久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Macro

Financial guru looks to nation's future

By Andrew Moody | China Daily | Updated: 2013-07-28 23:34

Financial guru looks to nation's future

What China has to do to avoid the risks of stagnating growth that others suffered

Can China break out of the middle-income trap? Many countries find the move from low- to middle-income status straightforward but discover the next step up is a bridge too far.

Financial guru looks to nation's future

In his book, Breakout Nations: In Pursuit of the Next Economic Miracles, which has just been published in Chinese as well as in a paperback edition, Ruchir Sharma, head of emerging market equities at Morgan Stanley and leading economic commentator, makes the case that China alone among the BRICS nations (Brazil, Russia, India, China, and South Africa) will make it to the next stage.

He believes it will be able to move on from its 2012 per capita income level of $6,091, according to the World Bank, to around $20,000 within 15 years, providing a comfortably high income.

He makes the point, however, that it will be easier for China to move up the ladder if it sets its growth targets lower at a more sustainable 5 to 6 percent.

Chasing higher rates of growth through excessive investment in infrastructure, he argues, carries the risk of a bust that could see it behaving like a yo-yo in the middle-income trap like many other countries before it.

He paints a gloomier picture for China's fellow BRICS members. He sees Brazil, despite the opportunity to showcase itself by staging next year's FIFA World Cup and the 2016 Olympics, as indebted without a manufacturing base and likely to remain in the middle-income mire in which it has been stuck for 40 years. Its per capita income was actually down nearly 10 percent on its 2011 level of $12,576 at $11,340 last year.

Russia, he argues, is entirely vulnerable to commodity prices, which are now in decline after soaring over the last decade.

India, he points out, has, unlike China, been slow to urbanize and struggles because the IT revolution has only benefited an elite section of the population. Its per capita income of $1,489, according to the World Bank in 2012, means that it currently just makes it as a low middle-income country.

South Africa, which became a BRICS member only in 2010, has a per capita income higher than China's at $7,508 but, according to Sharma, is on a downward trajectory and may soon be eclipsed by African rival Nigeria as the dominant economy in Africa.

The big question about whether China itself will eventually break through continues to divide economic commentators. George Magnus, senior independent economic adviser to UBS AG, believes that China has the necessary firepower to make it into the top league.

"I think the necessary conditions are being able to build a world-beating, very competitive manufacturing capacity and, second, to be geographically close to or part of global supply chains. For the moment China ticks both boxes and a lot of other emerging markets don't. I don't think that there is much risk that China won't press on up the middle-income league over the next decade," he says.

The author of Uprising: Will Emerging Markets Shape or Shake the World Economy? also says it will still be hard for China to step up to the premier division of high-income nations.

"There are a lot of things that China has achieved spectacularly that you can only do once. You can't join the World Trade Organization twice, you can't keep piggy-backing on a buoyant global economy as China has done and you can't continually transfer labor from low productivity agriculture to high productivity agriculture," he says.

"There are only three things that sustain reasonably high rates of growth, which are labor, capital and what we economists nerdily call total factor productivity, which is about technical progress.

"What China has to do is to improve the quality of its labor, which is essentially about education and making people equipped to make a more effective contribution to offset the physical drag that goes with an ageing and declining working population."

There remain many different definitions of country income status. According to the World Bank, a country moves from low income to low-middle income when it achieves a per capita income of $1,035. It moves into upper-middle income at $4,086 and high income at $12,616.

Previous 1 2 Next

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    中文字幕无码精品亚洲资源网久久| 一本岛在线视频| 日韩黄色短视频| 国产亚洲黄色片| 国产精品一区二区免费在线观看| 制服丝袜综合网| 午夜免费福利小电影| 浓精h攵女乱爱av| 成 年 人 黄 色 大 片大 全| 男人添女人下面免费视频| 成人黄色大片网站| 中文字幕线观看| 少妇性l交大片| 免费网站在线观看视频| 中文字幕丰满乱码| 中文字幕乱码人妻综合二区三区| 9191国产视频| 涩涩网站在线看| 欧美日韩亚洲第一| 成人性生活视频免费看| 亚洲黄色片免费看| 国产福利一区视频| 又粗又黑又大的吊av| 亚洲乱码日产精品bd在线观看| 午夜精品久久久久久久99热影院| 成人精品视频一区二区| xxxx18hd亚洲hd捆绑| 蜜桃网站在线观看| 在线播放 亚洲| 亚洲欧美日韩三级| 手机在线免费观看毛片| 欧美日韩亚洲一| 国产欧美日韩网站| 欧美极品少妇无套实战| 黄色三级视频在线播放| 天天干天天草天天| 99爱视频在线| av在线观看地址| 4444在线观看| 红桃视频一区二区三区免费| 乌克兰美女av| www.亚洲高清| 国产视频1区2区3区| 日本888xxxx| 熟女人妇 成熟妇女系列视频| 91免费视频网站在线观看| 国产欧美日韩网站| 日韩精品一区在线视频| 成人精品视频在线播放| 蜜臀av无码一区二区三区| 高清欧美精品xxxxx| 老太脱裤子让老头玩xxxxx| 91免费黄视频| 激情五月婷婷久久| 日日摸天天爽天天爽视频| 日日碰狠狠躁久久躁婷婷| 能在线观看的av| 欧美日韩中文在线视频| 99re在线视频免费观看| 激情婷婷综合网| 国产一级不卡毛片| 三年中国国语在线播放免费| 97公开免费视频| 日韩不卡一二三| 欧美一级xxxx| 桥本有菜av在线| 国产青草视频在线观看| 99在线免费视频观看| 男女激情无遮挡| 免费午夜视频在线观看| 香蕉视频禁止18| 久久综合在线观看| 成人黄色片免费| 国产黄视频在线| 99视频免费播放| 欧美xxxxxbbbbb| 99久久免费观看| 国产精品亚洲αv天堂无码| 欧美日韩一区二区三区69堂| 中文字幕在线视频一区二区三区| 成年丰满熟妇午夜免费视频| 日韩国产欧美亚洲| 欧美一级黄色影院| 天天操,天天操| 亚洲av首页在线| 欧美男女爱爱视频| 免费大片在线观看| www.污网站| 91精品一区二区三区四区| 妞干网在线视频观看| 男人舔女人下面高潮视频| 伊人成人222| a天堂资源在线观看| 日韩欧美xxxx| 中文av字幕在线观看| 99久久免费观看| 国产男女激情视频| 成人在线免费观看网址| 91av资源网| 中文字幕55页| 青青草原av在线播放| 久久成年人网站| 97av视频在线观看| 色婷婷777777仙踪林| 88av.com| 老太脱裤让老头玩ⅹxxxx| 午夜剧场在线免费观看| 国产视频九色蝌蚪| 红桃视频一区二区三区免费| 久久久久久久激情| 男人日女人的bb| 夜夜夜夜夜夜操| 毛片在线视频播放| 超碰中文字幕在线观看| 男人的天堂99| 国产911在线观看| 爱情岛论坛亚洲首页入口章节| av女优在线播放| 午夜免费看毛片| 成人免费观看cn| 99精品一级欧美片免费播放| 人妻丰满熟妇av无码区app| 国产亚洲精品久久久久久久| 午夜国产一区二区三区| 很污的网站在线观看| 吴梦梦av在线| 一区二区在线播放视频| 久久成人福利视频| 亚洲美女自拍偷拍| 天天摸天天舔天天操| 欧美变态另类刺激| 久久国产精品免费观看| 牛夜精品久久久久久久| 青草青青在线视频| 水蜜桃在线免费观看| 涩涩网站在线看| 黑森林精品导航| 欧美性大战久久久久xxx| 久久亚洲国产成人精品无码区| 欧洲在线免费视频| www.涩涩涩| 在线视频日韩一区| 男人的天堂99| 久草热视频在线观看| 日韩在线视频在线| 男女h黄动漫啪啪无遮挡软件| 老司机午夜性大片| 亚洲性生活网站| 已婚少妇美妙人妻系列| 欧美日韩亚洲第一| 国产h视频在线播放| xxxx18hd亚洲hd捆绑| 99久久免费观看| 成年人视频网站免费| 97超碰免费观看| 公共露出暴露狂另类av| 一级做a爱视频| 五月天开心婷婷| 欧美一级xxxx| 亚洲免费黄色录像| 图片区乱熟图片区亚洲| 香蕉视频色在线观看| 丰满的少妇愉情hd高清果冻传媒| 日韩精品手机在线观看| japanese在线播放| 成人短视频在线观看免费| 伊人再见免费在线观看高清版| 超碰10000| 97免费视频观看| 国产精品入口芒果| 三上悠亚久久精品| 黄www在线观看| 激情视频免费网站| 日韩成人精品视频在线观看| 欧美一级特黄aaa| eeuss中文| 国产乱子伦精品无码专区| 日本熟妇人妻xxxx| 欧美色图另类小说| 色婷婷综合久久久久中文字幕| 怡红院亚洲色图| 波多野结衣激情| 四季av一区二区| 最新免费av网址| 三级在线免费观看| 久久久久久久久久久99| 欧美极品欧美精品欧美图片| 国产aaaaa毛片| 亚洲第一精品区| 蜜臀av无码一区二区三区| 欧美aⅴ在线观看| 中文字幕22页| 日本一本草久p| 人妻少妇精品无码专区二区| 日韩在线第三页| 99中文字幕在线| 欧美视频在线观看视频| 天天天干夜夜夜操| 亚洲黄色网址在线观看| 日韩国产一级片|