The "growth-first strategy" and the imbalance between consumption and investment in China
Publication in refereed journal


香港中文大学研究人员 ( 现职)

杜巨澜教授 (经济学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.chieco.2014.09.002

引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/3WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/4Scopus source URL

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摘要The Chinese government has been pursuing economic growth under the guidance of "growth is a hard principle". Regional governments have employed the overtaking strategy (placing primary emphasis on the development of capital and technology-intensive industries) and the real estate development strategy to push for economic growth and fiscal revenue growth. This led to a primary and secondary income distribution structure biased toward capital and government and against labor and a government expenditure structure biased toward infrastructure and against social welfare. Using the empirical strategy of Acemoglu et al. (200http://aims.cuhk.edu.hk/converis/portal/Publication/3), we confirm that the overtaking strategy and the real estate development strategy have contributed to the internal imbalances of overinvestment and underconsumption. The biased primary and secondary income distribution structures as well as the biased government expenditure structure serve as important mediating channels through which the development strategies translate into an imbalanced consumption-investment structure. It suggests that the Chinese government will be able to accomplish China's transition from an investment-led growth model to a consumption-investment balanced growth model only if it modifies its development strategies.

着者Du J., Fang H., Jin X.
期刊名称China Economic Review
出版年份201http://aims.cuhk.edu.hk/converis/portal/Publication/4
月份12
日期1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/31
出版社Elsevier BV
出版地Netherlands
页次http://aims.cuhk.edu.hk/converis/portal/Publication/4http://aims.cuhk.edu.hk/converis/portal/Publication/41 - http://aims.cuhk.edu.hk/converis/portal/Publication/458
国际标準期刊号10http://aims.cuhk.edu.hk/converis/portal/Publication/4http://aims.cuhk.edu.hk/converis/portal/Publication/3-951X
电子国际标準期刊号187http://aims.cuhk.edu.hk/converis/portal/Publication/3-7781
语言英式英语

关键词Biased income distribution structure, Consumption-investment imbalances, Overtaking strategy, Real estate development strategy