TheMostImportantInvestmentunderthe“NewNormal”.docx
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1、New NormalThe Most Important Investment under theOVER the last 30 years,per- haps the most significantcapital that the Chinese government has accrued is not the trillions of dollars worth of foreign exchange reserves in its central bank , or the value of fixed assets that so much investment has gone
2、 into. The most important capital it owns is in the form of reputation capital with the public , gained through the continuously brisk GDP growth since 1980. Like a saver depositing cash in the bank , throughout this period the Chinese government has been converting GDP into public confidence and sa
3、ving that.This was necessary,because economists and plannersknew that one day China s stellar GDP figures would diminish. The laws of sustainable development , as Chinese Premier Li Keqiang said in his March 5 government work report , preclude using resources and investing as heavily as one once did
4、. Things have to change. New spaces for growth have to be found. The challenges to a developing economy are quite different from those of a developed one. That s just the way things are.The “ new normal ” in China , therefore , where growth is approximately seven percent , is, according to this year
5、 s National People s Congress ( NPC) session, one where the battleground shifts from raw GDP to better productivity , better quality growth , employment , and entrepreneurialism. This is a hybrid list , and can only work in an environment where , as Premier Li made clear, there are clear rules that
6、ensure everyone knows how to work together. Also where there is a looser government role , more input from the non-state and entrepreneurial sector , and a greater appetite for controlled risk.The regulatory framework is the key issue , one that the NPC has spent some time discussing. In the recent
7、past , risk was controlled mostly by the central government. There were clear prohibitions against taking too many chances , and strong controls through the fiscal and administrative system. But now China needs to embrace an era of innovation and adventure. To achieve this , more power needs to be d
8、evolved to local governments. Rules need to be clearer , simpler and easier to implement. Everyone needs to have a clear idea of exactly what the powers and responsibilities of other parties are. Once all that is in place , people can then start to invent , devise, and propose new ideas and approach
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