China's current economic predicament facing multiple, first demonstrated by the contradiction between growth and inflation. Second performance for the economy stalling and local debtConflict between tightening. Current government finance higher growth and ability to hold high the debt is based on the premise of continued high investment, once investment stalled debt deflation risks you are exposed. Monetary policy is quite possible as before. In the case of internal and external needs shrinking, high inventory, credit creation in the economy declined, despite central bank deposit rates to drop free up liquidity, but the new releaseIs difficult to fill the credit creation brought about by declining liquidity gap. At the same time
Diablo 3 power leveling, economic malaise will enable revenue continued to decline, and local governments to raise effective savings of resources, therefore, high investment and high-revenue model is difficult to extend. Current even though the banking system can take the new-for-old debt rollover, temporarily avoiding debt deflation pushed up bad bank assets, butAny extension means such as snowball-like zoom, and thus cut off the local government high investment leverage financial chain of high growth. Form to a one-year loan interest at a rate of 6.56%, huge debts faced no small interest payments. Moreover, under the aging population, facing social security spending
wow cd-key, such as local financial pressure. Not only that, the economic slowdown, financialReduced circumstances, will eventually enable structural tax reform under pressure. There is no doubt that, in the last round of massive fiscal stimulus has been weakening the potential cases of government investments, promoting tax cuts do stimulate private-sector investment. However, austerity and financial debt reduction is likely to make structural tax cut into structural raising taxes, local government revenues and reduction of the debt burden, will notMining tax can be avoided, strengthening tax collection and management, expanding non-tax revenue sources, such as the pilot around the current property taxes, tax administration of internal revenue service and the Treasury Department to tighten credit standards before, was that the current reform of the tax system more prone to structural tax increases. Eventually, this will increase the tax burden of private sector real, curb the activities of private sector investment, and economic slowdown and the vicious circle of fiscal reduction. It can be seen that, In front of the plight of these contradictions, purely fiscal and monetary stimulus will exacerbate economic stagnation, because once the Government dominated by State-owned enterprises and investment once again become the main thrust of stable growth, a long-term accumulation of parts of China's foreign exchange reserves will be inefficient investment of precipitation, and directed the Government and State-owned enterprises is the Central Bank's monetary policy easing, in continued marginalization in the private sector at the same time, elevationReal inflation in China and taxes under the fiscal reduction is difficult to be really implemented. Obviously, this in practice and the current support private capital entering railway, services, financial, energy policy, is difficult to beat. Little do they know, first, whether tax cuts also are doing is not a public article 36, guided private-sector investment in the State-owned monopoly sector, market-oriented reform of the private-sector needs to be effective,Changes in competition structure and boundaries of these State-owned monopolies, cannot be provided by reform market competition environment for private enterprise, policy incentives not clear lie in private industry and glass door spring door problems. Second, the current steady growth continues to rely on the Government controlled sector of the economy, private firms into the monopoly State-owned enterprises sector weakened Government control over the economy, coupled with banks cautious, Provides financial support to private-sector risks are higher than State-owned enterprises, higher risk premiums reflect the credit interest rate is high, this will weaken the credit demand of private enterprises. So, you want to get out of the economic stagflation dilemma, urgent need for substantive reform of decentralization who enjoy, such as accelerating the marketization reform of monopoly industries, through legislation, State-owned enterprises gradually out of does not exist outside of the area, advancing from turnover tax guideIncome taxes dominated the overall reform of the tax system and privatization of government investment project as soon as possible, stock volume, containing compressed incremental liabilities, and accelerate the reform of administrative, gradually stripped of government economic function, remodeling market the competition boundary.
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