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Yiping Huang: Economic growth can not rely on loose monetary and fiscal policies | growth | reform,cinture diesel
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Editor's Note: November 18, National Development Research Institute of Peking University professor Yiping Huang,scarpe hogan outlet, vice president of the "financial" annual meeting of 2016 on the global economic situation next year to make a judgment, that the next year the pace of economic recovery is still weak. He said the face of today's economic development status, but also hope that loose monetary and fiscal policies to boosting economic growth is impossible. The world economy, including the growth prospects of the Chinese economy, depends more on structural reforms. Chinese economic growth in the end can not dip, in the end can not be picked up, the core of the problem is the old industry is about the past, can not form a new industry? What is the new industry? It is our structural reform, a series of economic reforms.
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The following is the speech Record Yiping Huang:
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Yiping Huang: I am interested in next year's global economic situation of view, in one sentence, the pace of economic recovery is still very weak, but at the same time, we now see a big difference, is the performance of the respective economies differentiation between very serious . In developed countries,cappelli new york, the US economic performance is relatively good, of course, Mr. Greenspan has said, is relatively good, in fact,?chaussures louboutin, much worse than with the past. But look at the situation in Japan and Europe, especially bad. In emerging market countries, is such a case, we say that the past is not the future of the BRIC countries to dominate the world economy,cappelli miami heat, it now appears, this possibility has been significantly reduced, more importantly, the performance between the BRIC countries, also occurred the obvious differentiation. Mr. Greenspan also said that in Russia,?jackor p? n?tet, in Brazil, the economy is very bad, a lot of people think that the possibility of the financial and economic crisis has. On the other hand, the global capital markets more optimistic on India, India's growth rate may also have a tendency to slow down, but the growth rate is still relatively good, relatively optimistic global investment.
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Why are relatively weak global economic growth,air max 90, but there has also been very clear differentiation, differentiation occurs between the developing and developed countries? Overall,christian louboutin pas cher, developed countries seemed slightly better, but the middle and intermediate developing countries, there have been obvious differentiation.
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It is my understanding, the most important are two: First, we can see that the last global crisis, the role of each country with short-term counter-cyclical macroeconomic policy, fiscal policy and monetary policy, can play basically have about there. The United States began to have recovered; Japan's so-called quantitative easing continues, but it seems that further space is not particularly large; in Europe there may be further quantitative easing, but this quantitative easing what effect on economic growth have the potential It is not great. Economic development to this step now, if we still hope that through loose monetary and fiscal policies to support, hold or even lift our economic growth, the possibility has been very low, the policy has been very loose.
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Second, and more importantly, the world economy, including the growth prospects of the Chinese economy is more dependent on our structural reforms. Developed countries, to see the difference between the US and Europe, and Japan. BRIC countries, the difference between India and other countries, a very obvious reason, the American economic system is relatively flexible, after the global crisis, we are making adjustments, but it is clear that the US corporate sector and financial speed adjustment mechanism, the balance sheet is much faster than the same sector in Europe and Japan. Its economic system is relatively flexible and relatively easy to adjust. Japan,?hogan, abenomics always said three arrows, loose monetary policy, fiscal policy easing, the third arrow shot delays. In emerging markets,moncler donna, the BRIC countries, is the same reason why the international investment now suddenly so optimistic about economic prospects in India? Many people believe that their Prime Minister Modi is India's Deng Xiaoping, how much do now remains to be seen, but he is determined to change and reform, it is clear that investors have seen.
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So, today I want to share the most important point of view, for the world economy, prospects for economic growth, I am afraid that the next step depends on the degree of structural reforms States advance. This is true for the United States,louboutin online france, Europe and Japan for that,new balance pas cher, for emerging market countries, it seems true. China can not loose the next step, in theory, can be, but in the end China's economic growth can not be the bottom, in the end can not be picked up, the core of the problem is the old industry is about the past,louboutin paris, can not form a new industry? What is the new industry? It is our structural reform, a series of economic reforms. The blueprint for economic reform has already been two years ago,louboutin souliers plat, we have been on deepening the reform program, 60 points. Now we are discussing the so-called supply-side policy, in fact, two years ago, have been raised. The question now is how to implement these policies and measures true, this is one aspect. I believe that, for China,nike free run, is the same reason, can not put our economic reform program of real ground, is China can maintain sustainable economic growth in the high-growth, we can not really bottomed out a critical place.
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And it also corresponds to a new development, as we all know,nike free 6.0, the United States led the 12 Pacific countries to negotiate a TPP, TPP in the minds of US policymakers them, called for the globalization of the new version of high quality. That is its standard will be higher, because of the current global system, has been unable to provide new growth stimulus, the United States hopes to lead the development of a new version is in the Pacific TPP, Europe is TTRP, if formed, of course, It may promote the further opening up of the global economy, the release of further productivity. For us, our challenge is not in the head here, to get in? On the one hand, we have 60 to reform and we hope a lot of inside the TPP negotiations to overcome the problem is the same,nike air max, that is, our own push reforms can also help us closer TPP standards. On the other hand, there may be a pragmatic question,sac à épaule longchamp, we are not able to be able to implement all the reform policies, there are some really impossible in the short term. Anti-overshoot of view, one is to participate in the final TPP agreement as a long-term goal, in the short term, is to reform the structure of real ground, it is so for China, the world economic outlook as well. thank you all!
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(According to the site, speaking guests views finishing without my spokesman confirmed)
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