In the third quarter of 2023, the United States and China respectively released their GDP growth rate data. In the United StatesNational economyAmended report, United StatesEconomic growthShowing even stronger momentum, the GDP growth rate was revised to 28%，Month-on-month growth rateAlso from 12% to 13%。At the same time, China's GDP growth rate is 49%，Year-over-year growth ratehigher than in the United States. However, strikingly, both China and the United StatesMonth-on-month growth ratehave reached 13%。This figure raises people's thoughts, both China and the United StatesEconomyWhether the state of development is comparable. This article will delve into China and the United StatesEconomic growthThe different factors behind it.
1. The contribution of private investment: the difference between the preliminary statistics and the revised report
The revised report notes that while private consumption still plays the greatest supporting role, privateInvestments(Especially inventory.)Investments) is higher than the preliminary statistical results. This means that the U.S. private sector was in the third quarterInvestmentsBe more positive, rightEconomic growthThe contribution is also greater. In addition, U.S. fiscal spending has also been revised upward, rightEconomic growthplayed a positive role. These adjustments resulted in:Economic growthThe further increase in the rate exceeded the market's expectations.
2. The economic recovery brought about by insufficient domestic demand is relatively weak
Compared to the United States, China'sEconomyThe recovery momentum is relatively weak, mainly due to insufficient domestic demand. Residents consume andInvestment in fixed assetsThe weakness is the main manifestation of the lack of domestic demand. From January to September this year, the total profits of industrial enterprises above designated size fell by 9 percent year-on-year0%, industrialCapacity utilizationOnly 756%, indicating a downward trend in corporate orders and profits. At the same time, globalEconomyThe slowdown has also put some pressure on China's external demand.
3. It is recommended to increase the incentive of "stable growth".
The impact of the epidemic has not yet been fully repairedInvestmentsIn the context of declining efficiency, it is recommended that China gradually change the focus of fiscal policy and focus on promoting consumption andInvestmentsto promote the growth of residents' income and consumption. Learning from the experience of other countries, a rapid rebound in private consumption could be stimulated through cash subsidies to specific groups. In addition, the focus of fiscal policy should be shifted from scale-oriented to efficiency-oriented, so as to reduce the pressure on residents' lives and raise their income and consumption levels. The growth of household income and consumption will lead to an increase in orders, which will enhance the confidence of enterprises, which will drive moreInvestments
1. The adjustment of the U.S. economy and the debt problem
United StatesEconomyThe increase may involve factors such as adjusting the rules and raising prices, and has also triggered concerns about high prices in the United StatesDebtof concerns. The United States has long depended onDebtPushEconomic growth, high amountsDebtMay giveEconomyPoses a potential risk.
2. Structural problems of China's economy
At the same time, ChinaEconomic growthThe structural problems faced cannot be ignored. Lack of domestic demand, industryOvercapacityand other issues continue to plague ChinaEconomydevelopment. in developmentEconomyIn the process, more attention should be paid to raising the level of consumption and improving the income distribution of residentsEconomyDevelopment is more balanced and sustainable.
3. The economic gap between China and the United States and the development goals
China and the United StatesEconomyTo a certain extent, the gap reflects the different priorities and areas of strength of the two countries' development. The United States is in scientific and technological innovationFinancial servicesand other fields have strong competitiveness, while China has certain advantages in manufacturing and infrastructure construction. Therefore, China and the United States are inEconomyThe goals and paths of development will also vary.
Through the adoption of China and the United StatesEconomic growthA comparative analysis of the rates, we can see that although the GDP of China and the United StatesMonth-on-month growth rateSame, but this does not fully reflect the two countriesEconomyThe true picture of the state of development. United StatesEconomyAfter undergoing an adjustment in the third quarter, it showed a strong growth momentum, and ChinaEconomyChallenges from insufficient domestic demand and structural problems remain.
For China, the development of domestic demand, the increase in consumption level and household income are the promotionEconomic growthThe key. ** Incentives should be strengthened to promote the rebound of household consumption, change the focus of fiscal policy, and focus on improving performance and effectiveness. Only letOrdinary peopleOnly when you have money and dare to spend can you promoteEconomyof high-quality development.
In short, both China and the United StatesEconomic growthThere are differences in the situation, and all sectors of society should conduct in-depth analysis and research, find a development model suitable for their own national conditions, and continue to innovate and reform, and promoteEconomySteady growth, realizationSustainabilitygoals.