Jin Keyu talks about the biggest misunderstanding of Chinese economy by Western scholars

Video: Jin Keyu talks about the biggest misunderstanding of Chinese economy by Western scholars 金刻羽谈西方学者对中国经济的最大误解

Jin Keyu, a professor at the London School of Economics, recently said in an exclusive interview with China News Service's "East-West Questions" that the West's view of the Chinese economy is very inaccurate. They measure China with their own standards, systems and models. They believe that China's savings rate is too high, the investment rate is too high, and the economic structure is biased towards exports and industry.

But if you only observe China fragmentarily from certain macro data, you cannot understand the growth model of the Chinese economy. From a foreign perspective, a high savings rate means weak consumption, so the savings rate must be lowered to stimulate the economy. China's savings rate is indeed high, but this also avoids a "trap" that many developing countries have fallen into, that is, they need to borrow a lot of money from abroad to achieve development. And foreign debt eventually became the fuse for the economic and financial crisis in many developing countries.

伦敦政治经济学院教授金刻羽近日在接受中新社“东西问”专访时表示，西方看中国经济是很不准的。他们以自己的标准、系统和模型来衡量中国。他们认为，中国储蓄率太高，投资率太高，经济结构偏于出口和工业等。

但如果只是片段地从某些宏观数据观察中国，就不能理解中国经济的增长模式。在国外看来，储蓄率高就意味着消费弱，所以一定要降低储蓄率，才能刺激经济。中国储蓄率的确高，但这也避免了很多发展中国家踏入的一个“圈套”，那就是需要从国外借大量的钱，才能实现发展。而外债最终成为许多发展中国家经济、金融危机的导火索