05149oam 22013334 450 991097515220332120250426110539.0978661383033397814623639191462363911978145279957514527995719781283517881128351788497814519097841451909780(CKB)3360000000443958(EBL)3014322(SSID)ssj0000940716(PQKBManifestationID)11600652(PQKBTitleCode)TC0000940716(PQKBWorkID)10955564(PQKB)10715388(OCoLC)698585507(IMF)WPIEE2006265(MiAaPQ)EBC3014322(IMF)WPIEA2006265WPIEA2006265(EXLCZ)99336000000044395820020129d2006 uf 0engur|n|---|||||txtccrWhat’s Driving Investment in China? /Steven Barnett, R. Brooks1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (41 p.)IMF Working Papers"November 2006."9781451865257 1451865252 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. RECENT DEVELOPMENTS IN INVESTMENT""; ""III. WHAT IS DRIVING MANUFACTURING INVESTMENT?""; ""IV. WHAT IS DRIVING REAL ESTATE INVESTMENT?""; ""V. CONCLUSION""; ""ANNEX I. INVESTMENT AND SAVING DATA BY SECTOR""; ""REFERENCES""Investment has grown rapidly in China in recent years, reaching more than 40 percent of GDP. Despite good progress on bank and enterprise reforms, weaknesses remain that could contribute to inefficient investment decisions. Manufacturing, infrastructure, and real estate have been the drivers of fixed asset investment. Econometric analysis presented in the paper suggests that manufacturing investment is strongly correlated with firms' liquidity, largely retained earnings. Analysis of residential real estate investment shows that it is weakly correlated with real household income growth and real mortgage interest rates. A policy implication of these findings is that reducing liquidity in firms, for example by requiring state-owned enterprises to pay dividends to the government, and using monetary policy to reduce liquidity increase real interest rates, would slow investment in manufacturing and real estate.IMF Working Papers; Working Paper ;No. 2006/265Investments, ForeignChinaSaving and investmentChinaFlow of fundsChinaAggregate Factor Income DistributionimfBanksimfCapacityimfCapitalimfDepository InstitutionsimfFinanceimfGross fixed investmentimfHousing pricesimfHousing Supply and MarketsimfHousingimfIncomeimfIndustries: Financial ServicesimfIndustries: ManufacturingimfIndustry Studies: Manufacturing: GeneralimfIntangible CapitalimfInvestmentimfInvestments: GeneralimfMacroeconomicsimfManufacturing industriesimfManufacturingimfMicro Finance InstitutionsimfMortgagesimfPricesimfProperty & real estateimfReal EstateimfSaving and investmentimfChina, People's Republic ofimfInvestments, ForeignSaving and investmentFlow of fundsAggregate Factor Income DistributionBanksCapacityCapitalDepository InstitutionsFinanceGross fixed investmentHousing pricesHousing Supply and MarketsHousingIncomeIndustries: Financial ServicesIndustries: ManufacturingIndustry Studies: Manufacturing: GeneralIntangible CapitalInvestmentInvestments: GeneralMacroeconomicsManufacturing industriesManufacturingMicro Finance InstitutionsMortgagesPricesProperty & real estateReal EstateSaving and investmentBarnett Steven1816081Brooks R350752International Monetary Fund.Asia and Pacific Dept.DcWaIMFBOOK9910975152203321What’s Driving Investment in China4372382UNINA