诊断和匡正资本主义的致命缺陷.pptVIP

Some economists have denied the problem entirely. Some claim that China cannot face the same fate as other countries for one of several reasons: a) because Chinese buyers were forced to make large down payments (30-40% of the house price), b) because most investment is being made by state-owned enterprises, or c) because the Chinese government has large cash reserves. This way of thinking is typical of “ex post” explanations. It draws upon a specific feature of a situation that is different from other cases and makes it a central factor. This happened in Japan in the early 1990s, when peopl