Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

A Preliminary Study on the New Normal of China's EconomyNew Normal: Structural Upgrade

A Preliminary Study on the New Normal of China's Economy: New Normal: Structural Upgrade Chapter 3 To enhance China’s comprehensive economic competitiveness, a key measure is to improve and upgrade its economic structure. In a sense, economic restruc- turing far outweighs GDP growth target. Since the global financial crisis, China’s economic structure has gone through comprehensive and profound changes, and such changes will continue to take place. In China, the service industry, especially productive services, has been gathering pace, promoting the continuous optimiza- tion and upgrading of the country’s industrial structure. As the gaps between regions have stopped widening and started narrowing, a pattern of coordinated development between regions is taking shape. The nominal growth rate of household income will surpass that of enterprise’s profits and fiscal revenue. The income gap between rural and urban residents is expected to narrow. Consumption and non-governmental investment, taking an increasing share in the demand structure, will gradually become the main driving force of economic growth. Though, structural improvement comes with temporary problems such as overcapacity, risk exposure and so on. Such growing pains of structural adjustments are another major feature of China’s economy under the new normal besides moderation in growth. In future, we should tolerate moderate decline in economic growth rate, and attach more importance http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Preliminary Study on the New Normal of China's EconomyNew Normal: Structural Upgrade

Springer Journals — Oct 2, 2021

Loading next page...
 
/lp/springer-journals/a-preliminary-study-on-the-new-normal-of-china-s-economy-new-normal-9LpASvlXn3
Publisher
Springer Singapore
Copyright
© Social Sciences Academic Press 2021
ISBN
978-981-16-5335-3
Pages
43 –81
DOI
10.1007/978-981-16-5336-0_3
Publisher site
See Chapter on Publisher Site

Abstract

Chapter 3 To enhance China’s comprehensive economic competitiveness, a key measure is to improve and upgrade its economic structure. In a sense, economic restruc- turing far outweighs GDP growth target. Since the global financial crisis, China’s economic structure has gone through comprehensive and profound changes, and such changes will continue to take place. In China, the service industry, especially productive services, has been gathering pace, promoting the continuous optimiza- tion and upgrading of the country’s industrial structure. As the gaps between regions have stopped widening and started narrowing, a pattern of coordinated development between regions is taking shape. The nominal growth rate of household income will surpass that of enterprise’s profits and fiscal revenue. The income gap between rural and urban residents is expected to narrow. Consumption and non-governmental investment, taking an increasing share in the demand structure, will gradually become the main driving force of economic growth. Though, structural improvement comes with temporary problems such as overcapacity, risk exposure and so on. Such growing pains of structural adjustments are another major feature of China’s economy under the new normal besides moderation in growth. In future, we should tolerate moderate decline in economic growth rate, and attach more importance

Published: Oct 2, 2021

There are no references for this article.