China is increasing government spending to curb the worst economic growth that it has experienced since the financial crisis. This has further consolidated the status of state-owned enterprises and made some people's hopes even more embarrassing. These people had hoped that China would take advantage of the slowdown in economic growth to carry out market-oriented reforms and adjust the structure of the national economy. Chinese Premier Wen Jiabao said on Tuesday that the government's top priority is to promote investment. Wen Jiabao said in an announcement issued on the Chinese government website that although the steady growth of policy measures includes promoting consumption and export diversification, it is now important to promote reasonable growth of investment. To this end, Beijing began to turn to large state-owned enterprises with monopoly positions in energy, construction, steel and banking. Although global steel production is overcapacity, China has recently approved the construction of two new steel plants. In addition, China has also accelerated the pace of approval of wind power projects, although the industry is also plagued by overcapacity. Even in Chongqing, there are few signs of market-oriented reforms. The former city party secretary of the city and Bo Xilai, who advocated the state's control of the economy, were dismissed not long ago. In many people's view, market economic reform will be launched. Bo Xilai’s successor has continually promised that state-owned enterprises will invest billions of dollars. Some market-oriented reforms are advancing in China's financial industry. The industry is regulated by the Chinese central bank and securities regulators, which have long called for China to rely more on markets and private companies. Since April this year, Beijing has expanded the daily fluctuation range of the RMB exchange rate against the US dollar, allowing private capital to enter more industries that were originally led by the state, allowing foreign investors to have more operational space in the stock market and bond market. Since the beginning of June, China has cut interest rates twice, and banks have more room to choose deposit and loan interest rates. Despite this, most financial reforms are still in their early stages and it is difficult to judge their impact. Tim Condon, an economist at ING, called these reforms “a small step†and was far from a financial system that was completely open to international capital flows. Eswar Prasad, a Chinese problem watcher at the Brookings Institution, said that Beijing is currently in a difficult time and is relying on a variety of proven and stable growth methods, which involve state-owned enterprises with the help of bank funds. Investment expenditure. China is increasing government spending to curb the worst economic growth that it has experienced since the financial crisis. This has further consolidated the status of state-owned enterprises and made some people's hopes even more embarrassing. These people had hoped that China would take advantage of the slowdown in economic growth to carry out market-oriented reforms and adjust the structure of the national economy. Chinese Premier Wen Jiabao said on Tuesday that the government's top priority is to promote investment. Wen Jiabao said in an announcement issued on the Chinese government website that although the steady growth of policy measures includes promoting consumption and export diversification, it is now important to promote reasonable growth of investment. To this end, Beijing began to turn to large state-owned enterprises with monopoly positions in energy, construction, steel and banking. Although global steel production is overcapacity, China has recently approved the construction of two new steel plants. In addition, China has also accelerated the pace of approval of wind power projects, although the industry is also plagued by overcapacity. Even in Chongqing, there are few signs of market-oriented reforms. The former city party secretary of the city and Bo Xilai, who advocated the state's control of the economy, were dismissed not long ago. In many people's view, market economic reform will be launched. Bo Xilai’s successor has continually promised that state-owned enterprises will invest billions of dollars. Some market-oriented reforms are advancing in China's financial industry. The industry is regulated by the Chinese central bank and securities regulators, which have long called for China to rely more on markets and private companies. Since April this year, Beijing has expanded the daily fluctuation range of the RMB exchange rate against the US dollar, allowing private capital to enter more industries that were originally led by the state, allowing foreign investors to have more operational space in the stock market and bond market. Since the beginning of June, China has cut interest rates twice, and banks have more room to choose deposit and loan interest rates. Despite this, most financial reforms are still in their early stages and it is difficult to judge their impact. Tim Condon, an economist at ING, called these reforms “a small step†and was far from a financial system that was completely open to international capital flows. Eswar Prasad, a Chinese problem watcher at the Brookings Institution, said that Beijing is currently in a difficult time and is relying on a variety of proven and stable growth methods, which involve state-owned enterprises with the help of bank funds. Investment expenditure.
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