黄晓东：中国经济不平衡发展中的增长与周期：资源错配、债务积压、结构失调与深化..

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1 论文标题

Growth and Cycles in China’s Unbalanced Development: Resource Misallocation, Debt Overhang, Economic Inequality, and the Importance of Structural Reforms

2 作者信息

Kevin X.D. Huang

Department of Economics, Vanderbilt University

Institute for Advanced Research, Shanghai University of Finance and Economics

3 出处
Kevin X.D. Huang. Growth and Cycles in China’s Unbalanced Development: Resource Misallocation, Debt Overhang, Economic Inequality, and the Importance of Structural Reforms[J]. Front. Econ. China, 2019, 14(1): 53-71.

链接
http://journal.hep.com.cn/fec/EN/10.3868/s060-008-019-0004-8 http://journal.hep.com.cn/fec/EN/Y2019/V14/I1/53


4 摘要


Abstract

The recent China’s growth slowdown is both cyclical and secular, driven by external and internal factors. In this article, I highlight several key internal factors that have hindered China’s growth in recent years. These include worsening misallocation of resources and declining growth of total factor productivity, plus rising household income inequality and debt overhang in the face of tightened liquidity constraint. All of these show the urgency for deepening reforms in China’s key macroeconomic landscapes in order to remove institutional barriers and distortions deep-rooted in the nation’s economic and financial structure, and to correct fundamental imperfections of its social- economic system. I argue that such reforms are of critical importance for China’s pursuit of healthy and sustainable growth and of balanced and adequate development going forward.

中国经济不平衡发展中的增长与周期：

资源错配、债务积压、结构失调与深化改革的重要性

黄晓东

范德比尔特大学经济系

上海财经大学高等研究院

摘  要: 中国经济近年来的增长减速由内部和外部因素共同驱动，既是周期性的也是趋势性的。本文作者着重分析了在近些年间阻碍中国经济增长的几个关键内部因素，包括资源错配情况恶化、全要素生产率增长下滑、家庭收入不平等加剧和流动性约束收紧之背景下的债务积压。分析显示，要扫除中国经济与金融结构中根深蒂固的制度性障碍和扭曲，校正社会经济体系里的根本性缺陷，在中国的主要宏观经济领域里深化结构性改革极具迫切性。作者认为，推进这些改革对于中国追求健康、可持续增长，未来实现平衡和充分发展具有极其重要的意义。

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关键词：黄晓东 中国经济 不平衡发展 增长与周期 深化改革