Two major themes are pursued.The first theme is that investment is notoniy the engine of economic growth in China but also the m

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问题 Two major themes are pursued.The first theme is that investment is notoniy the engine of economic growth in China but also the main source of technological progress,productivity growth and stmcrural change.In developing this argument,James Riedel,Jing Jin and Jian Gao provide in Chapter 1 a brief review of China’s economic reforms and their outcomes in the four economic sectors agriculture.industry, foreign trade and finance.They conclude that the financial sector is the weakest and the most crucial for sustaining growth in the future.In Chapter 2.reviewing recent studies of China’s growth,Riedel,Jin and Gao find that these have not been able to explain economic growth in China,because thev do not consider independent technological improvement over the past two decades.The authors thereflore challenge conventional growth theory,and argue that the function of investment is not iust to replace obsolete capital but more importantly to upgrade technology in the economy:technological change and investment are part and parcel of the same thing.Changing technology requires investment.and investmen tinevitably involves technological change.As a result,investment not only drives China,s economic growth but is also the main source of technological progress,productivity growth and structural change.This argument is probably the book’s most valuable contribution;it also serves as the foundation for the discussion of issues in Chinese financial sector in the rest of the book.

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答案正在研究两个主要的议题,第一个是,投资不仅是中国经济增长的动力,还是技术进步,产量增长和结构转变的主要来源。在讨论这个问题的过程中,James Riedel、Jing Jin和Jian Gao在第一章对中国经济的改革和四个领域农业、工业、对外贸易和金融方面的成果做了简单的回顾。他们认为金融部分是最弱的,也是未来可持续增长的最重要的部分。第二章,通过回顾最近对中国增长的研究,Riedel、Jin和Gao发现,这些不足以解释中国的经济增长,因为他们没有考虑到过去20年独立的技术发展,因此作者对传统经济增长理论提出挑战,认为投资不仅仅取代了过时的资本,而且更重要的是对经济内技术的升级:技术改变和投资在某一方面是一回事。技术改变需要投资,投资中也包含着技术革新。因此投资不仅仅驱动着中国经济增长,而且是技术进步、产量增长和结构转变的重要来源。这一理论也许是书上最有价值的贡献,它还是书中后面部分讨论中国金融部门问题的基础。

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