Se reducen los horizontes de política de China

BEIJING – En el último trimestre de 2011, cuando disminuyó más rápidamente el aumento de la inversión china, las inquietudes por un fuerte descenso económico se intensificaron, en particular debido al rechazo de las autoridades a emprender nuevas políticas expansivas. Sin embargo, para mayo de 2012, el gobierno había cambiado de parecer por lo que la Comisión Nacional de Desarrollo y Reforma aprobó 7 millones de yuanes (1.3 billones de dólares) en nuevos proyectos. Eso, aunado a los dos recortes subsiguientes de las tasas de interés que realizó el Banco Popular de China (BPC), garantizó el fin de la desaceleración económica en el tercer trimestre de 2012.

Así pues, el desempeño de la economía china ha mantenido el patrón cíclico familiar de las dos últimas décadas: un rápido crecimiento de la inversión, respaldado por políticas expansivas, ha impulsado la tasa de crecimiento económico. A eso sigue la inflación, y en consecuencia las políticas se endurecen y el crecimiento se desacelera. Sin embargo, la inflación sigue elevada o en aumento, por lo tanto, hay más endurecimiento. Finalmente la inflación disminuye, pero el crecimiento se desacelera más de lo deseado debido a la sobrecapacidad que resulta de la inversión excesiva en las primeras fases del ciclo. En esta etapa, las políticas vuelven a ser expansivas y el ciclo comienza nuevamente: dirigida por un aumento de la inversión, la economía repunta.

Así pues, la aceleración del crecimiento económico desde el tercer trimestre de 2012 no debería sorprender. Mientras el gobierno seguía teniendo margen de maniobra para ejercer políticas monetarias o fiscales expansivas, la reactivación económica era solo una cuestión de tiempo.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable

    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.