Reduce the proportion of investment to intensive e

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Reduce the proportion of investment to intensive economic growth pattern

Abstract: Since reform and opening, China's investment rate has been high, while the consumption rate is significantly lower. China's economic growth pattern is typical of In recent years, the drawbacks of this growing mode of growth. Therefore, to reduce the proportion of investment due to intensive economic growth mode. Key words: consumption accounted for the gross domestic product) is kept at about 75% for the best. However, we can find, since the reform and opening up, China's investment rate has been high, while the consumption rate is significantly lower. China's economic growth pattern is typical of Chinese papers League finishing. Recent years, Second, export-oriented sector and the imbalance between inward-looking sector, social welfare distribution pattern toward a structural distortion. Third, could trigger a banking crisis. 2 China's economic growth China's investment-driven economic growth originated in the 50s of last century to the implementation of the priority development of heavy industry focused on Since the development of heavy industry requires a lot of capital investment, but from the perspective of the theory of comparative advantage, capital of China's comparative disadvantage precisely. Development of heavy industry in order to raise a lot of money to be passed down the income levels of workers and resources required elements of the price. Result of this development strategy is the formation of The other hand, since the 80's level of economic development is the ruling party as the most important strategic target. In the context of this concept, the Government's main task is understood as economic development - in fact, this is extremely biased understanding of economic development has been further simplified to GDP growth. Government officials at all levels of GDP growth in general the performance as the only goal to see the modern progress - squares, highways, modern city construction, etc. - as the main symbol. Moreover, government revenue comes mainly from value added tax, half of which is the production of value added tax, which makes too much attention to all levels of government output growth. In fact, the government can control almost all factors of production, the price of important resources. It is inspired by these institutional factors, all levels of government have chosen to fight the investment of resources-driven economic growth. 2.2 excessive growth of household savings in the long-term support for China's China's economic growth, especially not from extensive to intensive ago, in China's current Since 1998, rapid growth in lending, banks absorb part of the savings by buying treasury bonds and policy financial bonds by the Government, support the implementation of the proactive fiscal policy to ensure that the central government's macro control policies to expand domestic demand and the realization of , steady and sustained growth of China's economy has played an important role. Why Investment of Savings so fast driving the growth? Main reasons are the following: First, to improve income stability. Income from savings deposits of residents. From the statistical analysis, urban-rural income growth slower than the growth rate of savings deposits, which indicates that the incremental savings income not only from the residents, there are a considerable number of residents from the Second, the structure of our depositors and income asymmetry. The largest number of deposits are not many small depositors, accounting for 20% of the total number of savings accounts high-income class, the amount of total deposits accounted for more than 60% savings. On the regional distribution, statistics show that household savings in China in 1999 about 65% distributed in the eastern region, 24% distributed in the central region, while only 11% of the western region. This imbalance is also the cause of saving the two high-growth factor. Third, expectations of the residents is not clear that increased precautionary saving motive. First, as economic restructuring, deepening reform of state-owned enterprises, carried out for the shedding workers laid-off people have a Second, our housing, medical care, pension and other social welfare system continues to depth, the overall trend is that many expenditures by the unit will shift the burden borne by the individual. At the same time, China's social security system has not been sound. Faced with this social security system, residents have to take into account disposable income, they have a strong hedge against consciousness. Furthermore, in recent years, China began to implement the education industry, education costs also increased population increase in expenditure. Allows residents to save for future education, a tendency also increases. Fourth, the financial investment channels. Narrow channels of personal investment, bond markets are underdeveloped, the fund industry has just started, the stock market risk and unpredictable, for support by a few high-income class from the high savings, due to oversupply in many sectors of the regular projects, industry profit margins lower, less attractive for funds. The high rate of return of the industry, or monopolistic, or the access threshold is too high, individual investors can only watch and sigh. The financial management of financial products for individuals, species both small, the risk is too high, it is not hard to explain why the Treasury has repeatedly sought after by the market, while the stock market downturn, Treasury issued a limited number of good investment opportunities without forcing the residents had to funds deposited in banks. 3 appropriate to reduce the proportion of investment to transform the economic growth reform and opening up, although the idea of the development strategy of adjustment and change to a certain extent, but the investment as the main driving force of economic growth pattern remains not been fundamentally changed. At the same time, this cold - hot led to over-exploitation of domestic resources, and resources, global sourcing has caused great concern in Western countries and even suppressed; In addition, investment-driven growth model is also largely caused by the blind As can be seen above, either from maintaining steady economic growth in China need to view, or from the existing resource constraints, the investment-driven economic growth will be unsustainable, indeed to the need for serious reflection and change time. 3.1 to establish the correct concept of development and type of way. Meet the above requirements is a systematic project, the final analysis, depend on technological progress and raising the quality of workers and, through deepening reform, accelerating the development of economic help to improve the socialist market economic system and operation mechanism, multi-pronged comprehensive supporting measures. . a major turning point. 3.2 adjusted income distribution system, improve the consumption level of all segments of the population statistics show that from 1978 to 2004 in 26 years, China's average annual investment growth rate remained at 13.2% level, but this period the level of consumption growth has been below the level of investment, after deducting price factors, the average annual growth rate of only 8.6%. If compared with other countries, the shortage of Chinese consumption is obvious. Economic principles tell us that level of income is the decisive factor in consumer demand. China's consumer demand led to lower long-term primary reason is that raising the level of income can not keep up economic growth improved. In this regard, the Central Economic Work Conference in 2005 clearly pointed out: To achieve stable and rapid economic growth, the key is to strive to expand domestic demand, the increase in household consumption,[link widoczny dla zalogowanych], especially rural consumption as a focus of expanding consumer demand. Stressed the important role of consumption and promote economic growth by the

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