Enhancing the basic role of consumption in economic development is an important way to enhance the endogenous stability of economic development and to promote high-quality economic development.The focus of economic de...Enhancing the basic role of consumption in economic development is an important way to enhance the endogenous stability of economic development and to promote high-quality economic development.The focus of economic development has shifted from production to consumption,the stage of economic development has shifted from supply constraints to demand constraints,the economic development strategy has shifted from export-oriented to the new pattern of dual circulation,and the economic development model has shifted from extensive growth to high-quality development,which has promoted the transformation of economic development momentum from an investment-led economy to a consumption-led economy.Consumption plays a fundamental role in economic development,and matched production,equal distribution,and smooth exchange provide conditions for consumption to promote economic development,which is a typical feature of a consumption-led economy.China is generally in the primary stage of a consumption-led economy.To promote the transformation of China's economic development momentum,it is necessary to match the economic development momentum with the economic development stage and promote the adaptive transformation of the economic development momentum from an investment-led economy to a consumption-led economy.展开更多
This paper examines the contribution of exports to growth in China since the early years of the decade. It is estimated that, despite a high import content ranging between 40 and 50 percent, approximately one-third of...This paper examines the contribution of exports to growth in China since the early years of the decade. It is estimated that, despite a high import content ranging between 40 and 50 percent, approximately one-third of Chinese growth before the global crisis was a result of exports, due to their phenomenal growth of some 25 percent per annum. This figure increases to 50percent if spillovers to consumption and investment are allowed for. The main reason for excessive dependence on foreign markets is underconsumption. This is due not so much to a high share of household savings in GDP as to a low share of household income and a high share of profits. It is argued that China can no longer maintain such high growth rates for its exports, and, therefore, needs to turn to consumption-led growth by expanding the share of wages and household income in GDP and accelerating public spending in social infrastructure.展开更多
基金supported by the Outstanding Young Leading Talent Project titled"Research on the Measurement and Growth of Digital Consumption"(No.2022SMRC03),approved by the Modern Business Research Center at Zhejiang Gongshang University,the Key Research Base for Humanities and Social Sciences under the Ministry of Educationsupported by the"Research on the Current Situation,Issues and Strategies of China's Consumption-Led Economic Development"under the Special Research Project of"Consumption Promotion"of Zhejiang Gongshang University。
文摘Enhancing the basic role of consumption in economic development is an important way to enhance the endogenous stability of economic development and to promote high-quality economic development.The focus of economic development has shifted from production to consumption,the stage of economic development has shifted from supply constraints to demand constraints,the economic development strategy has shifted from export-oriented to the new pattern of dual circulation,and the economic development model has shifted from extensive growth to high-quality development,which has promoted the transformation of economic development momentum from an investment-led economy to a consumption-led economy.Consumption plays a fundamental role in economic development,and matched production,equal distribution,and smooth exchange provide conditions for consumption to promote economic development,which is a typical feature of a consumption-led economy.China is generally in the primary stage of a consumption-led economy.To promote the transformation of China's economic development momentum,it is necessary to match the economic development momentum with the economic development stage and promote the adaptive transformation of the economic development momentum from an investment-led economy to a consumption-led economy.
文摘This paper examines the contribution of exports to growth in China since the early years of the decade. It is estimated that, despite a high import content ranging between 40 and 50 percent, approximately one-third of Chinese growth before the global crisis was a result of exports, due to their phenomenal growth of some 25 percent per annum. This figure increases to 50percent if spillovers to consumption and investment are allowed for. The main reason for excessive dependence on foreign markets is underconsumption. This is due not so much to a high share of household savings in GDP as to a low share of household income and a high share of profits. It is argued that China can no longer maintain such high growth rates for its exports, and, therefore, needs to turn to consumption-led growth by expanding the share of wages and household income in GDP and accelerating public spending in social infrastructure.
