zhōng guó中国jīng jì经济wèi shén me为什么gèng更yī lài依赖chū kǒu出口
An American scholar who has studied China's economy for many years believes that China previously developed its economy mainly through lending and large-scale investment.
In the early days, building roads, bridges, and factories was useful, but later some projects became increasingly difficult to make profitable, and companies and local governments also accumulated a great deal of debt.
After the real estate market weakened, new home construction and sales fell sharply. Many families worry that home prices will decline, so they do not want to buy homes and do not dare to spend much money.
The government hopes to develop new industries such as advanced manufacturing, artificial intelligence, and robotics, but these industries require a great deal of money, cannot provide many jobs, and cannot quickly increase household consumption.
If there are not enough people buying things at home, companies can only sell more of the goods they produce abroad.
Cheap Chinese goods benefit foreign consumers, but they may make it harder for local factories to develop.
As a result, other countries may increase import restrictions, and trade relations may also become more tense.
The scholar believes that China needs to change the way it uses funds, raise household income and consumption, and at the same time accept slower economic growth.