Chinas Economy 2010 中国经济 宏观经济

2020/4/27CUFELiJunsheng1China’sEconomicreformBriefIntroductionLiJunshengPh.DVicePresidentandProfessorCentralUniversityofFinance&EconomicsBeijing,ChinaEmail:[e-mail]2020/4/27CUFELiJunsheng223Provinces,5AutonomousRegions,4Municipalities2020/4/27CUFELiJunsheng3EconomicinformationofChinaCurrencyYuan(CNY);alsoreferredtoastheRenminbi(RMB)FixedexchangeratesRMB:$USD=6.82749RMB:¥JPY100=7.32483RMB:€EUR=9.13041RMB:£GBP=10.5068AsofApril2010FiscalyearCalendaryear(01Januaryto31December)TradeorganizationsG-20,WTO,APECandothers2020/4/27CUFELiJunsheng4EconomicinformationofChinaGDP$4.91trillion(nominal;ranked3rd;2009)$8.77trillion(PPP;ranked2nd;2009)GDPgrowth8.7%(2009;Majoreconomies:1st;Alleconomies:8th)GDPpercapita$3,677(nominal;ranked97th;2009)$6,567(PPP;ranked98th;2009)GDPbysectorIndustry(primary)(48.6%)Services(secondary)(40.5%)Agriculture(tertiary)(10.9%)Inflation(CPI)2.8%(Q-12010)Populationbelowpovertyline2.8%(2007)Laborforce812.7million(2009)LaborforcebyoccupationAgriculture(38.1%),services(34.1%),industry(27.8%)(2009)Unemployment4.3%2020/4/27CUFELiJunsheng5EconomicinformationofChinaExports$1.20trillion(2009)MainExportPartnersUS17.7%,HongKong13.3%,Japan8.1%,SouthKorea5.2%,Germany4.1%(2008)Imports$1.01trillion(2009)MainImportPartnersJapan13.3%,SouthKorea9.9%,US7.2%,Germany4.9%(2008)FDIStockHome:US$576.1billion;(2009)Abroad:US227.3billion(2009)GrossExternalDebt$347.1billion(2009)2020/4/27CUFELiJunsheng61CentralGovernment34ProvincialLevelGovernments333Prefectures2862CountyLevelGovernment41636TownshipLevelGovernments704386Villages&CommunitiesgovernmentsSelf-Administered2020/4/27CUFELiJunsheng7TheEraofSystematicReform:1979–PresentWhyreform?TheCulturalRevolutionwasveryunpopular,thePartyandthegovernmentneededtomakechangestogetthesupportofthepeople.Thegovernmentofficialsunderstoodtheshortcomingsoftheplanningsystemandtheneedforchange.SuccessfuleconomicdevelopmentinotherpartsofAsiademonstratedtoChinesegovernmentofficialsandtheChinesepeoplethatamarketeconomyworksbetterthanaplannedeconomy.TheChinesepeoplewerereadyforandwouldsupporteconomicreformatthetime.2020/4/27CUFELiJunsheng8Mr.Dengxiaoping’sideaItdoesn’tmatterwhetheracatiswhiteorblacksolongasitcatchesmice.(DengXiaoping,1962)Deng’sfamousphrase：crossingtheriverbyfeelingforthestones.QuickTime?andadecompressorareneededtoseethispicture.2020/4/27CUFELiJunsheng9StrategyofEconomicReformatBeginingDual-trackApproach:------Theplannedeconomycontinues,butamarket-trackisallowedtogrowalongsideit.------Thetheideaof‘planningasaprincipalpartandmarketassupplementarypart’(TheReportofTheThirdPlenumofthe11thCommunistPartyCongress,1978)2020/4/27CUFELiJunsheng10Firststage:1979-83.ReformsinAgriculture----Householdresponsibilitysystem.OpeningUptheEconomy----GuangdongandFujianprovinces;4specialeconomiczones(Shenzhen,Shantou,XiamenandZhuhai).FiscalDecentralization----Fiveyearsfixedcontractualpaymentstothecenter;selfdecisionmakingbysub-nationalgovernment.State-OwnedEnterprises(SOEs).CommuneandBrigadeEnterprises2020/4/27CUFELiJunsheng11QuickTime?andadecompressorareneededtoseethispicture.OnNovember24,1978,18Xiaogangvillagersmadetheirhandprintsanahousehold-basedcontracttomarkthebeginningofChina'sruralreform.2020/4/27CUFELiJunsheng12ThevillagerstakepicturesattheentrancetoXiaogangVillageQuickTime?andadecompressorareneededtoseethispicture.QuickTime?andadecompressorareneededtoseethispicture.2020/4/27CUFELiJunsheng13StrategyChangedforFurtherReformTheemphasisshiftingFrom:“planasprinciplepartandmarketassupplementarypart”To:“Plannedcommodityeconomy”Planandmarketonequalfooting2020/4/27CUFELiJunsheng14SecondStage:1984-93SOEs----contractresponsibilitysystemNon-State-OwnedEnterprises----fromthecommuneandbrigadeenterprisestotownshipandvillageenterprises(TVEs)FurtherOpeningUp----14coastalopencitiesFinancialReform----PBOC(centralbank)and4commercialbanks:ABC,ICBC,BCandCBC2020/4/27CUFELiJunsheng15ThirdStage:1994–presentThenewstrategyforfurtherreform----TheParty's14thNationalCongressinOctober1992formallysettheconstructionofasocialistmarketeconomyasthegoalofChina'seconomicsystemreform.The1994TaxSharingReform2020/4/27CUFELiJunsheng16TaxsharingbetweencentralandlocalCentraltaxSharedtaxLocaltaxConsumptiontaxVehiclepurchasetaxCustomdutyVesseltontaxValue-addedtaxandconsumptiontaxcolletedbycustomsonbehalfValue-addedtaxBusinesstaxEnterpriseincometaxIncometaxforenterpriseswithforeigncapitalandinvestmentIndividualincometaxResourcetaxCitymaintenance&constructiontaxStampdutyTownshiplandusagetaxPropertytaxUrbanpropertytaxAgriculturallandoccupationtaxLandappreciationtaxVehicle&vessellicenseusagetaxVehicle&vesselusagetaxContracttaxAgriculture&livestockraisingtaxSlaughtertaxFixedassetinvestmentdirectionadjustmenttax2020/4/27CUFELiJunsheng172020/4/27CUFELiJunsheng18QuickTime?andadecompressorareneededtoseethispicture.ShenzhenhasdevelopedintoamodernizedmetropolisfromasmalltownonthecoastofSouthChinaSeaafteraboutthreedecades.2020/4/27CUFELiJunsheng19QuickTime?andadecompressorareneededtoseethispicture.Thefinancialzon