中国在世界经济中的优势与劣势.doc

1、1对外经济贸易大学远程教育毕业论文仅供同学们参考毕业论文/设计题目中国在世界经济中的优势与劣势学号姓名学院远程教育学院指导教师专业商务英语论文成绩完成时间年月日2UNIVERSITYOFINTERNATIONALBUSINESSANDECONOMICSGRADUATIONTHESIS/DESIGNTITLECHINASSTRENGTHSANDWEAKNESSESINTHEWORLDECONOMYDEPARTMENT/SCHOOLDISTANCEEDUCATIONSPECIALTY（CHOOSEONE）BUSINESSENGLISHAUTHOROFTHESIS/DESIGNSTUDENTIDNO

2、THESISADVISORGRADEDATE3论文审题表选题研究课题CHINESEECONOMY题目CHINASSTRENGTHSANDWEAKNESSESINTHEWORLDECONOMY选题说明论文要点CHINASSTRENGTHSINTHEWORLDECONOMYTHEPRESENTECONOMICORIENTEDPOLICYTHEHUGEMARKETINCHINATHELOWCOSTANDHIGHQUALITYOFHUMANRESOURCETHECHINASWEAKNESSESINTHEWORLDECONOMYABSENCEOFCREDITLEGALANDJUDICIALSYSTEMI

3、NEFFICIENCYINSTATEOWNEDENTERPRISESANDFINANCIALSYSTEMINADEQUATEINFRASTRUCTUREUNEMPLOYMENTANDINCOMEDISPARITYPOLLUTION研究方法READRELEVANTREFERENCES,ANALYZETHEACADEMICRESULTSINTHISFIELD,ANDMAKEACOMPARATIVESTUDYOFTHESTRENGTHSANDWEAKNESSESOFCHINESEECONOMY研究基础THEACADEMICRESULTSOFSCHOLARSINTHISFIELD定题题目CHINASS

4、TRENGTHSANDWEAKNESSESINTHEWORLDECONOMY指导教师意见指导教师签名时间年月日4论文评定表（学生不必填写）指导教师评语指导教师评定成绩指导教师签字论文答辩小组意见论文答辩小组审定成绩组长签字论文指导委员会意见论文指导委员会审定成绩主任签字5INDEXABSTRACT6CHAPTER1INTRODUCTIONANDOVERVIEW7CHAPTER2CHINASSTRENGTHSINTHEWORLDECONOMY821ECONOMYORIENTEDPOLICY822HUGEMARKET1023LOWCOSTANDHIGHQUALITYOFHUMANRESOURCE1

5、1CHAPTER3CHINASWEAKNESSESINTHEWORLDECONOMY1331ABSENCEOFCREDITLEGALANDJUDICIALSYSTEM1332INEFFICIENCYINSTATEOWNEDENTERPRISESANDFINANCIALSYSTEM1333INADEQUATEINFRASTRUCTURE1534UNEMPLOYMENTANDINCOMEDISPARITY1635POLLUTION17CONCLUSION18REFERENCE196ABSTRACTCHINAHASDRAWNMUCHATTENTIONINRECENTYEARSASOURECONOMY

6、HASPERFORMEDEXCEPTIONALLYWELLHOWEVER,CHINAISSTILLADEVELOPINGCOUNTRYWITHEXPLICITANDPOTENTIALDEFECTSINECONOMYSYSTEMTHESTRENGTHSOFCHINAAREREFLECTEDBYITS1ECONOMYORIENTEDPOLICY,THEGOVERNMENTSFOCUSONTHEIMPROVEMENTOFECONOMY,ANDTHEEFFORTTOIMPROVETHEINVESTMENTENVIRONMENT2THELARGESTPOPULATIONANDTHEHUGEMARKETD

7、EMANDINTHEWORLDANDLONGPERIODOFFASTGROWINGMARKETDEMAND3LOWCOSTANDHIGHQUALITYOFHUMANRESOURCETHEWEAKNESSESAREITSABSENCEOFCREDITLEGALSYSTEM,INEFFICIENCYINSTATEOWNEDENTERPRISESANDFINANCIALSYSTEM,INADEQUATEINFRASTRUCTURE,UNEMPLOYMENTANDINCOMEDISPARITYANDPOLLUTIONTHEREFORE,ITSIMPORTANTFORCHINESEGOVERNMENTT

8、OMAINTAINTHEFASTECONOMICGROWTH,TOMAKEGOODUSEOFOURUNIQUEADVANTAGES,ANDTOTAKEMEASURESTOSOLVETHEPRESENTPROBLEMSANDOVERCOMETHEOBSTACLESKEYWORDSCHINESEECONOMY；STRENGTHS；WEAKNESSES7CHAPTER1INTRODUCTIONANDOVERVIEWCHINAHASDRAWNMUCHATTENTIONINRECENTYEARSASOURECONOMYHASPERFORMEDEXCEPTIONALLYWELLBYMOSTSTANDARD

9、SAFTERASOFTLANDINGFROMANEPISODEOFOVERHEATINGINTHEMID1990S,THECHINESEECONOMYMANAGEDTOFIGHTAGAINSTTHEASIANCRISISOFTHELATE1990SLARGELYUNSCATHEDANDHASBEENABLETOSUSTAINRAPIDGROWTHINTHERECENTGLOBALDOWNTURNATTHESAMETIME,HOWEVER,CHINAISSTILLADEVELOPINGCOUNTRYWITHEXPLICITANDPOTENTIALDEFECTSINECONOMYSYSTEM,SU

10、CHASPROBLEMSINTHESTATEOWNEDENTERPRISESSOESANDBANKS,GROWINGUNEMPLOYMENTANDINCOMEDISPARITIES,ANDUNDERDEVELOPEDINFRASTRUCTURETHESECHALLENGES,IFUNMET,COULDUNDERMINESUSTAINEDRAPIDGROWTHANDSTABILITYSOITISNECESSARYTODOARATIONALANALYSISONOURECONOMYSTRENGTHSANDWEAKNESSESINSTEADOFBEINGBLINDLYOPTIMISTICABOUTOU

11、RGDPGROWTHTHEDETAILEDANALYSISWILLBEGIVENINTHEFOLLOWINGCHAPTERS8CHAPTER2CHINASSTRENGTHSINTHEWORLDECONOMYCHINAHASAREPUTATIONFORITSRICHNESSINNATURALRESOURCES,HUGEPOPULATION,ABUNDANCEOFKNOWLEDGEPOOLANDTHEASPIRATIONTOGAINECONOMICGROWTH,ALLOFWHICHDECIDETHEWWWBIYEZUOPINCCFOLLOWINGADVANTAGESINWORLDECONOMY21

12、ECONOMYORIENTEDPOLICYTOPUTTHEMOSTEMPHASISONECONOMICDEVELOPMENTHASBEENTHEMAINPRINCIPALOFCHINESEGOVERNMENTSGUIDELINESFORSEVERALDECADESOFYEARSSINCEREFORMINGANDOPENINGUPPOLICYWASIMPLEMENTEDTHEGOVERNMENTMAKESOUTALLAROUNDFAVORABLEECONOMYORIENTEDPOLICIESTOACCELERATECHINASGROWTH211THEGOVERNMENTSFOCUSONTHEIM

13、PROVEMENTOFECONOMYTHEGOVERNMENTSPARESNOEFFORTPROMOTINGCHINASECONOMYTHEECONOMYCENTEREDANDREFORMANDOPENINGUPPOLICYWASWRITTENINTOTHECONSTITUTIONASTHESUPERLATIVEGUIDELINESFIFTEENYEARSOFHARDNEGOTIATIONTIMEWASPAIDTOSTRIVEFORTHERIGHTTOENTERINTOWTO,WHICHBRINGSCHINAMOREOPPORTUNITIESANDEQUALMARKETSTATUSINTHEW

14、ORLD212THEGOVERNMENTSEFFORTTOMAKETHEINVESTMENTENVIRONMENTBETTERINVESTMENTENVIRONMENTISTHEOUTCOMEOFSEVERALFACTORS,WHICHCANBECLASSIFIEDINTOTHREEMAINCATEGORIESMACROECONOMYANDTRADEPOLICY,INFRASTRUCTUREANDECONOMYMANAGEMENTSTRUCTUREANDSYSTEMINTHEAREAOFMACROECONOMY,CHINAHASDONEREALLYGOODJOBTHESTABILITYONMA

15、CROECONOMYANDPOLITICSSTIMULATESINVESTMENTHOMEANDABROADCHINASNATIONALECONOMYHASMAINTAINEDHIGHSPEEDINCREASEWITHTHEAVERAGEOF78DURINGTHEPASTSCORESOFYEARS,WHICHRANKEDTOPINTHEWORLDAPARTOFDEVELOPEDAREASHAVEREACHEDTHELEVELOFMIDDEVELOPEDCOUNTRYTOPROPELTHEECONOMICGROWTH,CHINESEGOVERNMENTHASTAKENPOSITIVEFISCAL

16、MEASURESSUCHASTOSTABILIZEFOREIGNEXCHANGERATE,TOLOWERINTERESTRATE,WITHTHEAMOUNTOFOVER8000BILLIONYUANOFRESIDENTIALDEPOSITSASERIESOFTAXFAVORABLEPOLICIESHAVEALSOBEENAPPLIEDTOFOREIGNINVESTMENTENTERPRISES,FOREXAMPLE,ALLFOREIGNINVESTMENTENTERPRISESHAVETHEPRIVILEGEOF2TAXFREEYEARSAND3HALFTAXYEARSSINCETHELUCR

17、ATIVEYEARASINTERMOF9CORPORATIONINCOMETAXEVENMOREFAVORABLETAXPOLICIESAREOFFEREDTOTHEFOREIGNINVESTMENTENTERPRISESWHICHINVESTINTHEAREAANDINDUSTRYENCOURAGEDBYTHEGOVERNMENTINTHEAREAOFINDUSTRYANDTRADEPOLICES,CHINESEGOVERNMENTALSOPLAYSANACTIVEROLETOENCOURAGEINTERNATIONALTRADESINDUSTRYPOLICIESBECOMEIMPORTAN

18、TMEASURESTOADJUSTANDCONTROLFOREIGNINVESTMENTACCORDINGTONATIONALECONOMYANDINDUSTRYDEVELOPMENTSTRATEGY,CHINESEGOVERNMENTRELEASEDTHENEWLYEMENDEDFOREIGNINVESTMENTINDUSTRYINSTRUCTIONALCATALOGUE,TOENCOURAGEFOREIGNINVESTMENTTOGOTOTARGETEDINDUSTRIES,SUCHASAGRICULTURE,RESOURCEEXPLOITATION,INFRASTRUCTURECONST

19、RUCTION,EXPORTANDHITECHINDUSTRIESINTHEMEANTIME,SOMEINFANTINDUSTRIESANDTHOSEINDUSTRIESWHICHINFLUENCETHENATIONALECONOMYANDTHEPEOPLESLIVELIHOODARERESTRICTIVETOFOREIGNINVESTMENTREMARKABLEWORKHADBEENDONETOREDUCETHETARIFFTAXANDTOREMOVETHENONTARIFFBARRIERSINTERNATIONALTRADESAREHIGHLYENCOURAGEDBYTHEGOVERNME

20、NTTAXREBATESANDOTHERMEASURESHAVEBEENTAKENTOBOOSTEXPORTTABLE1SHOWSTHESTATISTICOFTHEAMOUNTOFEXPORTSANDIMPORTSIN2003AND2004JANJUL,WHICHREVEALSTHERISINGTRENDOFFOREIGNTRADETABLE1AMOUNTOFEXPORTSANDIMPORTSYEARAMOUNT2003XXXX2004JANJULXXXXXINTHEAREAOFINFRASTRUCTURE,FIVECITIESINCHINAHAVEMUCHBETTERPERFORMANCET

21、HANMANYOFCITIESANDAREASINOTHERDEVELOPINGCOUNTRIESTHEYAREBEIJING,SHANGHAI,GUANGZHOU,CHENGDUANDTIANJINHEREARESOMESPECIFICCASESGIVENBYANINVESTIGATIONTEAMTHEAVERAGESALESLOSSESCAUSEDBYELECTRICITYPOWERCUTOFFINTHESEFIVECITIESARE2,WHICHIS8INPAKISTANTHETIMESPENDONIMPORTEDCARGOCOLLECTIONTHROUGHTHECUSTOMWWWXIN

22、LUNWENCOMCNIS8DAYS,WHICHISSIMILARWITHSOUTHKOREAANDTHAILANDTOMAKEACOMPARISON,ITIS11DAYSAND18DAYSININDIAWANDATSENGANDMARKUSRODLAUER,CHINACOMPETINGINTHEGLOBALECONOMY,INTERNATIONALBANKER,VOL14,NO2,2003,PP25。10ANDPAKISTANHOWEVER,THEFIVECITIESCANNOTREPRESENTTHEINFRASTRUCTURELEVELOFTHEENTIRECHINATHEINFRAST

23、RUCTUREISSTILLAPROBLEMTOBESOLVEDINWIDERPARTOFCHINABESIDES,THEECONOMYMANAGEMENTSYSTEMANDSTRUCTUREISALSOAWEAKFIELD,WHICHWILLBEDISCUSSEDINTHEFOLLOWINGCHAPTERS22HUGEMARKETCOMPAREDWITHOTHERCOUNTRIES,THEMOSTSPECIALADVANTAGEOFCHINAISITSUNIQUEMARKETCHARACTERFORITSLARGESTPOPULATIONINTHEWORLDANDTHEPOTENTIALHU

24、GEMARKETDEMAND221THELARGESTPOPULATIONANDTHEHUGEMARKETDEMANDINTHEWORLDINTHEBIGCOUNTRIESWHICHHAVEREALIZEDINDUSTRIALIZATION,SUCHASBRITAIN,FRANCE,GERMANYANDITALY,THEIRPOPULATIONISLESSTHAN100MILLION,EQUALWITHTHATOFSEVERALBIGPROVINCESINCHINATHEPOPULATIONOFTHEUSANDJAPANIS200MILLIONAND100MILLION,WHILETHENUM

25、BERIS13BILLIONINCHINA,TAKINGUP20OFTHEPOPULATIONINTHEWORLDTHEEMPHASISHEREISNOTTHEPOPULATIONITSELF,BUTTHEENTRANCEINTOTHEMIDPERIODOFINDUSTRIALIZATIONANDTHERAPIDINCREASEOFIMPORTANTINDUSTRIESANDSERVICEPRODUCTSOFSUCHALARGEPOPULATIONITISANUNPRECEDENTEDECONOMICPHENOMENONINHUMANHISTORY,SOSPECIALECONOMICCHARA

26、CTERSNOTOWNEDBYOTHERCOUNTRIESAREQUITELIKELYTOEMERGEATPRESENT,THEREISAGREATINCOMEGAPBETWEENURBANANDRURALRESIDENTSANDURBANPOPULATIONONLYACCOUNTSFOR400MILLIONIFONLYTAKEURBANPOPULATIONINTOCONSIDERATION,ONEPRODUCTCANBEINTHETOPLISTINQUANTITYEVENIFITHASNOTAVERYHIGHPOPULARIZINGRATETHELATESTEXAMPLEISTHATTHEQ

27、UANTITIESOFMOBILEPHONESINUSEINCHINAHAVESURPASSEDTHATOFTHEUS,RANKINGTHEFIRSTINTHEWORLDTHEFOLLOWINGTABLESHOWSTHESTATISTICSOFCHINESEMOBILEMARKETJUL,2004THEOTHEREXAMPLEISCHINESEAUTOMARKET,ONWHICH44MILLIONAUTOSWERESOLDIN2003CHINAHASBECOMETHE4THAUTOMARKETINTHEWORLDPETERSENNC,REFORMINGCHINASTRADINGSYSTEM,T

28、RADEANDDEMOCRACY,VOL9NO9,200,PP38。WILLMARTIN,CHINASECONOMICPOLICIESANDWORLDTRADE,ECONOMICREFORMTODAY,VOL23,NO11,PP86。11TABLE2CHINESEMOBILEMARKETTOTALNEW/MONTHPERCENTAGEOFTHEWORLDUSERNUMBERXXXXXXXXXXXXTHEHUGEPOPULATIONBRINGSHUGEMARKETDEMAND,ANDALSOINTRODUCESINSOMEIMPORTANTCHARACTERSFORINSTANCE,SCALEE

29、CONOMYANDSCOPEECONOMYCANBEFULLYREALIZEDDEPENDINGONDOMESTICMARKETONLYINOTHERWORDS,COSTSCANBEREDUCEDWITHOUTTHETROUBLESOFEXPLOITINGOVERSEASMARKETANUMBEROFBIGENTERPRISESTHATBUILDUPSOUNDINDUSTRIALCOMPETITIONSYSTEMCANBEACCOMMODATEDBYTHEHUGEMARKETUNEVENDEVELOPMENTOFTHEHUGEPOPULATIONMAKESSOMECERTAININDUSTRI

30、ESMAINTAININGLONGERPERIODOFFASTINCREASETHANOTHERCOUNTRIES222LONGPERIODOFFASTGROWINGMARKETDEMANDFORTHEMOMENT,GDPPERCAPITAISABOUT1000DOLLARTHEESTIMATEDURBANPOPULATIONSTILLACCOUNTSFOR50ATLEASTWHENTHEMIGRANTPOPULATIONBETWEENURBANANDRURALAREASISELIMINATEDTHECITIFICATIONRATEIS36,MUCHLOWERTHANINDUSTRIALIZA

31、TIONRATETHESITUATIONINDICATESTHATCHINAISSTILLONTHEMIDDLELEVELOFINDUSTRIALIZATIONWITHHIGHPOTENTIALOFFASTGROWTHINTHEFOLLOWING10TO20YEARS,THESWIFTTRANSFORMATIONANDUPGRADEOFCONSUMINGSTRUCTUREANDINDUSTRYSTRUCTURE,THEMIGRATIONOFRURALPOPULATIONTONONAGRICULTURALCITIES,ANDTHEACCELERATEDPACEOFCITIFICATIONWILL

32、DRIVETHEMARKETDEMAND23LOWCOSTANDHIGHQUALITYOFHUMANRESOURCETHESALARYOFCHINESEEMPLOYERSISMUCHLOWERTHANTHATOFWESTERNCOUNTRIESTHEAVERAGESALARYOFAWORKERISABOUT60200EUROPERMONTHDEPENDINGONDIFFERENTAREASFOREXAMPLE,THEAVERAGESALARYOFANITENGINEERISABOUT300500EUROPERALBERTKEIDEL,CHINASECONOMYAMIXEDPERFORMANCE

33、,CHINABUSINESS,VOL27,NO3,2001,PP90。12MONTHTHEREFORE,ONTHEONEHAND,THEABUNDANTLOWCOSTLABORFORCEPROVIDESBIGOPPORTUNITIESFORLABORINTENSIVEFOREIGNINVESTORSINFACT,MORETHANHALFOFFOREIGNINVESTMENTFOCUSESONLABORINTENSIVEINDUSTRIESONTHEOTHERHAND,QUANTITIESOFWELLEDUCATEDANDWELLTRAINEDSKILLEDLABORFORCECANMEETTH

34、EDEMANDSOFHITECHFOREIGNINVESTORSFURTHERMORE,THENUMBEROFGRADUATESTUDENTSINUNIVERSITIESISOVER500THOUSANDPERYEARITMEANSTHATTHEEDUCATIONANDABILITYLEVELOFTHEWHOLELABORFORCEISRISINGENGLISHLANGUAGEISTAUGHTASTHEBASICREQUIREMENTINSCHOOLSANDOTHERSERVICEINDUSTRIESFOREIGNERSWHOKNOWLITTLECHINESEWILLNOTFEELFRUSTR

35、ATEDEVERYWHEREINCHINA,BECAUSEEVENTHETAXIDRIVERSANDPEDDLERSKNOWSOMEBASICENGLISHTHENUMBEROFPHDSTUDENTSREACHES120THOUSAND,RANKINGTHETHIRDINTHEWORLD,ONLYNEXTTOTHEUSANDGERMANYEARLDRAKE,CHINASFUTUREANDPROSPECTS“CHINASMACROECONOMICOUTLOOK,VOL127,NO7,2002,PP51。13CHAPTER3CHINASWEAKNESSESINTHEWORLDECONOMY31AB

36、SENCEOFCREDITLEGALANDJUDICIALSYSTEMTHETRANSITIONFROMACENTRALLYPLANNEDECONOMYTOAMOREOPENANDMARKETORIENTEDSYSTEMHASBEENACCOMPANIEDBYRISINGGOVERNANCEPROBLEMSANDCORRUPTIONSUSTAINEDSUCCESSINIMPROVINGGOVERNANCEANDFIGHTINGCORRUPTIONWILLREQUIREABROADEREFFORTTOBUILDTHELEGALANDJUDICIALFRAMEWORKFORAMARKETECONO

37、MY,ALONGWITHINCREASEDTRANSPARENCYANDRESPONSIBILITYOFGOVERNMENTANEWPUSHISNEEDEDTOCOMPLETETHEUNFINISHEDREFORMAGENDASINCECHINASENTRYINTOTHEWTOTHEMOSTURGENTISTOESTABLISHANDIMPLEMENTWHOLESOMELAWSONINTELLECTUALPROPERTYPROTECTION32INEFFICIENCYINSTATEOWNEDENTERPRISESANDFINANCIALSYSTEMSTATEENTERPRISEREFORMHA

38、SBEENATOUGHTASKFORCHINESEGOVERNMENTANDENTERPRISESFORONETHING,OURSOCIALISTIDEOLOGYHASBEENONEREASONFORTHEDELAYOFTHEREFORMFORANOTHERISTHATCHINASMORETHAN300,000STATEENTERPRISESPROVIDEJOBSANDAWIDERANGEOFSOCIALWELFAREBENEFITSTOAPPROXIMATELY120MILLIONWORKERSCLOSINGUNPROFITABLEFACTORIESWOULDBRINGSIGNIFICANT

39、HARDSHIPANDSEVERESOCIALDISLOCATIONTOCHINASLABORFORCEWHICHISALREADYEXPERIENCINGRISINGUNEMPLOYMENTRATESTHE1990SSAWGROWINGEVIDENCEOFTHECOSTSOFUNREFORMEDSOESDESPITEGREATERAUTONOMYANDDECENTRALIZATIONOFMANAGEMENTDECISIONS,SOEPERFORMANCEHASSUFFEREDFROMDEEPERPROBLEMSROOTEDINTHELACKOFTIGHTBUDGETCONSTRAINTS,W

40、EAKMANAGEMENT,ANDTHEREQUIREMENTTOPROVIDEJOBSECURITYANDARANGEOFSOCIALSERVICESGROWINGCOMPETITION,LOWERSUBSIDIES,ANDTIGHTERCREDITESPECIALLYFORSMALLERENTERPRISESREVEALEDTHEPOORPERFORMANCEOFMANYSOESINTHE1990SSEEINGTHIS,CHINASLEADERSHAVEDEVELOPEDAPLANTOREFORMAPPROXIMATELY1,000LARGERSTATEOWNEDFIRMSWHILEGIV

41、INGUPCONTROLOVERTHERESTFORMALLYANNOUNCEDBYPRESIDENTJIANGZEMINATTHE15THNATIONALCONGRESSOFTHECHINESECOMMUNIST14PARTY,THISSTRATEGYWILLLIKELYBEATTHEEXPENSEOFBANKRUPTCIES,MERGERSANDACQUISITIONS,ANDALSOCAUSINGOWNERSHIPDIVERSIFICATIONPROCESSKNOWNASCORPORATIZATIONREDUCINGGOVERNMENTCONTROLOVERTHOUSANDSOFENTE

42、RPRISESINCHINAWILLCREATEAMOREOPENANDMODERNTRADINGSYSTEMTHISINTURNWILLHELPTODEVELOPAMORECOMPETITIVEECONOMY,SUPPORTINFANTCAPITALMARKETSANDSPEEDUPCHINASINTEGRATIONINTOTHEGLOBALECONOMYTHEMOSTFRAGILESECTORINCHINAISITSFINANCIALSECTORTHEFOURHUGESTATEBANKSACCOUNTINGFOR90PERCENTOFBANKINGASSETSANDNEARLY70PERC

43、ENTOFFINANCIALASSETSANDTHESMALLERBANKS,AREBADLYMANAGEDANDSUBJECTTOPOLITICALDECISIONSINPARTICULAR,BANKLENDINGTOBANKRUPTORFAILINGSTATEINDUSTRIESISDETERMINEDBYPOLITICALFIAT,ANDLENDINGATLOCALLEVELSISOFTENCONDITIONEDBYPRESSURESFROMPARTYBUREAUCRATSCHINASFINANCIALSYSTEMOWNEDBYTHESTATEANDGOVERNEDMOREBYPOLIT

44、ICSTHANBYMARKETFORCESISUNEQUIPPEDTOMEETTHECAPITALREQUIREMENTSOFAMODERNANDGROWINGMARKETECONOMYTOWHICHCHINAASPIRESINREVAMPINGTHEOWNERSHIPSTRUCTUREOFSTATEOWNEDFIRMS,AFLEXIBLEANDMARKETDRIVENFINANCIALSYSTEMWILLBENEEDEDTOENSURETHATCAPITALRESOURCESARECHANNELEDTOWARDSEFFICIENTANDCREDITWORTHYENDUSERSTHEREISA

45、SURPRISINGCASE,WHICHISPRIVATEENTERPRISES,THEMOSTVIGOROUSPARTSOFTHEECONOMY,HAVEGENERATED130PRODUCTIVITYTHANSTATEOWNEDENTERPRISESINOTHERWORDS,USINGTHESAMECAPITAL,LABORANDRESOURCES,THEPRODUCTIONCREATEDBYPRIVATEENTERPRISESIS13TIMESTHANTHESTATEOWNEDENTERPRISESHOWEVER,THEAMOUNTOFLOANSANDCREDITGETFROMFORMA

46、LFINANCIALSYSTEMISLITTLEFORTHESEPRIVATEENTERPRISES,BECAUSETHEEMPHASISOFFORMALFINANCESYSTEMISSTILLDESIGNEDTOSERVICETHESTATEOWNEDENTERPRISESITISABIGOBSTACLEFORMIDDLESIZEANDSMALLPRIVATEENTERPRISESTYPICALCHINESEMIDDLESIZEANDSMALLPRIVATEENTERPRISESGETONLY10OFTHEIROPERATINGCAPITALFROMBANK,WHILEINSOUTHKORE

47、AANDTHAILAND,THENUMBERIS40THECURRENTCHINESEBANKINGSYSTEMISCRIPPLEDBYNONPERFORMINGLOANSTOCEMKARACADAG,FINANCIALSYSTEMSOUNDNESSANDREFORM,INTERNATIONALFINANCE,VOL37,NO1,2002,PP87。PAULGRUENWALDANDJAHANGIRAZIZ,CHINAANDTHEASIANCRISIS,ASIANECONOMY,VOL41,NO5,2002,PP58。15UNPROFITABLESTATEOWNEDENTERPRISES,RES

48、ULTINGINCAPITALSTARVATIONAMONGMOREPROFITABLESTATEANDNONSTATEFIRMSLIBERALIZINGINTERESTRATES,ESTABLISHINGFULLCURRENCYCONVERTIBILITY,ANDOPENINGTHEFINANCIALSYSTEMTOPRIVATEINVESTORSWOULDHELPBREAKTHISLOGJAMBYINTRODUCINGNEWRISKREWARDINCENTIVESADEREGULATEDFINANCIALSYSTEMWOULDBEESTABLISHEDTOENABLECHINESEFIRM

49、STOCOMPETEACCORDINGTOTHEIREFFICIENCY,ANDPRICEANDQUALITYOFTHEIRGOODSANDSERVICESSTATECOMMERCIALBANKSNEEDTOMAKEEFFORTINREVAMPINGINTERNALCONTROLSANDRISKMANAGEMENT,REDUCINGSTAFF,ANDRATIONALIZINGTHEBRANCHNETWORKGOVERNMENTFAVORSINTHEFORMOFSUBSIDIZEDLOANSOROTHERINSTRUMENTSWOULDNOLONGERBENECESSARYTOPROPUPCHINESEEXPORTERSSUCHAMARKETBASEDENVIRONMENTWOULDHELPEASETRADEFRICTIONBETWEENCHINAANDOTHERCOUNTRIESANDPAVETHEWAYFORITSACCESSIONTOTHEWORLDTRADEORGANIZATIONHOWEVER,THEFINANCIALPOSITIONOFTHESTATECOMMERCIALBANKSREMAINSVERYWEAK,ANDMUCHREMAINSTOBEDONETOPREVE