중국의 불균형 성장, 변화는 있는가?

Abstract

The excessive investment-led growth pattern of China had been aggravating until 2008, but is being eased as there happen improvements in all macroeconomic aspects including production, distribution, expenditure, saving, consumption, and investment. The portion of households in national income produced has turned to decrease. Due to increase in household wage income in excess of decrease in household business income and reinforcement of income redistribution from the government to households, there is taking place the increase in households’ disposable income and easing of pro-business income distribution. The propensity to consume and the consumption rate of households and the government have ceased to drop and has turned to increase, and on the contrary, the excessive increase in savings of firms and the resultant uncontrolled investment drive have halted. In addition, as the pro-business income distribution is being corrected, the role of households as the supplier of investment fund is being revived. The above changes can be interpreted as dispelling the worries about the sustainability of the unbalanced growth pattern of Chinese economy, and as meaning that the macroeconomic structure of Chinese economy is being normalized and it has entered the path of balance growth.