Page 95 - the taiwan banker 2024.09(177)
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ҷࠧdϾ݊ਉࠠ՟ऊʕኮجʕٙ
中國三中全會傳達哪些訊息？ ჯኬɛಂࠢՓd˸л୦ڐ̻ஹfϤ
ϣ݊ୋɧϣeɰ݊อڿޥઋܝٙୋɓϣ
ɧʕΌึfʕ͍ࠦᑗܵᚃ̰ፅٙ
ਪᕚdतй݊ӷɛऊ൬࿁ϓڗ্ٙ
補圖說。
ᘠ ڢ ੬ Э f ԫ ྼ ɪ d І ୦ ڐ ̻ ɪ ˸
Ըd̮ᐑྤܢᒓెʷdೌሞ݊ʇ౷ᒔ
݊ܰ೮ੂ݁ࣛಂdߕٙჯኬࠬࣸேˢ
ۃһ̋ዧආf
ίவᅵٙߠ౻ɨdɧʕΌึܝٙʮజ
˸ʿอၲ೯̺ึd੶ሜəʕࠦᑗ̮ٙ 中國政府對於以供應為中心的增長模式非常滿意，世界其
他地區對於中國產能過剩和向全球貿易體系傾銷廉價出口
ᐑྤɤʱᑙ̶dɰוႩəʕʫࠦᑗٙ 產品的抱怨，並未引起中國的重視。
ɧɽܿdуגήପБุʔ౻ंeή˙݁
ִৌً݁رʔԳձӻ୕ږፄࠬᎈf࿁ 「新型體制」是真的新
Ϥdʕ̈ə3ධᏐ࿁ણ݄jୋɓdஷཀ 還是老生常談？
۬ඊɺήՓܓҷࠧd̋Ҟ۬ᕄʷආiୋ
ɚdৌ݁݁ഄණʕʷiୋɧdආɓӉءࠠ dɺήՓܓҷ͉ࠧ݊ϣజѓʕٙ
௴อձҦஔʺॴf ࠠᓃdͦٙ݊̋Ҟ۬ᕄʷආf۬ᕄʷ
Chinese economy, especially as far as the very low through the reform of the rural versus urban land.
contribution of private consumption to growth. It is Secondly, the centralization of fiscal policy and,
also true that from the first plenum under Xi to this thirdly, further focus on innovation and moving up
one, the external environment has deteriorated quite the ladder.
dramatically given a much more aggressive US On the first, the reform of the land system
leadership, whether it is Trump or Biden. was prominent in this readout with the objective of
Against such backdrop, the readout and press speeding up urbanization. Accelerating urbanization
conference following the Third Plenum insist on should create additional needs for infrastructure
how difficult the external environment has become and continue to move low-productivity workers
for China but also acknowledge three key domestic in the rural areas into the cities, fostering growth.
challenges, namely an ailing real estate sector, local The second, fiscal reform, was mentioned as part
government poor finances and systemic financial risk. of a “national strategic planning system” with aims
Three measures stand out from the vague readout. at centralizing more fiscal responsibility and cut
Firstly, the push towards more rapid urbanization, the local government’s expenditure. The need to
2024.9 台灣銀行家 95
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