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Half a century ago nobody could even imagine the pace of growing that China is experiencing right now. Back then it was simply a country with a devastated by war economy that was just starting to recover from the most difficult periods in its history. Even a quarter of the century before when if was in the sunset of Mao period the future outcomes and opportunities for this country were not the best ones, they really looked unpromising. As of the beginning of this century China has the greatest pace of development among other countries of the world. Fifty years ago, no one could even closely estimate how China would grow. China had a major problem that was the result of a closed economy and the communist regime. The key issue was a lack of investment that could raise an economy of such a potential economic giant. However, China has managed to solve the problem as we see all the money going in the country, and now they are facing potential difficulties that can be resulted by overinvestment. Overinvestment is pretty dangerous and can easily cause a bubble effect. However, the country continues to show decent results in economic growth. From the beginning of implementation of economic reforms in China the country has experienced cycles of rushes in economic activity and inflation that were chased by phases of retrenchment. In the 1980's two cycles were finished by hard landings. It could be easily seen in 1986-90 cycle. It started with loosening the monetary and fiscal policies that resulted troubles for SOEs. In 1988 inflation was as high as 19 percent which actually caused the government to respond with reconsidering policies. They managed to take inflation into control but the administrative measures had bad consequences for allocation of resources. Another cycle of 1991-97 started with a rise in government spendings and loosing up bank's credit policies. In 1992 China faced the investment boom which was quite similar to the one it is facing right now. The investment boom resulted GDP to grow by 14 percent. Demand forces resulted an increase of inflation. Government's response was a 16-point» plan to cool the economy that they adopted in 1993. The key points of the plan were aimed to rise the interest rates, make the process of giving the loans to commercial banks by the central bank more strict and complicated, and also limit investment approvals. The tightening was reversed by the end of 1993. This was a base for a highest rate of inflation that occurred in China in 1994. It was as high as 24 percent. The government actually achieved the stabilization of economy in 1996, and the inflation was even less than 10 percent. While a soft landing was achieved, the rapid pace of credit growth in 1992-96 contributed to the weakness of the financial sector today. Most of the non-performing loans in the banking system date from this period. The speed of economic movement in China greatly increased in 2003, regardless the SARS outbreak. The growth of GDP was at a mark of 10 percent for 2003 and it continued to grow with the same pace in 2004. This was mainly caused by great level of investment. CPI inflation was as high as 4.4 percent in May. Overinvestment in some sectors of the economy caused a great threat of a problem. Responding to that, Chinese government made monetary and administrative policies a bit stricter to prevent the potential overheating of the economy. Money and credit rates have decreased but they still remain about 18 percent per year as of midst 2004. Real GDP growth also owes to an increase in export. Fixed capital formation has increased by 20 percent in real terms (the fastest rate since 1993) achieving 44 percent of GDP. Due to SARS epidemic that was in the second quarter of 2003,louis vuitton, consumption growth has decreased comparing to 2002. However, the influence of SARS was only for a short period o time and a country has fully recovered from it later in the year. Export growth was 35 percent in 2003 comparing to 22 percent in 2002. This mainly happened due to China's acquired of big market shares in major industrialized countries. As well as exports, imports showed a great percentage of growth as the demand grew especially for raw materials. CPI inflation increased to 4.4 percent in May 2004 that resulted increases in prices for groceries. If not take to account the increase in food prices,louis vuitton outlet, inflation had a slight positive effect on the economy just as this rate of inflation should have. The increase of food prices was also caused by the decrease of the cultivation area and summer draught that took place a year before. Half a century ago nobody could even imagine the pace of growing that China is experiencing right now. Back then it was simply a country with a devastated by war economy that was just starting to recover from the most difficult periods in its history. Even a quarter of the century before when if was in the sunset of Mao period the future outcomes and opportunities for this country were not the best ones, they really looked unpromising. As of the beginning of this century China has the greatest pace of development among other countries of the world. Fifty years ago, no one could even closely estimate how China would grow. China had a major problem that was the result of a closed economy and the communist regime. The key issue was a lack of investment that could raise an economy of such a potential economic giant. However, China has managed to solve the problem as we see all the money going in the country,louis vuitton handbags, and now they are facing potential difficulties that can be resulted by overinvestment. Overinvestment is pretty dangerous and can easily cause a bubble effect. However, the country continues to show decent results in economic growth. From the beginning of implementation of economic reforms in China the country has experienced cycles of rushes in economic activity and inflation that were chased by phases of retrenchment. In the 1980's two cycles were finished by hard landings. It could be easily seen in 1986-90 cycle. It started with loosening the monetary and fiscal policies that resulted troubles for SOEs. In 1988 inflation was as high as 19 percent which actually caused the government to respond with reconsidering policies. They managed to take inflation into control but the administrative measures had bad consequences for allocation of resources. Another cycle of 1991-97 started with a rise in government spendings and loosing up bank's credit policies. In 1992 China faced the investment boom which was quite similar to the one it is facing right now. The investment boom resulted GDP to grow by 14 percent. Demand forces resulted an increase of inflation. Government's response was a 16-point» plan to cool the economy that they adopted in 1993. The key points of the plan were aimed to rise the interest rates, make the process of giving the loans to commercial banks by the central bank more strict and complicated, and also limit investment approvals. The tightening was reversed by the end of 1993. This was a base for a highest rate of inflation that occurred in China in 1994. It was as high as 24 percent. The government actually achieved the stabilization of economy in 1996, and the inflation was even less than 10 percent. While a soft landing was achieved, the rapid pace of credit growth in 1992-96 contributed to the weakness of the financial sector today. Most of the non-performing loans in the banking system date from this period. The speed of economic movement in China greatly increased in 2003, regardless the SARS outbreak. The growth of GDP was at a mark of 10 percent for 2003 and it continued to grow with the same pace in 2004. This was mainly caused by great level of investment. CPI inflation was as high as 4.4 percent in May. Overinvestment in some sectors of the economy caused a great threat of a problem. Responding to that, Chinese government made monetary and administrative policies a bit stricter to prevent the potential overheating of the economy. Money and credit rates have decreased but they still remain about 18 percent per year as of midst 2004. Real GDP growth also owes to an increase in export. Fixed capital formation has increased by 20 percent in real terms (the fastest rate since 1993) achieving 44 percent of GDP. Due to SARS epidemic that was in the second quarter of 2003, consumption growth has decreased comparing to 2002. However, the influence of SARS was only for a short period o time and a country has fully recovered from it later in the year. Export growth was 35 percent in 2003 comparing to 22 percent in 2002. This mainly happened due to China's acquired of big market shares in major industrialized countries. As well as exports, imports showed a great percentage of growth as the demand grew especially for raw materials. CPI inflation increased to 4.4 percent in May 2004 that resulted increases in prices for groceries. If not take to account the increase in food prices, inflation had a slight positive effect on the economy just as this rate of inflation should have. The increase of food prices was also caused by the decrease of the cultivation area and summer draught that took place a year before. Half a century ago nobody could even imagine the pace of growing that China is experiencing right now. Back then it was simply a country with a devastated by war economy that was just starting to recover from the most difficult periods in its history. Even a quarter of the century before when if was in the sunset of Mao period the future outcomes and opportunities for this country were not the best ones, they really looked unpromising. As of the beginning of this century China has the greatest pace of development among other countries of the world. Fifty years ago, no one could even closely estimate how China would grow. China had a major problem that was the result of a closed economy and the communist regime. The key issue was a lack of investment that could raise an economy of such a potential economic giant. However, China has managed to solve the problem as we see all the money going in the country, and now they are facing potential difficulties that can be resulted by overinvestment. Overinvestment is pretty dangerous and can easily cause a bubble effect. However, the country continues to show decent results in economic growth. From the beginning of implementation of economic reforms in China the country has experienced cycles of rushes in economic activity and inflation that were chased by phases of retrenchment. In the 1980's two cycles were finished by hard landings. It could be easily seen in 1986-90 cycle. It started with loosening the monetary and fiscal policies that resulted troubles for SOEs. In 1988 inflation was as high as 19 percent which actually caused the government to respond with reconsidering policies. They managed to take inflation into control but the administrative measures had bad consequences for allocation of resources. Another cycle of 1991-97 started with a rise in government spendings and loosing up bank's credit policies. In 1992 China faced the investment boom which was quite similar to the one it is facing right now. The investment boom resulted GDP to grow by 14 percent. Demand forces resulted an increase of inflation. Government's response was a 16-point» plan to cool the economy that they adopted in 1993. The key points of the plan were aimed to rise the interest rates, make the process of giving the loans to commercial banks by the central bank more strict and complicated, and also limit investment approvals. The tightening was reversed by the end of 1993. This was a base for a highest rate of inflation that occurred in China in 1994. It was as high as 24 percent. The government actually achieved the stabilization of economy in 1996, and the inflation was even less than 10 percent. While a soft landing was achieved, the rapid pace of credit growth in 1992-96 contributed to the weakness of the financial sector today. Most of the non-performing loans in the banking system date from this period. The speed of economic movement in China greatly increased in 2003, regardless the SARS outbreak. The growth of GDP was at a mark of 10 percent for 2003 and it continued to grow with the same pace in 2004. This was mainly caused by great level of investment. CPI inflation was as high as 4.4 percent in May. Overinvestment in some sectors of the economy caused a great threat of a problem. Responding to that, Chinese government made monetary and administrative policies a bit stricter to prevent the potential overheating of the economy. Money and credit rates have decreased but they still remain about 18 percent per year as of midst 2004. Real GDP growth also owes to an increase in export. Fixed capital formation has increased by 20 percent in real terms (the fastest rate since 1993) achieving 44 percent of GDP. Due to SARS epidemic that was in the second quarter of 2003, consumption growth has decreased comparing to 2002. However, the influence of SARS was only for a short period o time and a country has fully recovered from it later in the year. Export growth was 35 percent in 2003 comparing to 22 percent in 2002. This mainly happened due to China's acquired of big market shares in major industrialized countries. As well as exports, imports showed a great percentage of growth as the demand grew especially for raw materials. CPI inflation increased to 4.4 percent in May 2004 that resulted increases in prices for groceries. If not take to account the increase in food prices, inflation had a slight positive effect on the economy just as this rate of inflation should have. The increase of food prices was also caused by the decrease of the cultivation area and summer draught that took place a year before.
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