Rebalancing in Chinaβ€”Progress and Prospects

Β· International Monetary Fund
αžŸαŸ€αžœαž—αŸ…β€‹αž’αŸαž‘αž·αž…αžαŸ’αžšαžΌαž“αž·αž…
22
αž‘αŸ†αž–αŸαžš
αž€αžΆαžšαžœαžΆαž™αžαž˜αŸ’αž›αŸƒ αž“αž·αž„αž˜αžαž·αžœαžΆαž™αžαž˜αŸ’αž›αŸƒαž˜αž·αž“αžαŸ’αžšαžΌαžœαž”αžΆαž“αž•αŸ’αž‘αŸ€αž„αž•αŸ’αž‘αžΆαžαŸ‹αž‘αŸ αžŸαŸ’αžœαŸ‚αž„αž™αž›αŸ‹αž”αž“αŸ’αžαŸ‚αž˜

αž’αŸ†αž–αžΈαžŸαŸ€αžœαž—αŸ…β€‹αž’αŸαž‘αž·αž…αžαŸ’αžšαžΌαž“αž·αž€αž“αŸαŸ‡

China is transitioning to a greener, more inclusive, more consumer and service based, and less credit-driven economy. This paper defines a framework for assessing rebalancing, reviews progress, and discusses medium-term prospects. External rebalancing has advanced well, while progress on internal rebalancing has been mixed, with substantial progress on the supply side, moderate progress on the demand side, and limited progress on the credit side. Rebalancing on income equality and environment has also been mixed, with the energy intensity of growth falling and labor’s share of income rising, but income inequality and local air pollution remaining very high. Going forward, the high national saving is expected to fall owing to demographic change and a stronger social safety net, while the investment ratio is expected to fall similarly, with increasing competition and profit normalization as growth slows. The service sector will continue to gain importance, helping reduce the carbon intensity of output and increase labor’s share of national income and household consumption. Reducing the credit intensity of growth is likely to progress slowly unless decisive corporate restructuring and SOE reforms are implemented.

αžœαžΆαž™αžαž˜αŸ’αž›αŸƒαžŸαŸ€αžœαž—αŸ…β€‹αž’αŸαž‘αž·αž…αžαŸ’αžšαžΌαž“αž·αž€αž“αŸαŸ‡

αž”αŸ’αžšαžΆαž”αŸ‹αž™αžΎαž„αž’αŸ†αž–αžΈαž€αžΆαžšαž™αž›αŸ‹αžƒαžΎαž‰αžšαž”αžŸαŸ‹αž’αŸ’αž“αž€αŸ”

αž’αžΆαž“β€‹αž–αŸαžαŸŒαž˜αžΆαž“

αž‘αžΌαžšαžŸαž–αŸ’αž‘αž†αŸ’αž›αžΆαžαžœαŸƒ αž“αž·αž„β€‹αžαŸαž”αŸ’αž›αŸαž
αžŠαŸ†αž‘αžΎαž„αž€αž˜αŸ’αž˜αžœαž·αž’αžΈ Google Play Books αžŸαž˜αŸ’αžšαžΆαž”αŸ‹ Android αž“αž·αž„ iPad/iPhone αŸ” αžœαžΆβ€‹αž’αŸ’αžœαžΎαžŸαž˜αž€αžΆαž›αž€αž˜αŸ’αž˜β€‹αžŠαŸ„αž™αžŸαŸ’αžœαŸαž™αž”αŸ’αžšαžœαžαŸ’αžαž·αž‡αžΆαž˜αž½αž™β€‹αž‚αžŽαž“αžΈβ€‹αžšαž”αžŸαŸ‹αž’αŸ’αž“αž€β€‹ αž“αž·αž„β€‹αž’αž“αž»αž‰αŸ’αž‰αžΆαžαž±αŸ’αž™β€‹αž’αŸ’αž“αž€αž’αžΆαž“αž–αŸαž›β€‹αž˜αžΆαž“αž’αŸŠαžΈαž“αž’αžΊαžŽαž·αž αž¬αž‚αŸ’αž˜αžΆαž“β€‹αž’αŸŠαžΈαž“αž’αžΊαžŽαž·αžβ€‹αž“αŸ…αž‚αŸ’αžšαž”αŸ‹αž‘αžΈαž€αž“αŸ’αž›αŸ‚αž„αŸ”
αž€αž»αŸ†αž–αŸ’αž™αžΌαž‘αŸαžšβ€‹αž™αž½αžšαžŠαŸƒ αž“αž·αž„αž€αž»αŸ†αž–αŸ’αž™αžΌαž‘αŸαžš
αž’αŸ’αž“αž€αž’αžΆαž…αžŸαŸ’αžŠαžΆαž”αŸ‹αžŸαŸ€αžœαž—αŸ…αž‡αžΆαžŸαŸ†αž‘αŸαž„αžŠαŸ‚αž›αž”αžΆαž“αž‘αž·αž‰αž“αŸ…αž€αŸ’αž“αž»αž„ Google Play αžŠαŸ„αž™αž”αŸ’αžšαžΎαž€αž˜αŸ’αž˜αžœαž·αž’αžΈαžšαž»αž€αžšαž€αžαžΆαž˜αž’αŸŠαžΈαž“αž’αžΊαžŽαž·αžαž€αŸ’αž“αž»αž„αž€αž»αŸ†αž–αŸ’αž™αžΌαž‘αŸαžšαžšαž”αžŸαŸ‹αž’αŸ’αž“αž€αŸ”
eReaders αž“αž·αž„β€‹αž§αž”αž€αžšαžŽαŸβ€‹αž•αŸ’αžŸαŸαž„β€‹αž‘αŸ€αž
αžŠαžΎαž˜αŸ’αž”αžΈαž’αžΆαž“αž“αŸ…αž›αžΎβ€‹αž§αž”αž€αžšαžŽαŸ e-ink αžŠαžΌαž…αž‡αžΆβ€‹αž§αž”αž€αžšαžŽαŸαž’αžΆαž“β€‹αžŸαŸ€αžœαž—αŸ…αž’αŸαž‘αž·αž…αžαŸ’αžšαžΌαž“αž·αž€ Kobo αž’αŸ’αž“αž€αž“αžΉαž„αžαŸ’αžšαžΌαžœβ€‹αž‘αžΆαž‰αž™αž€β€‹αž―αž€αžŸαžΆαžš αž αžΎαž™β€‹αž•αŸ’αž‘αŸαžšαžœαžΆαž‘αŸ…β€‹αž§αž”αž€αžšαžŽαŸβ€‹αžšαž”αžŸαŸ‹αž’αŸ’αž“αž€αŸ” αžŸαžΌαž˜αž’αž“αž»αžœαžαŸ’αžαžαžΆαž˜β€‹αž€αžΆαžšαžŽαŸ‚αž“αžΆαŸ†αž›αž˜αŸ’αž’αž·αžαžšαž”αžŸαŸ‹αž˜αž‡αŸ’αžˆαž˜αžŽαŸ’αžŒαž›αž‡αŸ†αž“αž½αž™ αžŠαžΎαž˜αŸ’αž”αžΈαž•αŸ’αž‘αŸαžšαž―αž€αžŸαžΆαžšβ€‹αž‘αŸ…αž§αž”αž€αžšαžŽαŸαž’αžΆαž“αžŸαŸ€αžœαž—αŸ…β€‹αž’αŸαž‘αž·αž…αžαŸ’αžšαžΌαž“αž·αž€αžŠαŸ‚αž›αžŸαŸ’αž‚αžΆαž›αŸ‹αŸ”