波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

Economic Watch

China proceeds with caution on growth

By Ed Zhang & Li Yang (China Daily)
Updated: 2014-02-26 09:44

China proceeds with caution on growth

A cement plant in Shijiazhuang, Hebei province, is demolished amid the province's move to reduce its overcapacity and curb air pollution. China is paying more attention to the quality of its economic growth. Wang Ge/China Daily

Broad view | Ed Zhang & Li Yang

To sum up the government's performance in managing the economy last year, the country's top leadership noted on Monday that the year saw more difficulties than he had anticipated, but also yielded better results than what was once thought to be possible.

In 2013, economic growth rose 7.7 percent year-on-year, the lowest growth rate since 1999. Were it not for a number of mini-stimulus measures put forward by the State Council in the third quarter, the growth rate could have been lower.

Implicitly, worse problems may still appear this year. But if they are handled carefully, they may be overcome and may give way to progress.

To be sure, there is an obvious amount of caution that will remain as China journeys out of a stage of uncertainties, caused by both the breakneck speed of its growth rate in past years and the recent global financial crisis, to reach a more ideal stage of growth.

Such caution was apparent last year in the leadership's reluctance to roll out yet another massive credit stimulus, as it did following the outbreak of the 2008 global crisis when it doled out 4 trillion yuan ($653 billion) simply to ease pressure on major industries and jack up the quarterly GDP figures.

The same caution is built upon the awareness that there is no quick remedy or one-size-fits-all solution for this country's many industries and cities.

Most importantly, money is not the solution - especially when the local government debt, which totaled 20 trillion yuan at the end of 2013, may snowball if unregulated and cause a crushing threat to the whole economy. What the economy needs to do, and has been doing since last year, is to deleverage whenever it can to reduce risks and protect its financial industry.

Zhang Yugui, an economist at Shanghai International Studies University, calculated that the unpaid government bill, enterprise debt and various collateral trust bonds accounted for about 80 percent of China's gross domestic output last year.

"The real effective economic growth is not more than one-third of China's $9.4 trillion output last year," Zhang wrote for China Securities Journal. "Keeping the economy growing - statistically, at least - is the prerequisite to winning time to digest debt risks amid the exaggerated economic data. If the economic fundamentals start declining, the debt risks will spread soon."

Starting last week, major Chinese banks have followed one another in tightening their home loans also to avoid potential defaults.

By the same token, quantity is not the solution. Speed is not the solution.

The only solution is the reform. It is only through reform that good things such as responsible governance, a healthy environment, equal distribution of opportunities and fair competition will come to stay in China.

The leaders understand this. The central government gave up hundreds of its approval powers in the last year. By the end of January, nearly all provincial-level divisions had set up their reform leadership teams, following the central government's example.

Initiatives were launched in at least 31 fields out of the 60 fields of reform listed by the Third Plenum of the 18th Central Committee of the Communist Party of China in November.

The reason why Chinese leaders emphasize stability is because they need it to plant more seeds for a new kind of economy. Few key national economic indexes reflect big changes for 2014. Chinese economists expect GDP growth to remain at 7.5 percent year-on-year, the same as in 2013.

But stability doesn't mean no change or simply doing more of the same.

Investors will realize how much China can make a difference once, anticipated later this year, the tapering off of quantitative easing, or easy credit, takes full effect in the United States and begins to affect the state of all emerging economies in the world. Today's caution will prove to be tomorrow's speed.

The authors are writers at China Daily.

Contact the writer at edzhang@chinadaily.com.cn

...
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
国内自拍偷拍视频| 精品对白一区国产伦| 亚洲三级理论片| 成人小视频在线| 波多野结衣喷潮| 欧美国产日韩一二三区| 国产精品18久久久久久久久久久久| 亚洲理论片在线观看| 日韩免费性生活视频播放| 视频在线观看91| 精品黑人一区二区三区观看时间| 欧美一区二区三区在线观看 | 亚洲黄色av一区| 91免费看视频| 欧美日韩精品一二三区| 亚洲mv大片欧洲mv大片精品| 国产香蕉精品视频| 69堂成人精品免费视频| 日韩国产在线一| 亚洲激情视频小说| 国产亚洲欧洲一区高清在线观看| 国产精品一区二区x88av| 亚洲人与黑人屁股眼交| 日韩毛片视频在线看| 91蝌蚪porny| 欧美另类一区二区三区| 日韩不卡在线观看日韩不卡视频| 久久久久久久久久久久| 欧美激情综合在线| av电影天堂一区二区在线观看| 欧美综合一区二区| 五月天中文字幕一区二区| 人妻精品久久久久中文字幕| 久久影院午夜片一区| 国产成人一区二区精品非洲| 日本高清成人免费播放| 亚洲超碰精品一区二区| 成人精品999| 中文字幕av一区 二区| 91亚洲国产成人精品一区二三 | 国产69精品一区二区亚洲孕妇| 日韩激情小视频| 一区二区三区中文在线| 好吊一区二区三区视频| 久久精品一区蜜桃臀影院| 丰满岳乱妇一区二区三区| 欧美色电影在线| 麻豆成人久久精品二区三区小说| 美女视频久久久| 亚洲国产一区在线观看| 久久久视频6r| 综合婷婷亚洲小说| www.免费av| 国产精品国模大尺度视频| 国产成人av片| 久久精品一区二区三区四区| 91在线视频免费观看| 日韩一区二区三区精品视频| 国产成人自拍网| 在线不卡免费av| 国产高清不卡一区二区| 欧美日韩成人在线| 国产一区二区三区观看| 欧美三级在线播放| 国产美女视频91| 欧美女孩性生活视频| 国产电影精品久久禁18| 欧美老肥妇做.爰bbww视频| 国产一区二区在线免费观看| 欧美日韩中文字幕一区| 国产二区国产一区在线观看| 欧美一级片在线| 成人福利视频网站| 精品国一区二区三区| 下面一进一出好爽视频| 国产亚洲污的网站| 国产精品一区二区无码对白| 国产精品人人做人人爽人人添| 51调教丨国产调教视频| 亚洲精品中文在线观看| 精品日韩在线视频| 视频一区视频二区中文字幕| 亚洲熟女www一区二区三区| 麻豆91在线播放| 欧美日韩一区二区三区四区 | 激情六月婷婷综合| 欧美美女一区二区三区| 成人激情校园春色| 久久精品这里都是精品| 亚洲国产精品成人综合久久久| 亚洲美女电影在线| 亚洲人做受高潮| 久久精品国产色蜜蜜麻豆| 欧美理论在线播放| 99久久夜色精品国产网站| 亚洲国产成人午夜在线一区| xxxxx在线观看| 日韩影院免费视频| 欧美日韩在线综合| 99久久婷婷国产综合精品| 欧美国产日韩在线观看| 久久婷婷五月综合| 欧美96一区二区免费视频| 欧美日韩一区二区三区不卡| 成人的网站免费观看| 久久久精品免费网站| 加勒比综合在线| 日韩激情视频在线观看| 精品视频1区2区3区| 91美女在线看| 亚洲欧美日韩中文播放| 国产稀缺精品盗摄盗拍| 国产成人在线观看| 欧美经典一区二区| 超碰人人干人人| 极品少妇一区二区三区精品视频 | 欧美一级片在线免费观看| 亚洲色大成网站www久久九九| 黄色录像免费观看| 国产黄人亚洲片| 欧美激情中文字幕| 最新av电影网站| 国产91丝袜在线播放| 中文字幕av一区二区三区高| av黄色免费在线观看| 国产成人8x视频一区二区| 国产清纯在线一区二区www| 快灬快灬一下爽蜜桃在线观看| 久久国产欧美日韩精品| 久久久噜噜噜久久中文字幕色伊伊| 欧美日韩高清丝袜| 国产真实乱子伦精品视频| 国产亚洲美州欧州综合国| 男人天堂资源网| 国产宾馆实践打屁股91| 国产精品第一页第二页第三页| 午夜国产福利一区二区| 99久久久无码国产精品| 亚洲一区视频在线观看视频| 欧美日本一区二区三区| 日韩www视频| 久久精品噜噜噜成人88aⅴ| 久久蜜桃av一区二区天堂 | 女女互磨互喷水高潮les呻吟| 国模娜娜一区二区三区| 国产人伦精品一区二区| 侵犯稚嫩小箩莉h文系列小说| 成人av在线一区二区| 亚洲精品乱码久久久久| 欧美二区三区的天堂| av在线网站观看| 国产精品一级片在线观看| 国产精品国产三级国产普通话蜜臀| 一本一道波多野结衣一区二区| 国产免费无码一区二区| 免费看欧美女人艹b| 国产亚洲1区2区3区| 中文字幕av久久爽av| 日本少妇xxxx软件| 免费欧美日韩国产三级电影| 国产亚洲精品中文字幕| 一本色道久久综合亚洲91| 在线中文字日产幕| 精久久久久久久久久久| 最新国产精品久久精品| 欧美丰满一区二区免费视频| 日本少妇xxxxx| 99久久99久久精品免费看蜜桃| 亚洲成人777| 久久精品一区二区三区av| 在线观看xxx| 六十路息与子猛烈交尾| 国产精品18久久久久久久久久久久 | 综合婷婷亚洲小说| 91精品国产色综合久久不卡电影| 一级黄色片网址| 91麻豆产精品久久久久久 | 欧美日韩精品福利| 免费看黄色三级| 久久久久无码精品| 九九视频精品免费| 亚洲精品国产第一综合99久久| 日韩久久久精品| 一本久久a久久精品亚洲| yy6080午夜| va亚洲va日韩不卡在线观看| 奇米777欧美一区二区| 亚洲色大成网站www久久九九| 日韩欧美中文一区二区| 国产黄色片在线免费观看| 国产精品300页| bt7086福利一区国产| 久久成人久久鬼色| 亚洲一区二区三区精品在线| 国产视频911| 日韩一区二区在线免费观看| 色综合久久久久久久久久久| 日韩在线免费观看av| 日韩大尺度视频| 成人午夜精品一区二区三区|