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1、ResilientChinaHowstrongisChina’seconomy?Despitearecentslowdown,theworld’ssecond-biggesteconomyismoreresilientthanitscriticsthinkTheEconomistMay26th2012
2、fromtheprinteditionCHINA’Sweightintheglobaleconomymeansthatitcommandstheworld’sattention.Whenitsindustrialproduction,housebuildingandelec
3、tricityoutputslowsharply,astheydidintheyeartoApril,thenewsweighsonglobalstockmarketsandcommodityprices.Whenitscentralbankeasesmonetarypolicy,asitdidthismonth,itcreatesalmostasbigastirasadecisionbyAmerica’sFederalReserve.AndwhenChina’sprimeminister,WenJiabao,stressestheneedtomaintaingrowth
4、,ashedidlastweekend,hiswordscarrymoreweightwiththemarketsthansimilarhomagestogrowthfromEurope’sleaders.Nopreviousindustrialrevolutionhasbeensowidelywatched.Butrapiddevelopmentcanlookmessycloseup,asourspecialreportthisweekexplains;andthereismuchthatisgoingwrongwithChina’seconomy.Itissurpri
5、singlyinefficient,anditisnotasfairasitshouldbe.Butoutsiders’principalconcern—thatitsgrowthwillcollapseifitsuffersaseriousblow,suchasthecollapseoftheeuro—isnotjustified.Forthemoment,itislikelytoprovemoreresilientthanitsdetractorsfear.Itsdifficulties,andtheyareconsiderable,willemergelateron
6、.Unfair,butnotunstableOutsiderstendtoregardChinaasaparagonofexport-ledefficiency.Butthatisnotthewholestory.Investmentspendingonmachinery,buildingsandinfrastructureaccountedforoverhalfofChina’sgrowthlastyear;netexportscontributednoneofit.Toomuchofthisinvestmentisundertakenbystate-ownedente
7、rprises(SOEs),whichbenefitfromimplicitsubsidies,shelteredmarketsandpoliticallyencouragedloans.Examplesofwasteabound,fromaghostcityonChina’snorthernsteppetodecadentresortsonitssouthernshores.China’seconomicmodelisalsounfaironitspeople.Regulatedinterestratesenablebankstoripoffsavers,byunder
8、payingthemfortheirdeposits.BarrierstocompetitionallowtheSOEstooverchargeconsumersfortheirproducts.China’shousehold-registrationsystemdeniesequalaccesstopublicservicesforruralmigrants,whoworkinthecitiesbutareregisteredinthevillages.Arbitrarylandlawsallowlocalgovernme
