中国的投资与储蓄(英文版)(pdf 19页)

    With China’s investment and saving high—in historical context and compared to other countries—questions on investment and saving continue to arouse interest of
policymakers and researchers. However, knowledge about the underlying patterns of
investment and saving is limited. This paper attempts to answer the following questions. What are the factors driving China’s high investment? How is saving channeled into investment? In particular, how is enterprise investment financed, and what is the role of the domestic banking sector, enterprise saving, and the government?
      Answers to these questions are important for several reasons. First, they inform the current debate on the types of risks and policy challenges stemming from China’s high investment, including on what policies are needed to mitigate risks and improve the efficiency of capital allocation. Second, they facilitate the understanding of China’s pattern of growth. High investment and saving are key features of China’s pattern of growth. A better understanding of their determinants could improve the understanding of the pattern of growth; its sustainability; and medium and long-term prospects. Third, they help identifying the policy implications of the projected saving and investment developments, also in light of identified tensions and the intended change in the policystance, including the planned shift in government spending from investment to social spending and increased role of private consumption.
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