英语论文网

pita disposable incomes 20 respectively increased by 12.6% and 9.6% in real terms, much higher than GDP growth. Therefore, one may predict that personal consumption will continue to grow at a higher rate than GDP growth and will contribute to an even larger percentage of total GDP in the following years. If such a pattern holds, it means that China will be able to gradually transform itself from an export-push and investment driven to a consumption-led economy. Future Challenges and Constraints on the Chinese Economy Despite making good progress during the year, China experienced many difficulties and challenges in its economic development in 2012. The year could be marked as a turning point for the country as the complicated internal and external environment forced China to slowdown and to think carefully about the development path it intended to undertake in the future. Looking ahead, China will face the following challenges. Restructure the unbalanced economic structure China has realised the need to balance its domestic economic structure over a decade ago. However, only limited progress has been made up to today. There have been a few important structural imbalances in the Chinese economy and society: (1) the share of manufacturing is unusually high in the national economy, accounting for about 45% of GDP, significantly higher than that of any other major industrialised or emerging economy in the world; (2) the heavy industry, particularly the most polluting industrial sub-sectors, has dominated the industrial sector; (3) the growth of the national economy has heavily depended on exports and investments while the share of domestic consumption has been substantially lower than that of any industrialised or emerging economy in the world; (4) there has been a persistent regional divide between the coastal and inland areas; (5) there has been a persistent urban-rural divide in terms of per capita income, education, healthcare, and employment; (6) rural poverty has remained stubbornly difficult to be eliminated given the other various structural problems listed above.

There are signs that the situation started to improve slightly in 2012. For example, the growth rate of light industry value-added was slightly higher than that of the heavy industry. However, from August 2012, when the government wanted to boost the domestic economy from declining, more investments were made to boost the heavy industry again. Consequently, the growth rate of heavy industry value-added surpassed that of the light industry immediately (Figure 11). In addition, for some of the energyintensive industrial sectors, they continue growing rapidly in recent years. For instance, in 2012, the industrial value-added of the ferrous and non-ferrous metals and metal products, raw chemical materials and chemical products and textiles were up by 13.4%, 11.6% and 12.3% respectively, all higher than the growth rate of the industrial average growth. This suggests that the economic restructuring process in China can be a complicated, long and painful process.

Energy Security Issue The second challenge faced by China is related to its energy issue. After more than 30years of fast economic expansion, China now has evolved to be the second largest economic entity as well as the largest energy consumer and carbon dioxide emitter in the world. Figure 12 portraits the GDP growth rate and growth in total energy consumption in China and the U本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。