Page 96 - the taiwan banker 2024.09(177)

Όଢ݁຾

ආ೻̋Ҟਗ਼ପ͛ᕘ̮ٙਿᓾண݄ცӋdԨ ɛจ̮dΪމίɓϋۃd೯࢝˜อሯ͛ପ
ᘱᚃਗ਼༵ӀЭ͛ପଟٙ௶ਗɢᔷ୅Ց۬ ɢ™ఱʊ຾݊݁ഄᙄ೻ٙࠠʕʘࠠfШ˖΁
̹d੽Ͼڮආ຾᏶ᄣڗfୋɚdৌ݁ҷ ʕϞ2ࡈ൚ค̮ࣸˏɛءͦj˜อۨᑘ਷᜗

ࠧ஗౤ʿމ˜਷࢕኷ଫ஝ྌ᜗ӻ™ٙɓ Փd౤ʺ਷࢕௴อ᜗ӻ዆᜗ࣖঐ™˸ʿ˜ɛ
௅ʱdϙίණʕһεٙৌ݁ப΂dۂಯή ʑ™fͦۃ֠ʔঐ׼ᆽ˜อۨ᜗Փ™݊ॆ
˙ִ݁ٙ˕̈fІ2021ϋʕ˸Ըגήପҳ ٙอdᒔ݊ϼ͛੬ሔdྼ݄˸௴อމʕː
༟ᅳൻdኬߧή˙ִ݁ৌ݁ϗ˕̰ፅ̋ ٙପุ݁ഄfШܘ׼ᜑٙ݊dʕ਷ִ݁࿁

ᄌdΪϤҷഛή˙ִ݁ৌً݁رɤʱ̀ࠅ ׵˸ԶᏐމʕːٙᄣڗᅼόڢ੬တจd˰
ձၡࠗdШึᙄజѓʕഗ̈ٙ˙Σ̙ঐึ ޢՉ˼ήਜ࿁׵ʕ਷ପঐཀ௵ձΣΌଢ൱

ኬߧɓԬਪᕚfආɓӉණʕִ݁˕̙̈ঐ ׸᜗ӻහቖกᄆ̈ɹପۜٙ׬ܤdԨ͊ˏ
ึ࿁஢εᗫᒟਪᕚପ͛ᅂᚤdԷνʕ਷ྼ ৎʕ਷ٙࠠൖfࡡΪ̙ঐί׵ʕ਷ࠗʲҎ
݄ପุ݁ഄא޼೯˕̈ٙ˙όdவԬ˙ό ૐಯˇ࿁ߕ਷ٙҦஔԱ፠dྼତІɢһ
ڗಂ˸Ըɓٜਿ׵ή˙ִ݁ʘගٙᘩنfୋ ͛fϤ̮d௴อϞૐ౤৷͛ପɢd੽Ͼಯ

ɧdਗ਼௴อձପุ݁ഄЪމึᙄࠠᓃԨʔ˿ Ⴠϼᙧʷ࿁ᄣڗٙࠋࠦᅂᚤf

improve local government finances is important “talent”. It is hard to know whether the “new system”
and urgent given the huge imbalances between local is really new, or it is more of the same thing, namely
governments’ revenue and expenditure, especially conducting an innovation-centered industrial policy,

given the collapse in real estate investment since but what seems clear is that China’s leadership is
mid 2021 but the direction given in the Plenum’s quite happy about its supply-centric growth model,
readout could be problematic. Further centralization no matter the complaints from the rest of the world,

of government expenditure can have implications from overcapacity to dumping cheap exports into the
for a number of key issues, such as the way China global trading system. The reason probably lies on
conducts industrial policy or spends in research and the urgency with which Xi Jinping wants China to
development, which has long been based on the reduce its technological dependence from the US

competition among local governments. The third and become self-reliant. Furthermore, innovation
and final focus of the readout was innovation and is expected to improve productivity and, thereby,
industrial policy. This came as no surprise as the mitigate the negative impact of aging on growth.

advance of the “new quality productive forces” was Given the three solutions to three challenges,
already high on the policy agenda one year before the China clearly is trying to mitigate its structural
plenum. But two phrases stand out in the document: deceleration, through urbanization and further

“the new system for mobilizing resources nationwide industrial capacity supported by innovation while
to make key technological breakthroughs” and improving its public finances and becoming more

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