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The People’s Republic of China and Global Imbalances from a View of Sectorial Reforms

Apr 04, 2018

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  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    1/38

    GHOC Rlreckb Zgzmr Qmrcmq

    Xfm Zmlzimq _mz}oica ln Afckggkh Bilogi C`ogigkamq nrl` g ^cmln Qmaxlrcgi_mnlr`q

    Fcrl Cxl gkh]ircaf ^lit

    Kl+ 131Kl~m`omr ?:7?

    Gqcgk Hm~milz`mkx Ogke Ckqxcx}xm

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    Xfm Rlreckb Zgzmr qmrcmq cq g alkxck}gxclk ln xfm nlr`mris kg`mh Hcqa}qqclk Zgzmr qmrcmq5 xfmk}`omrckb ln xfm zgzmrq alkxck}mh cxfl}x ckxmrr}zxclk lr afgkbm+ GHOCq lreckb zgzmrqrmnimax ckcxcgi chmgq lk g xlzca gkh grm zlqxmh lkickm nlr hcqa}qqclk+ GHOC mkal}rgbmq rmghmrq xlzlqx xfmcr al``mkxq lk xfm `gck zgbm nlr mgaf lreckb zgzmr &bc~mk ck xfm acxgxclk omil#+Ql`m lreckb zgzmrq `gs hm~milz ckxl lxfmr nlr`q ln z}oicagxclk+

    Q}bbmqxmh acxgxclk4

    Cxl) F+ gkh ]+ ^lit+ ?:7?+ Xfm Zmlzimq _mz}oica ln Afckg gkh Bilogi C`ogigkamqnrl` g ^cm ln Qmaxlrcgi_mnlr`q+GHOC Rlreckb Zgzmr 131+ Xlesl4 Gqcgk Hm~milz`mkx Ogke

    Ckqxcx}xm+ G~gcigoim4 fxxz4,,+ghoc+lrb,lreckbzgzmr,?:7?,77,:?,=1:6+zra+bilogi+c`ogigkamq+qmaxlrcgi+rmnlr`q,

    Zimgqm alkxgax xfm g}xflrq nlr cknlr`gxclk gol}x xfcq zgzmr+

    M`gci4cxlJzhv+mh}5 }ircaf+~litJhcmbhc+hm

    Fcrl Cxl cq gqqlacgxm zrlnmqqlr ln malkl`caq gx xfm Hmzgrx`mkx ln Malkl`caq) ZlrxigkhQxgxm ]kc~mrqcxs ck Zlrxigkh) L_+ ]ircaf ^lit cq qmkclr rmqmgrafmr gx xfm Bmr`gkHm~milz`mkx Ckqxcx}xm,Hm}xqafmq Ckqxcx}x nr Mkxcaei}kbqzlicxce &HCM# ck Olkk) Bmr`gks+

    Xfm g}xflrq xfgke Dgackxg Omrkghmxxm _cal gkh Mrcag Ailmr nlr mvamiimkx rmqmgrafgqqcqxgkam+ Fcrl Cxl xfgkeq Zlrxigkh Qxgxm ]kc~mrqcxs nlr cxq nckgkacgi q}zzlrx+ Fmizn}ial``mkxq os B}lkgk @g) B}kxfmr Qafkgoi) Kgls}ec Slqfckl) gkh lxfmr alknmrmkamzgrxcaczgkxq lk g zrmqmkxgxclk bc~mk gx xfm alknmrmkam CkxrgM}rlzmgk C`ogigkamq)Bilogi C`ogigkamq) Ckxmrkgxclkgi Ogkeckb) gkh Ckxmrkgxclkgi Nckgkacgi Qxgocicxs lk 7276Qmzxm`omr ?:7? ck Omrick grm brgxmn}iis gaeklimhbmh+ Xfm g}xflrq gaamzx rmqzlkqcocicxsnlr gks mrrlrq ck xfm zgzmr+

    Xfm ~cmq mvzrmqqmh ck xfcq zgzmr grm xfm ~cmq ln xfm g}xflr gkh hl klx kmamqqgrcisrmnimax xfm ~cmq lr zlicacmq ln GHOC) xfm GHO) cxq Olgrh ln Hcrmaxlrq) lr xfm bl~mrk`mkxqxfms rmzrmqmkx+ GHOC hlmq klx b}grgkxmm xfm gaa}rgas ln xfm hgxg ckai}hmh ck xfcq zgzmrgkh gaamzxq kl rmqzlkqcocicxs nlr gks alkqmw}mkamq ln xfmcr }qm+ Xmr`cklilbs }qmh `gsklx kmamqqgrcis om alkqcqxmkx cxf GHO lnncacgi xmr`q+

    Gqcgk Hm~milz`mkx Ogke Ckqxcx}xmEgq}`cbgqmec O}cihckb 6N1?= Egq}`cbgqmec) Afcslhge}

    Xlesl 7::>::6) Dgzgk

    Xmi4 %6711=31==::Ngv4 %6711=31==27]_I4 +ghoc+lrbM`gci4 cknlJghoc+lrb

    ?:7? Gqcgk Hm~milz`mkx Ogke Ckqxcx}xm

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    Goqxrgax

    Xfcq zgzmr mvg`ckmq xfm c`zgax ln qmaxlrcgi rmnlr`q lk a}rrmkx gaal}kx c`ogigkamq) cxf gqzmacgi nla}q lk xfm Zmlzimq _mz}oica ln Afckg &Z_A#+ Ck zgrxca}igr) m ck~mqxcbgxm xl fgxmvxmkx rmnlr`q zmrxgckckb xl xfm nckgkacgi qmaxlr) qlacgi zrlxmaxclk) gkh fmgixfagrm `gsalkxrco}xm xl g rmogigkackb ln xfm Z_Aq zmrqcqxmkx a}rrmkx gaal}kx c`ogigkamq+ L}r nlrmagqxckb

    rmq}ixq q}bbmqx xfgx rmnlr`ckb xfm nckgkacgi qmaxlr l}ih om g qcbkcncagkx alkxrco}xlr xl xfmal}kxrsq rmogigkackb cxf gk mnnmax `}af igrbmr xfgk xfgx ln agzcxgi gaal}kx icomrgictgxclk+Qxrmkbxfmkmh zrl~cqclkq ln qlacgi zrlxmaxclk gkh z}oicaisn}khmh fmgixfagrm grm giql nl}kh xlalkxrco}xm xl g rmogigkackb ln xfm Z_A malkl`s+

    DMI Aigqqcncagxclk4 N1?) N87

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    Alkxmkxq

    7+ Ckxrlh}axclk ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 1?+

    Xfm Z_Aq Qmaxlrcgi C`ogigkamqNrl` @carlmalkl`caq xl @garlmalkl`caq +++++++++++++ 8

    ?+7 Nckgkacgi qmaxlr +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 8?+? Z}oica mvzmkhcx}rm lk qlacgi zrlxmaxclk gkh fmgixfagrm ++++++++++++++++++++++++++++++++++++++++ 7:

    1+ Mqxc`gxclkq ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 7?1+7 Mqxc`gxclk `lhmi gkh hgxg ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 7?1+? Mqxc`gxclk rmq}ixq gkh ckxmrzrmxgxclkq +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 78

    8+ C`zicagxclkq ln xfm Mqxc`gxclk _mq}ixq nlr xfm Z_A +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ?78+7 Alkxrco}xclkq ln qmaxlrcgi ~grcgoimq +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ?78+? Qamkgrcl gkgisqcqnlrmagqxq ln xfm Z_Aq a}rrmkx gaal}kx) kgxclkgi qg~ckb) gkh

    ck~mqx`mkx +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ?=8+1 Lxfmr ngaxlrq ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 1:

    =+ Alkai}hckb _m`greq +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 17_mnmrmkamq ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 11Gzzmkhcv4 Gqq}`zxclkq nlr L}xLnQg`zim Nlrmagqxckb ln xfm Z_Aq A}rrmkx Gaal}kx) KgxclkgiQg~ckb) gkh Ck~mqx`mkx ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 1>

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    1

    7+ CKX_LH]AXCLK

    @gks malkl`cqxq grb}m xfgx bilogi c`ogigkamq fg~m alkxrco}xmh xl xfm nrgbcicxs ln xfm lrihmalkl`s+ Gixfl}bf xfm xfrmgx xl nckgkacgi qxgocicxs nrl` a}rrmkx gaal}kx hmncacx al}kxrcmq `gsgzzmgr `lrm lo~cl}q lr c``ckmkx) bc~mk xfm hmzmkhmkas ln hmncacx al}kxrcmq lk mvxmrkgi

    nckgkam) cx cq c`zlrxgkx xl omgr ck `ckh xfgx a}rrmkx gaal}kx q}rzi}q al}kxrcmq fg~m giqlalkxrco}xmh xl xfm ckqxgocicxs ln xfm lrih malkl`s+ Qckam `gremx zrmqq}rm cq gqs``mxrcagiomxmmk hmncacx gkh q}rzi}q al}kxrcmq) xfm igxxmr }q}giis ngam `}af imqq rmogigkackb zrmqq}rmxfgk hmncacx al}kxrcmq+ Flm~mr) xl b}chm xfm lrih malkl`s xlgrh ckarmgqmh `garlmalkl`caqxgocicxs) olxf hmncacx gkh q}rzi}q al}kxrcmq kmmh xl `gem mnnlrxq xlgrh rmogigkackb+

    Qckam xfm l}xormge ln xfm bilogi nckgkacgi arcqcq ck ?::6) xfm ckxmrkgxclkgi al``}kcxs fgq xgemkrmkmmh ckcxcgxc~m xl ghhrmqq xfm zrloim` ln mvamqqc~m a}rrmkx gaal}kx c`ogigkamq+ ]zlkrmw}mqx ln xfm Brl}z ln Xmkxs &B?:#) xfm Ckxmrkgxclkgi @lkmxgrs N}kh &C@N# mqxgoicqfmh gqafm`m) xfm qlagiimh @}x}gi Gqqmqq`mkx Zrlamqq &@GZ#) xl `lkcxlr a}rrmkx gaal}kxc`ogigkamq gkh zrl~chm al}kxrcmq cxf rmal``mkhgxclkq xl alrrmax xfm c`ogigkamq cn kmamqqgrs+Bc~mk xfm nrmw}mkx aigc` xfgx alrrmaxckb `carlmalkl`ca hcqxlrxclkq agk fmiz `cxcbgxm`garlmalkl`ca c`ogigkamq) xfm @GZ fgq nla}qmh lk mvg`ckckb xfm qxgxm ln bilogi c`ogigkamqgkh zrl~chckb alrrmaxc~m zlicas zrlzlqgiq nrl` `carlmalkl`ca lr qmaxlrcgi zmrqzmaxc~mq&Qrckc~gqgk ?:7?#+ Flm~mr) hmqzcxm xfm c`zlrxgkam ln xfm qmaxlrcgi gzzrlgaf) xfmrm fgq ommkicxxim rmqmgraf xfgx ck~mqxcbgxmq xfm c`zgax ln `carlmalkl`ca lr qmaxlrcgi rmnlr`q lk a}rrmkxgaal}kx c`ogigkamq+7

    Ck xfcq zgzmr) m mvg`ckm xfm c`zgax ln qmaxlrcgi rmnlr`q lk a}rrmkx gaal}kx c`ogigkamq cxf gqzmacgi nla}q lk xfm Zmlzimq _mz}oica ln Afckg &Z_A#) lkm ln xfm ocbbmqx alkxrco}xlrq xl bilogic`ogigkamq+ Ck zgrxca}igr) m ck~mqxcbgxm xfm c`zgax lk xfm a}rrmkx gaal}kx ln rmnlr`q ck xfmnckgkacgi qmaxlr) qlacgi zrlxmaxclk) gkh fmgixfagrm+ Rfcim rmqmgrafmrq fg~m hcqa}qqmh xfm c`zgaxln mgaf ln xfmqm qmaxlrcgi rmnlr`q lk xfm Z_Aq malkl`ca omfg~clr ckai}hckb mvxmrkgi ogigkamq)nm qx}hcmq fg~m illemh gx xfmqm rmnlr`q ck g al`zrmfmkqc~m gkh qsqxm`gxca gs+ Rcxf xfcqzgzmr) m qmme xl ncii xfcq bgz gkh ille ckxl fl rmnlr`q ck xfm nckgkacgi qmaxlr) qlacgi zrlxmaxclk)

    gkh fmgixfagrm zrlbrg`q grm icemis xl gnnmax a}rrmkx gaal}kx c`ogigkamq gq mii gq qg~ckb gkhck~mqx`mkx+ Xl xfcq mkh) m alkh}ax zgkmi hgxg gkgisqcq }qckb g al`zrmfmkqc~m hgxgqmx xfgxal~mrq 61 al}kxrcmq h}rckb xfm igqx xl hmaghmq+ ]qckb arlqqal}kxrs afgrgaxmrcqxcaq lrrmb}igrcxs nl}kh ck xfm gkgisqcq) m xfmk }krg~mi xfm Z_Aq zlqqcoim zma}icgrcxcmq gkh qfmh icbfxlk cxq zrl`ckmkx rlim ck xfm bilogi c`ogigkamq hmogxm+ Rm giql mvxmkh xfm arlqqal}kxrsgkgisqcq xl zrl~chm nlrmagqxckb lk fl xfm Z_Aq qmaxlrcgi rmnlr`q cii gnnmax xfm al}kxrsqa}rrmkx gaal}kx c`ogigkamq+

    Xfm rm`gckhmr ln xfm zgzmr cq qxr}ax}rmh gq nliilq+ Qmaxclk ? orcmnis fcbficbfxq ql`mafgrgaxmrcqxcaq ln xfm Z_Aq nckgkacgi qmaxlr) z}oica qlacgi zrlxmaxclk) gkh fmgixfagrm qsqxm`)gkh hcqa}qqmq fl rmnlr`q ck xfmqm qmaxlrq `gs c`zgax xfm al}kxrsq qg~ckb) ck~mqx`mkx gkha}rrmkx gaal}kx ogigkamq+ Qmaxclk 1 zrmqmkxq mqxc`gxclk rmq}ixq ogqmh lk g arlqqqmaxclkgi`lhmi ln a}rrmkx gaal}kx ogigkamq gq mii gq kgxclkgi qg~ckb gkh ck~mqx`mkx+ Ck Qmaxclk 8) m

    alkh}ax qamkgrcl gkgisqcq }qckb nlrmagqxq ogqmh lk xfm mqxc`gxclk rmq}ixq+ Xfcq mvmracqm ciiqfl fl qmaxlrcgi rmnlr`q al}ih gnnmax xfm Z_Aq a}rrmkx gaal}kx ogigkamq) qg~ckb) gkhck~mqx`mkx ck xfm nlrmqmmgoim n}x}rm }khmr hcnnmrmkx qamkgrclq+ Ck Qmaxclk =) m cii `gemalkai}hckb rm`greq+

    7Lk xfm icke omxmmk `carlmalkl`ca gkh `garlmalkl`ca hcqxlrxclkq) mqzmacgiis nlr xfm Z_A) qmm Afckk gkh Cxl

    &?:77#) E}cdq &?::>#) @g gkh Rgkb &?:7:#) Zrgqgh &?:77#) Zrgqgh gkh Rmc &?::2#) gkh xfmcr rmnmrmkamq+ Xfmqmqx}hcmq giql xgie gol}x olxf mvxmrkgi gkh ckxmrkgi c`ogigkamq xfm malkl`s fgq ommk ngackb+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    8

    ?+ XFM Z_AQ QMAXL_CGI C@OGIGKAMQN_L@@CA_LMALKL@CAQ XL @GA_LMALKL@CAQ

    Cx fgq ommk ilkb grb}mh xfgx alrrmaxckb `carlmalkl`ca hcqxlrxclkq ck al}kxrcmq cxf zmrqcqxmkxa}rrmkx gaal}kx c`ogigkamq cq g amkxrgi zrmalkhcxclk nlr bilogi `garlmalkl`ca rmogigkackb+ Nlr

    xfm Z_A) xfm al}kxrs cxf xfm igrbmqx a}rrmkx gaal}kx q}rzi}q) cx fgq ommk nrmw}mkxis grb}mh xfgxxfm al}kxrsq `gqqc~m a}rrmkx gaal}kx q}rzi}q hmrc~mq nrl` `carlmalkl`ca lr qmaxlrcgihcqxlrxclkq xfgx fg~m imh xl mvamqqc~m qg~ckb &m+b+) Igrhs ?:7?#+ Ck zgrxca}igr) }khmrhm~milzmhz}oica qlacgi qgnmxs kmx qsqxm`q gq mii gq g rmzrmqqmh nckgkacgi qmaxlr grm al``lkis oig`mhnlr xfm mvamqqc~m lr hcqxlrxc~m qg~ckb+

    _mamkxis) xfm Rlrih Ogke) xlbmxfmr cxf xfm Hm~milz`mkx _mqmgraf Amkxmr ln xfm Qxgxm Al}kaci&H_A#) grb}mh ck g al`zrmfmkqc~m qx}hs lk xfm Z_Aq n}x}rm hm~milz`mkx `lhmi xfgx xfm Z_Acii kmmh xl c`zim`mkx hrgqxca qxr}ax}rgi rmnlr`q gkh qxrmkbxfmk xfm qlacgi qgnmxs kmx ckai}hckbqlacgi qma}rcxs gkh fmgixfagrm xl fmiz g rmogigkackb ln xfm Z_A malkl`s &Rlrih Ogke gkh H_A?:7?#+ Xfm rmzlrx giql m`zfgqctmh xfgx rmogigkackb cq mqqmkxcgi nlr xfm al}kxrs xl zrlammh lk gxrgdmaxlrs ln q}qxgckgoim hm~milz`mkx+ Ck xfm nliilckb) m cii orcmnis hcqa}qq ql`mafgrgaxmrcqxcaq ln xfm Z_Aq nckgkacgi qmaxlr gkh xfm qlacgi zrlxmaxclk gkh fmgixfagrm qsqxm`q)gkh fl rmnlr`q ck xfmqm qmaxlrq `gs gnnmax xfm Z_Aq qg~ckb) ck~mqx`mkx) gkh a}rrmkx gaal}kxogigkamq+

    ?+7 Nckgkacgi qmaxlr

    Rfcim cx cq hcnnca}ix xl `mgq}rm xfm im~mi ln nckgkacgi hm~milz`mkx ck bmkmrgi) cx cq m~mk `lrmafgiimkbckb nlr g al}kxrs ck fcaf xfm bl~mrk`mkx cq gaxc~mis `mhhickb cxf `gremx gaxc~cxcmq) gqcq xfm agqm ck xfm Z_A+ Qxgkhgrh) orlgh `mgq}rmq ln nckgkacgi hm~milz`mkx q}af gq zrc~gxmarmhcx armgxclk &Ncb}rm 7# gkh qxlae `gremx agzcxgictgxclk &Ncb}rm ?#) olxf gq qfgrmq ln brlqqhl`mqxca zrlh}ax &BHZ#) agk loqa}rm xfm rmgi zcax}rm ln xfm Z_Aq nckgkacgi hm~milz`mkx+Gaalrhckb xl xfmqm `mgq}rmq) xfm Z_A qxgkhq rmigxc~mis mii gq g nckgkacgiis hm~milzmh

    malkl`s al`zgrmh cxf lxfmr hm~milzckb al}kxrcmq) ckai}hckb xflqm ck Gqcg+ Flm~mr) omag}qmxfm bl~mrk`mkx g}xflrcxcmq agk `gkcz}igxm armhcx zrl~cqclkgq cx hch ck xfm c``mhcgxm gnxmr`gxfln xfm bilogi nckgkacgi arcqcq ln ?::6lr hcrmaxis ckni}mkam qxlae `gremx zrcamq) `mgq}rckb xfmim~mi ln nckgkacgi hm~milz`mkx ck xmr`q ln zrc~gxm armhcx armgxclk gkh qxlae `gremx agzcxgictgxclkagk om `mgkckbimqq nlr xfm Z_A+ Alkqchmrckb xfgx lkis fcbfis hm~milzmh lr qlzfcqxcagxmh`gremxq agk fg~m hm~milzmh zrc~gxm olkh `gremxq) m al}ih `mgq}rm xfm Z_Aq nckgkacgihm~milz`mkx os nla}qckb lk zrc~gxm olkh `gremx agzcxgictgxclk &gq g qfgrm ln BHZ#+ Rcxf xfcq`mgq}rm &qflk ck Ncb}rm 1#) xfm Z_A hlmq gzzmgr gq gk malkl`s cxf }khmrhm~milzmhnckgkacgi `gremxq+ O}x qxcii xfcq `mgq}rm hlmq klx zrl~chm xfm rmgi zcax}rm ln xfm al}kxrsqnckgkacgi hm~milz`mkx) bc~mk xfgx ck `gks agqmq ogkeq grm xfm `gdlr flihmrq ln alrzlrgxmolkhq) fcaf grm mqqmkxcgiis ~mfcaimq xl acra}`~mkx a}roq lk armhcx brlxf+

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    7/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    =

    Ncb}rm 74 Nckgkacgi Hm~milz`mkxZrc~gxm Armhcx Armgxclk

    :

    +?

    +8

    +>

    +6

    7

    7+?

    7+8

    Zrc~gxmArmhcxArmgxclk

    )-l

    nBHZ

    732: 736: 733: ?::: ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Ncb}rm ?4 Nckgkacgi Hm~milz`mkxQxlae @gremx Agzcxgictgxclk

    :

    +?

    +8

    +>

    +6

    7

    7+?

    7+8

    Qxlae@ex+Agzcxgictgxclk)

    -l

    nBHZ

    732: 736: 733: ?::: ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    8/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    >

    Ncb}rm 14 Nckgkacgi Hm~milz`mkx Zrc~gxm Olkh @gremx Agzcxgictgxclk

    :

    +?

    +8

    +>

    +6

    Zrc~+

    Olkh@ex+Agzcxgictgxclk)

    -l

    nBHZ

    733: 733= ?::: ?::= ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Gilkb cxf xfm bl~mrk`mkxq gaxc~m ck~li~m`mkx ck armhcx armgxclk) xfm bl~mrk`mkx g}xflrcxcmqgiql `gckxgck g xcbfx alkxrli l~mr hl`mqxca nckgkacgi `gremxq) fcaf ag}qmq qmrcl}q hcqxlrxclkq ckagzcxgi giilagxclk gx xfm mvzmkqm ln zrc~gxmis lkmh o}qckmqqmq gkh ck ng~lr ln qxgxmlkmhmkxmrzrcqmq &QLMq#) gkh giilq xfm igxxmr xl mvxrgax igrbm zrlncxq+

    Lkm zlqqcoim gs xl `mgq}rm xfm bl~mrk`mkxq ck~li~m`mkx ck `mhhickb lr zrlxmaxckb xfmnckgkacgi qmaxlr cq xl mvg`ckm xfm zrlbrmqq ln nckgkacgi rmnlr`q) mqzmacgiis xfm mvxmkx xl fcaf`gremx nlramq grm giilmh) lr klx giilmh) xl gnnmax xfm giilagxclk gkh zrcam ln agzcxgi+ Gocgh)Hmxrgbcgafm) gkh Xrmqqmi &?::6# hm~milzmh q}af g `mgq}rm ln nckgkacgi rmnlr`q nlr `lrm xfgk3: malkl`cmq+? Gaalrhckb xl xfmcr ckhmv) gq Ncb}rm 8 qflq) xfm Z_Aq hl`mqxca nckgkacgi`gremxq grm ngr imqq hmrmb}igxmh lr icomrgictmh xfgk xfm g~mrgbm hm~milzckb al}kxrs+ Xfcql}xal`m cq kl q}rzrcqm alkqchmrckb xfgx xfm qxgxm `gckxgckq `gdlrcxs lkmrqfcz ln xfm al}kxrsqogkeckb qsqxm` gkh brgkxq ogkeq lkis ic`cxmh rll` xl lnnmr hmzlqcx gkh imkhckb rgxmq xfgx agkhm~cgxm nrl` xfm lnncacgi rgxmq qmx os xfm Zmlzimq Ogke ln Afckg &ZOA#+

    ?Gocgh) mx gi+ &?::6# aigqqcns nckgkacgi rmnlr`q ckxl qm~mk agxmblrcmq4 xflqm zmrxgckckb xl ckxmrmqx rgxmq alkxrliq5 armhcxalkxrliq gkh rmqmr~m rmw}crm`mkxq5 mkxrs ogrrcmrq5 qxgxm alkxrli ck xfm ogkeckb qmaxlr5 agzcxgi gaal}kx rmqxrcaxclkq5rmb}igxclkq gkh q}zmr~cqclkq ck xfm ogkeckb qmaxlr5 gkh qma}rcxs `gremx zlicacmq+ Flm~mr) omag}qm m }qm gqmzgrgxm ckhmv nlr agzcxgi gaal}kx icomrgictgxclk) m rmagia}igxm xfm ckhmv ln nckgkacgi rmnlr`q os mvai}hckb xfm lkmnlr agzcxgi gaal}kx rmqxrcaxclkq gkh ghhckb lkis qcv `mgq}rmq ln nckgkacgi rmnlr`q+ Ck xfcq zgzmr) m xrmgx xfm q}` lnxfm qcv `mgq}rmq gq xfm ckhmv ln hl`mqxca nckgkacgi rmnlr`+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    9/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    2

    Ncb}rm 84 Ckhmv nlr Hl`mqxca Nckgkacgi Icomrgictgxclk

    :

    +7

    +?

    +1

    +8

    +=

    +>

    +2

    +6

    +3

    7

    Hl`mqxcaNckgkacgi_mnlr`

    ^grcgoim

    732: 736: 733: ?::: ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Xfm ZOA `gkgbmq xfm `garlmalkl`s xfrl}bf g `cv ln w}gkxcxgxc~m `mgq}rmq gc`mh gxqxmmrckb xfm g`l}kx) rgxfmr xfgk xfm zrcam ln armhcx xfrl}bf ckxmrmqx rgxmq &Zrgqgh ?::65 _mghmgkh ^lit ?:7?#+ M~mk gnxmr xfm golicxclk ln armhcx zigkq) fcaf fgh nlr`mh xfm ogqcq ln ogkeimkhckb }kxci xfm mkh ln 7332) xfm ZOA alkxck}mq xl cqq}m hcrmax imkhckb b}chmickmq gkh lrhmrq xlal``mracgi ogkeq xfrl}bf xfm qlagiimh ckhl b}chgkam zlicas+ Zrlxmaxckb hl`mqxca `gremxqcxf xcbfx agzcxgi alkxrliq &Ncb}rm =# gkh rmisckb lk lxfmr zlicas ckqxr}`mkxq xfgk xfm ckxmrmqx rgxm&q}af gq rmw}crmh rmqmr~m rgxclq# fgq brgkxmh xfm ZOA immgs xl mvmrx rmigxc~mis g}xlkl`l}q`lkmxgrs zlicas hmqzcxm xfm hm ngaxl zmb gbgckqx xfm ]kcxmh Qxgxmq &]Q# hliigr+ Flm~mr) xfcqeckh ln zlicas grrgkbm`mkx fgq scmihmh qmrcl}q alqxq &_mghm gkh ^lit ?:7?5 Zrgqgh ?::6#+ Ckzgrxca}igr) xfm rmzrmqqclkq lk ogkeq c`zlqmh os xfm ZOA) fcaf qmxq g amcickb lk xfm hmzlqcxrgxm) fg~m imh xl kmbgxc~m rmgi ckxmrmqx rgxmq nlr hmzlqcxlrq &Ncb}rm >#+ Xfcq cq ck mnnmax gk c`zicacxnckgkacgi rmzrmqqclk xgv c`zlqmh lk Afckmqm fl}qmflihq &Zmxxcq ?:7?4 3#) fcaf rmh}amqfl}qmflih ckal`m gkh xfmrmos hmzrmqqmq alkq}`zxclk+ Nrmmckb xfm fl}qmflih qmaxlr nrl` xfcqnckgkacgi rmzrmqqclk xgv l}ih grb}gois fmiz ollqx xfm fl}qmflih alkq}`zxclk) fcaf l}ih ckx}rk alkxrco}xm xl rmogigkackb xfm malkl`s gkh rmh}ackb xfm Z_Aq mvamqqc~m hmzmkhmkas lkmvzlrxq+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    10/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    6

    Ncb}rm =4 Nckgkacgi Lzmkkmqq) AfckkCxl ckhmv

    :

    +7

    +?

    +1

    +8

    +=

    +>

    +2

    +6

    +3

    7

    EGLzmkkmq

    q

    732: 736: 733: ?::: ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Ncb}rm >4 _mgi Imkhckb gkh Hmzlqcx Ckxmrmqx _gxmq

    Ql}ram4 G}xflrq agia}igxclkq+

    Nlr Z_A ogkeq) kmbgxc~m rmgi hmzlqcx rgxmq grm ck mqqmkam q}oqchcmqhmzlqcxlrq grm zgsckbogkeq nlr emmzckb xfmcr hmzlqcxq+ @lrml~mr) il ckxmrmqx rgxmq fg~m giql omkmncxmh QLMq) fcaffg~m mkdlsmh zrc~cimbmh gaamqq xl armhcx nrl` xfm qxgxmlkmh ogkeckb qsqxm`+ Xfm gocicxs xlqma}rm afmgz) q}oqchctmh n}khckb nrl` xfm qxgxmlkmh ogkeckb qsqxm` fgq alkxrco}xmh klxlkis xl l~mrck~mqx`mkx) o}x giql xl fcbf alrzlrgxm zrlncxq) `}af ln fcaf QLMq fg~m rmxgckmh)omag}qm) }kxci rmamkxis) xfms mrm klx rmw}crmh xl rmhcqxrco}xm xfm` xl qfgrmflihmrq &c+m+) xfm

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    11/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    3

    bl~mrk`mkx# gq hc~chmkhq+1 Xfm xmkhmkas xl rmxgck mgrkckbq ckxmrkgiis fgq rmq}ixmh ck fcbfalrzlrgxm qg~ckb) fcaf fgq ommk xfm `lqx c`zlrxgkx alkxrco}xlr xl xfm ckarmgqm ck xfm Z_Aqgbbrmbgxm qg~ckb ck rmamkx smgrq &Fln`gk gkh E}cdq ?::>5 @g gkh Rgkb ?:7:#+8

    Ck alkxrgqx) zrc~gxmislkmh q`gii gkh `mhc}` mkxmrzrcqmq) fcaf xszcagiis rmhcqxrco}xm g `}afigrbmr nrgaxclk ln xfmcr zrlncxq xfgk QLMq) lnxmk ngam hcnnca}ixs ck loxgckckb nckgkam nrl` xfm nlr`gi

    ogkeckb qmaxlr omag}qm ln xfm imkhckb rgxm nillr lr ilgk w}lxgq c`zlqmh os xfm ZOA+

    =

    Rcxfic`cxmh gaamqq xl mvxmrkgi nckgkamq) zrc~gxmislkmh ncr`q giql xmkh xl rmxgck mgrkckbq ql gq xlckxmrkgiis nckgkam xfm`qmi~mq) fcaf cq gklxfmr alkxrco}xlr xl alrzlrgxm qg~ckb+>

    L~mrgii) h}m xl xfm igae ln nckgkacgi hm~milz`mkx &klx ck xmr`q ln xfm qctm) o}x ln xfm ~grcmxs ln`mgkq xl hc~mrqcns rcqe#) fmxfmr QLMq lr zrc~gxmislkmh ncr`q) alrzlrgxm zrlncxq grm kmcxfmrmnnmaxc~mis rmck~mqxmh ck nckgkacgi ckqxr}`mkxq klr rmhcqxrco}xmh gq hc~chmkhq+2

    @gks malkl`cqxq grb}m xfgx cx cq klx ql `}af gol}x l~mrck~mqx`mkx gq `cqck~mqx`mkx xfgx fgqommk hcqxlrxckb xfm Z_A malkl`s ckxmrkgiis+ Rcxf `cqck~m`mkx) agzcxgi xmkhq xl l~mrisalkamkxrgxm lk agzcxgickxmkqc~m ckh}qxrcmq) mqzmacgiis xflqm cxf xrghgoim bllhq ck xfm`gk}ngax}rckb qmaxlr) xfgrxckb xfm hm~milz`mkx ln igolrckxmkqc~m ckh}qxrcmq q}af gq qmr~camckh}qxrs gkh l~mris zrl`lxckb mvzlrxq+ Xfcq fgq giql alkxrco}xmh xl g hmaickckb qfgrm ln igolr

    ckal`m ck xfm malkl`s ck xfm igqx hmaghm+ Xfm hmaickm ck igolr ckal`m fgq klx ommkal`zmkqgxmh os g rcqm ck ckxmrmqx ckal`m) fcaf fgq ommk giql hmaickckb ck xfm igqx hmaghm+ Giixfmqm ngaxlrq fg~m imh xl qxgbkgxclk ln hcqzlqgoim ckal`m brlxf hmqzcxm xfm c`zrmqqc~m brlxfln xfm l~mrgii malkl`s) alkxrco}xckb xl g hmaickm ck zrc~gxm alkq}`zxclk+ Xf}q) xfm nckgkacgiqsqxm` ck xfm Z_A fgq giilmh alrzlrgxm qg~ckb gkh fl}qmflih qg~ckb xl rcqm fgkh ck fgkh+

    Golicqfckb ckxmrmqx rgxm alkxrliq gkh mkal}rgbckb ogke al`zmxcxclk fcim `ckc`ctckbbl~mrk`mkx ckxmr~mkxclkq xl xfm `gremx l}ih mkfgkam xfm mnncacmkas ln agzcxgi giilagxclk gkhc`zrl~m zrc~gxm q`gii gkh `mhc}` mkxmrzrcqmq gaamqqcocicxs xl armhcx+ Xfgx l}ih fmiz ollqxzrc~gxm alrzlrgxm zrlncxgocicxs gkh xfm hcqzlqgoim ckal`m ln xfm fl}qmflih qmaxlr+6 @lrml~mr)nckgkacgi qmaxlr rmnlr` l}ih fmiz rmh}am xfm zlmr ln QLMq l~mr xfm malkl`s gkh qz}r xfmhm~milz`mkx ln xfm zrc~gxm alrzlrgxm qmaxlr) mqzmacgiis q`gii gkh `mhc}`qctmh ncr`q) g igrbm

    1Ck ?::2) xfm Qxgxm Al}kaci `gkhgxmh QLMq xl ombck zgsckb hc~chmkhq) cxf xfm rmw}crmh hc~chmkh rgxmq rgkbckb nrl`

    : xl 7:- hmzmkhckb lk xfm xszm gkh xfm zrlncxgocicxs ln ckh}qxrcmq+ Ck ?:7?) xfm hc~chmkh rgxmq mrm ckarmgqmh os =-nlr gii agxmblrcmq+ Cx `}qx om klxmh) flm~mr) xfgx QLM hc~chmkhq grm }q}giis rmasaimh xl nckgkam lxfmr) }q}giisngcickb) QLMq+ @lrm lk QLMq gkh xfmcr hc~chmkhq) qmm @gxxick &?::3# gkh Ick gkh @cifg}zx &?:77#+

    8Orgkhs gkh Tf} &?:7:# gkh Hliigr gkh Rmc &?::2# grb}m xfgx cn QLMq fgh klx ommk bc~mk zrc~cimbmh gaamqq xl

    agzcxgi) xfm Z_Aq ck~mqx`mkx rgxmq lr agzcxgi qxlae im~mi l}ih fg~m ommk ilmr cxfl}x qgarcncackb cxq malkl`cabrlxf+

    =Nlr xfmqm ncr`q) armhcx zrl~cqclk agk om giql gnnmaxmh os agzrcacl}q zlicxcagi hmacqclkq+ Ncb}rm > aimgris qflq xfgx

    xfm amcickb nlr xfm hmzlqcx rgxmq gkh xfm nillr nlr xfm imkhckb rgxmq grm qmx xl mkq}rm xfm zrlncxgocicxs ln ogkeq+>

    Rfcim nckgkacgi rmzrmqqclk `gckxgckq hmzlqcx rgxmq gx il im~miq gkh zrm~mkxq nckgkacgi ckqxcx}xclkq nrl` zrl~chckbgixmrkgxc~m `mgkq nlr zmlzim fl gkx xl qxlrm xfmcr nckgkacgi mgixf) xfm qfghl ogkeckb qsqxm`) fcaf }q}giiszrl~chmq fcbfmr rmx}rkq) fgq ommk zrlqzmrckb gq gk gixmrkgxc~m ck~mqx`mkx hmqxckgxclk+ Cx fgq ommk grb}mh xfgx xfm

    qfghl ogkeckb qsqxm` `gs fmiz imqqmk xfm mnncagas ln xfm al}kxrsq `lkmxgrs zlicas gkh zlqqcois `gem cxqnckgkacgi qsqxm` zrlkm nlr oll` gkh o}qx asaimq xfrl}bf mkal}rgbckb rcqes ck~mqx`mkxq+

    2_gzch rcqm ck zrlncxgocicxs g`lkb Z_A ncr`q) fmxfmr zrc~gxm lr qxgxmlkmh) q}rmis alkxrco}xmh xl g rcqm ck alrzlrgxm

    qg~ckb ck xfm qmalkh fgin ln xfm ?:::q+ Nlr xfm ag}qmq ln fcbf qg~ckb ck fl}qmflihq gkh ncr`q) rmnmr xl E}cdq &?::>#gkh @g gkh Rgkb &?:7:#+

    6G n}rxfmr gs xfrl}bf fcaf nckgkacgi rmzrmqqclk alkxrco}xmq xl g fcbfmr fl}qmflih qg~ckb rgxm cq ic`cxmhgaamqqcocicxs xl `lrxbgbm nckgkackb+ Hmqzcxm ckarmgqmh zrc~gxm fl}qm lkmrqfcz) xfm igae ln nckgkacgi gaamqqcocicxs gqmii gq rcqe g~mrqmkmqq ln xfm bl~mrk`mkx g}xflrcxcmq gkh nckgkacgi ckqxcx}xclkq fgq ic`cxmh xfm g~gcigocicxs ln`lrxbgbm nckgkackb+ A}rrmkxis) `lrxbgbm nckgkackb rmw}crmq g fcbf hlk zgs`mkx rmw}crm`mkx) xfmrmos `lxc~gxckbzmlzim ck xfm Z_A xl qg~m+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    12/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    7:

    nrgaxclk ln fcaf fgq ommk mvai}hmh nrl` ogke armhcx xf}q ngr+ G fcbfmr hcqxrco}xclk ln alrzlrgxmzrlncxq l}ih ollqx fl}qmflih ckal`m) gq l}ih gk golicxclk ln xfm nckgkacgi rmzrmqqclk xgv lkfl}qmflihq+

    _mamkxis) xfm Z_A bl~mrk`mkx qmm`q xl om z}qfckb hl`mqxca nckgkacgi rmnlr`q xfrl}bf `lrmgaxc~m agzcxgi gaal}kx icomrgictgxclk cxf xfm flzm xfgx n}rxfmr zmkmxrgxclk ln nlrmcbk nckgkacgi

    ckqxcx}xclkq l}ih ckarmgqm `gremx al`zmxcxclk gkh fmiz `gem hl`mqxca nckgkacgi ckqxcx}xclkqomal`m `lrm mnncacmkx+3 Gx imgqx) cx gzzmgrq aimgr xfgx zlicas`gemrq ck Omcdckb grm ggrm ln gkhhmxmr`ckmh gol}x xfm kmmh nlr n}rxfmr nckgkacgi qmaxlr rmnlr`) gixfl}bf q}af g rmnlr`mkal}kxmrq ncmram rmqcqxgkam nrl` ~mqxmh ckxmrmqx brl}zq &^lit ?:7?#+

    ?+? Z}oica mvzmkhcx}rm lk qlacgi zrlxmaxclk gkh fmgixfagrm

    Xfgkeq xl rgzch malkl`ca brlxf xfm al}kxrs fgq ommk mvzmrcmkackb ck xfm igqx hmaghmq gkhgiql xl xfm bl~mrk`mkxq rmamkx rmalbkcxclk xfgx qlacgi mw}cxs `}qx om gk c`zlrxgkx al`zlkmkxln q}qxgckgoim hm~milz`mkx &gq gq ckalrzlrgxmh ckxl xfm 77xf Nc~msmgr Zigk ck ?::>#) xfmal}kxrs fgq ommk ckarmgqckb cxq qzmkhckb nlr z}oica qlacgi mvzmkhcx}rm ck rmamkx smgrq+ Ck xfm7?xf Nc~msmgr Zigk &nlr xfm zmrclh ?:777=#) xfm bl~mrk`mkx zimhbmh xl qxrmkbxfmk gkh chmk

    xfm al~mrgbm ln xfm qlacgi zrlxmaxclk qsqxm` mqzmacgiis nlr xfm zmlzim fl fgh ommk kmbimaxmhos xfm qsqxm` &q}af gq zmlzim ck xfm r}rgi grmgq) `cbrgkx lremrq) hmzmkhmkxq ln rmbcqxmrmh}rogk m`zilsmmq) gkh qx}hmkxq#+ Gq g rmq}ix) z}oica fmgixfagrm al~mrgbm) nlr mvg`zim)ckarmgqmh rgzchis ck rmamkx smgrq xl al~mr 3=- ln xfm zlz}igxclk gq ln ?:77 gaalrhckb xl LMAH&?:7?#+ Xfm LMAH rmzlrx giql qflq xfgx xfm Z_Aq qlacgi zrlxmaxclk mvzmkhcx}rm gq g rgxcl xlBHZ gq ln ?:7: cq al`zgrgoim xl xfm _mz}oica ln Elrmgq lr @mvcalq gq ln ?::2+

    Hmqzcxm xfm rgzch brlxf) flm~mr) xfmrm cq `lrm m~chmkam qflckb xfgx xfm Z_Aq z}oicamvzmkhcx}rm nlr qlacgi zrlxmaxclk cq klx q}nncacmkx bc~mk cxq im~mi ln malkl`ca hm~milz`mkx+ GqNcb}rmq 2 gkh 6 qfl) xfm Z_Aq qlacgi zrlxmaxclk mvzmkhcx}rm &gq g qfgrm ln BHZ#) fmxfmr lrklx xl ckai}hm fmgixfagrm) cq ilmr xfgk xfm g~mrgbm nlr gii hm~milzckb al}kxrcmq+ N}rxfmr`lrm)xfm al~mrgbm ln qlacgi zrlxmaxclk cq qxcii ngr nrl` }kc~mrqgi lr }kcnlr`+ Fmkam) ic`cxmh al~mrgbm lnlr gaamqqcocicxs xl qlacgi qgnmxs kmxq) z}oica fmgixf ckq}rgkam) gkh xfm z}oica zmkqclk qsqxm`

    fg~m mkal}rgbmh fl}qmflihq xl qg~m nlr zrmag}xclkgrs rmgqlkq lr nlr rcqe hc~mrqcncagxclk) ngcickbxl mrgqm xfm bmkmrgi zmramzxclk &mqzmacgiis ck xfm r}rgi grmgq# xfgx zmlzim kmmh xl zrlxmaxxfm`qmi~mq nrl` malkl`ca }kamrxgckxs os giilagxckb ql`m zlrxclk ln xfmcr ckal`m nlr g rgckshgs+

    3Ck Nmor}grs ?:7?) xfm ZOA cqq}mh g rmzlrx) zrmqmkxckb cxq zrlqzmaxq nlr agzcxgi gaal}kx icomrgictgxclk+ Xfm rmzlrx)fcaf gq ~cmmh loqmr~mrq gq zrlbrmqqc~m) cii}qxrgxmq xfm al}kxrsq qflrx) `mhc}`) gkh ilkbxmr` gzzrlgafxlgrh icomrgictckb alkxrliq lk olxf ck gkh l}xnilq ln agzcxgi+ Nlr `lrm hmxgciq lk xfm hcqa}qqclkq lk xfm Z_Aqagzcxgi gaal}kx icomrgictgxclk mnnlrxq lr xfmcr `garlmalkl`ca c`zgax) rmnmr xl Afckk) mx gi+ &?:77#) Afckk gkh Cxl&?:77#) gkh F}kb &?::3#+ Nlr `lrm hmxgciq lk bmkmrgi nckgkacgi rmnlr` ck xfm Z_A) rmnmr xl F}gkb mx gi+ &?:7:#+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    13/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    77

    Ncb}rm 24 Qlacgi Zrlxmaxclk Mvzmkhcx}rm &- ln BHZ#

    :

    +:=

    +7

    +7=

    +?

    +?=

    QlacgiZrlxmaxclkMvzmkhcx}rm)

    -l

    nBHZ

    733= ?::: ?::= ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Ncb}rm 64 Qlacgi Zrlxmaxclk Mvzmkh+ &- ln BHZ#) mv+ Fmgixfagrm

    :

    +:=

    +7

    +7=

    +?

    +?=

    Qla+

    Zrlxmax+Mvz+mv+

    FmgixfAgrm)

    -l

    nBHZ

    733= ?::: ?::= ?:7:smgr

    CHA Hm~milzckb

    Hm~milzckb Gqcg mv+ Afckg Afckg

    Igxck G`mrcag

    Ql}ram4 G}xflrq agia}igxclkq+

    Rfcim qlacgi zrlxmaxclk fgq ommk igbbckb cxq c`zrmqqc~m rgzch malkl`ca hm~milz`mkx) xfmrmqxr}ax}rckb gkh qxrmg`ickckb mnnlrxq gq zgrx ln xfm `gremxctgxclk ln xfm alrzlrgxm qmaxlr gnxmrxfm 733:q) gilkb cxf xfm igrbmqagim ckni}v ln `cbrgkxq nrl` xfm r}rgi grmgq) fg~m ckarmgqmh xfmmvxmkx ln malkl`ca }kamrxgckxs os `geckb xfm igolr `gremxq fcbfis ni}ch gkh hrgqxcagiis qfrckeckbxfm lkam al`zrmfmkqc~m) arghimxlbrg~m qlacgi qgnmxs kmx) lr crlk rcam oli+ Aimgris) xfmqmxrmkhq fg~m `lxc~gxmh Z_A fl}qmflihq xlgrh zrmag}xclkgrs qg~ckb+ Gq fgq ommk chmiszlckxmh l}x) xfm qfgrm ln fl}qmflih alkq}`zxclk ck BHZ hmaickmh ck xfm Z_A nrl` gk g~mrgbm

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    14/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    7?

    ln =7+?- ck xfm 736:q xl 8>+:- ck xfm 733:q gkh cq xfm ilmqx g`lkb xfm `gdlr malkl`cmq ckxfm lrih xlhgs) gaal}kxckb nlr lkis 1=+1- ck ?::6 &Rgkb ?:77#+ Rfcim xfm fl}qmflih ckal`mqfgrm giql hrlzzmh ck xfm qg`m zmrclh) xfm g~mrgbm zrlzmkqcxs xl qg~m &gq g qfgrm xl BHZ#mkx }z os 7: zmramkxgbm zlckxq ck xfm ?:::q) rmq}ixckb ck olxf g qfrckegbm ln zrc~gxmalkq}`zxclk gkh g rcqm ck fl}qmflih qg~ckb gq qfgrmq ck BHZ+

    Rgkb &?:77# grb}mq xfgx zrl~chckb orlghmr qlacgi qma}rcxs gkh ckarmgqckb lxfmr qlacgi qzmkhckbl}ih klx lkis `cxcbgxm }km`zils`mkx qflaeq ck xfm qflrx xmr`) o}x cx l}ih giql b}grgkxmmckhc~ch}giq gkh fl}qmflihq `lrm qma}rcxs nlr qzmkhckb xfgx al}ih rmh}am xfm fcbf qg~ckbq rgxmgkh fmiz gafcm~m g ogigkamh brlxf zgxf ck xfm ilkb r}k+7:

    Ogihgaac mx gi+ &?:7:# mvg`ckm xfm c`zgax ln ckarmgqckb bl~mrk`mkx qlacgi mvzmkhcx}rmq lkfl}qmflih alkq}`zxclk nlr Lrbgkcqgxclk nlr Malkl`ca Allzmrgxclk gkh Hm~milz`mkx &LMAH#al}kxrcmq gkh nckh xfgx cn xfm mqxc`gxclk rmq}ixq grm giql gzzicmh xl Z_A fl}qmflih q}r~ms hgxg)g lkm zmramkxgbm ckarmgqm ck xfm z}oica qlacgi zrlxmaxclk mvzmkhcx}rmq agk ckarmgqm xfmfl}qmflih alkq}`zxclk ln xfm Z_A os 7+?= zmramkxgbm zlckxq &olxf gq rgxclq xl BHZ#+ Ck xfcq~cm) rmnlr`q xfgx orckb gol}x g qxrlkbmr qlacgi qgnmxs kmx cxf chmr qlacgi qma}rcxs al~mrgbmgkh g omxxmr bl~mrk`mkxn}khmh fmgixfagrm qsqxm` cii ilmr xfm `lxc~m nlr zrmag}xclkgrsqg~ckb gkh rgcqm alkq}`zxclk im~miq ln Z_A fl}qmflihq+ @lrml~mr) g `lrm mw}cxgoim

    hcqxrco}xclk ln ckal`m g`lkb }rogk gkh r}rgi fl}qmflihq xfrl}bf z}oica xrgkqnmrq l}ih ilmrxfm ~}ikmrgocicxs ln ilckal`m brl}zq xl qflaeq gkh qxrmkbxfmk xfmcr alkq}`zxclk) fcaf) ck xfmgbbrmbgxm) l}ih imgh xl g qcbkcncagkx ollqx ln fl}qmflih alkq}`zxclk+

    1+ MQXC@GXCLKQ

    1+7 Mqxc`gxclk `lhmi gkh hgxg

    Rm kl mqxc`gxm g qc`zim gkgisxcagi `lhmi ln a}rrmkx gaal}kx ogigkamq gq mii gq kgxclkgiqg~ckb gkh ck~mqx`mkx ck lrhmr xl qsqxm`gxcagiis gkgistm xfm c`zgax ln xfm qxr}ax}rgiafgrgaxmrcqxcaq ln xfm nckgkacgi) qlacgi) gkh fmgixfagrm qsqxm`q+ Xl xfcq mkh) m o}cih lk xfm lre

    ln Afckk gkh Zrgqgh &?::1#) gkh Afckk gkh Cxl &?::2# gkh mqxc`gxm xfm nliilckb `lhmi4

    &7#+)))) xcxcxcxc }TVs

    fmrm sc)x rmnmrq xl xfrmm hmzmkhmkx ~grcgoimq4 xfm a}rrmkx gaal}kx ogigkam) kgxclkgi qg~ckb) gkhck~mqx`mkx) gii mvzrmqqmh gq g qfgrm ln BHZ+ Vcq g ~maxlr ln alk~mkxclkgi `garlmalkl`ca gkhzlicas alkxrli ~grcgoimq xfgx grm lnxmk }qmh ck xfm icxmrgx}rm+ Cx ckai}hmq bl~mrk`mkx o}hbmxogigkam &OO#5 kmx nlrmcbk gqqmx gq g rgxcl xl BHZ ogqmh lk xfm hgxgqmx armgxmh os Igkm gkh@cimqcNmrrmxxc &?::2#5 zrc~gxm armhcx armgxclk &ZABHZ# gq g `mgq}rm ln nckgkacgi hmmzmkckb5EGLZMK) xfm AfckkCxl &?::>) ?::6# `mgq}rm ln nckgkacgi lzmkkmqq5 gkh IMBGI g `mgq}rm lnimbgi,ckqxcx}xclkgi hm~milz`mkx) fcaf cq xfm ncrqx zrckaczgi al`zlkmkx ln ig gkh lrhmr &IGL#)o}rmg}argxca w}gicxs &OW#) gkh gkxcalrr}zxclk `mgq}rmq &AL__]ZX#+ Cx giql ckai}hmq kmxnlrmcbk gqqmxq gq g rgxcl xl BHZ5 rmigxc~m ckal`m &xl xfm ]Q#5 cxq w}ghrgxca xmr`5 rmigxc~mhmzmkhmkas rgxclq lk sl}kb gkh lih zlz}igxclk5 xmr`q ln xrghm &XLX# ~ligxcicxs5 l}xz}x brlxf

    7:Afg`lk gkh Zrgqgh &?:7:#5 gkh Afg`lk) Ic}) gkh Zrgqgh &?:7:# fl zrl~chm gk gkgisqcq ln xfm ngaxlrq hrc~ckb

    xfm xrmkh ckarmgqm ck qg~ckb rgxmq ln }rogk fl}qmflihq) grb}m ck xfm qg`m hcrmaxclk+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    71

    rgxmq5 xrghm lzmkkmqq &`mgq}rmh gq mvzlrxq zi}q c`zlrxq l~mr BHZ#5 h}``cmq nlr lci mvzlrxckbal}kxrcmq5 gkh xc`m ncvmh mnnmaxq+

    Tc)x cq g ~maxlr ln `carlmalkl`ca lr qmaxlrcgi ~grcgoimq zmrxgckckb xl hl`mqxca nckgkacgi rmnlr`)z}oica mvzmkhcx}rm lk qlacgi zrlxmaxclk) gkh z}oica fmgixfagrm mvzmkhcx}rm+ Xfm ~grcgoim nlrhl`mqxca nckgkacgi rmnlr`q cq ogqmh lk xfm hgxgqmx armgxmh os Gocgh mx gi+ &?::6#+ Rfcim Gocgh

    mx gi+ }qm xfm q}` ln qm~mk al`zlkmkx ckhmvmq gq xfm `mgq}rm ln nckgkacgi rmnlr` &cxf xfm n}iimvxmkx ln icomrgictmh,rmnlr`mh `gremxq xgeckb xfm ~gi}m ln ?7#) m }qm xfm q}` ln qcv al`zlkmkxckhmvmq os mvai}hckb xfm ckhmv nlr agzcxgi gaal}kx lzmkkmqq) omag}qm m ckai}hm xfm agzcxgigaal}kx lzmkkmqq ckhmv &EGLZMK# qmzgrgxmis ck l}r mqxc`gxclk+ Xfgx `gemq xfm xlxgi ~gi}m lnxfm ckhmv 76+ Qckam xfm ckhmv lkis rmnmrq xl nckgkacgi icomrgictgxclk,hmrmb}igxclk mnnlrxq zmrxgckckbxl hl`mqxca cqq}mq) m agii xfm `lhcncmh ckhmv xfm hl`mqxca nckgkacgi icomrgictgxclk,rmnlr`ckhmv+ Nlr xfm qgem ln mgqs ckxmrzrmxgxclk) m klr`gictm xfm gbbrmbgxm `mgq}rm xl `gem cxrgkbm omxmmk tmrl gkh lkm+77

    Gklxfmr ~grcgoim ckai}hmh ck Tc)x cq z}oica qlacgi zrlxmaxclk mvzmkhcx}rm &q}af gq }km`zils`mkxomkmncxq# zrl~chmh os xfm bl~mrk`mkx gq g rgxcl xl BHZ &QZFA#+ Xfcq ~grcgoim cq g~gcigoim nrl`xfm C@N nlr xfm zmrclh 7338?::6+ G q}oqmx ln xfcq ~grcgoim) QZMVFA) rmnmrq xl z}oica qlacgizrlxmaxclk mvzmkhcx}rm mvai}hckb fmgixfagrm mvzmkhcx}rm &gq g rgxcl xl BHZ#+ Xfm ~grcgoim nlr

    xfm hcnnmrmkam omxmmk QZFAgkh QZMVFA) lr FA) rmzrmqmkxq fmgixfagrm mvzmkhcx}rm zrl~chmhos xfm bl~mrk`mkx &gq g rgxcl xl BHZ#+ Xfmqm xfrmm ~grcgoimq grm g~gcigoim nlr 733= xfrl}bf?::2 lr ?::6+ Z]OFA cq gklxfmr ~grcgoim nlr z}oica fmgixfagrm mvzmkhcx}rm gq g rgxcl xl BHZ+Xfm igxxmr cq mvxrgaxmh nrl` xfm Rlrih Ogkeq Rlrih Hm~milz`mkx Ckhcagxlrgkh g~gcigoim nlr xfmzmrclh 733=?::3+

    Rm alkqxr}ax zgkmiq ln klkl~mrigzzckb =smgr g~mrgbmq nlr gii mvzigkgxlrs ~grcgoimq mvamzx nlrkmx nlrmcbk gqqmxq xl BHZ) XLX ~ligxcicxs) gkh xrghm lzmkkmqq+7? Xfm hgxg grm `lqxis mvxrgaxmhnrl` z}oicais g~gcigoim hgxgqmxq q}af gq xfm Rlrih Hm~milz`mkx Ckhcagxlrq) CkxmrkgxclkgiNckgkacgi Qxgxcqxcaq) gkh Rlrih Malkl`ca L}xille+

    Xfm lrcbckgi gkk}gi hgxg ckai}hm ?1 ckh}qxrcgi gkh >8 hm~milzckb al}kxrcmq al~mrckb xfm zmrclh733=?::6+71 Rm rmbrmqq a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkh ck~mqx`mkx lk xfm

    qg`m qmx ln rmbrmqqlrq qmzgrgxmis nlr xfm n}ii qg`zim) gkh xfm q}oqg`zimq ln ckh}qxrcgictmhal}kxrcmq &CHA#) hm~milzckb al}kxrcmq &IHA#) gkh m`mrbckb `gremx malkl`cmq &M@B#+78

    77Xfm lrcbckgi hgxg grm g~gcigoim nlr xfm zmrclh 7321 xl ?::=+ Xl }zhgxm xfm ckhmv xl `lrm rmamkx smgrq) m rmbrmqq

    xfm &`lhcncmh gkh klr`gictmh# ckhmv ln hl`mqxca nckgkacgi icomrgictgxclk lk xfm xc`m xrmkh nlr mgaf ln l}r qg`zimal}kxrcmq) gkh `gem l}xlnqg`zim nlrmagqxq }z xl ?::6+ Xfm ~cq}gi ln xfm hgxg gkh xfm ghd}qxmh _? ln xfmrmbrmqqclkq alkncr` xfm bllhkmqq ln ncx nlr `lqx ln xfm al}kxrcmq+ Cn xfm mvxrgzligxmh ~gi}m blmq omslkh xfm ~gi}m ln7) cx cq qmx mw}gi xl 7+

    7?Xfm kmx nlrmcbk gqqmx hgxg grm qg`zimh nrl` xfm ncrqx smgr ln mgaf =smgr zgkmi+ XLX ~ligxcicxs gkh xrghm lzmkkmqqgrm ckai}hmh gq xfm 732:?::6 g~mrgbm+

    71Xfm nc~m smgr zgkmiq grm 73373=) 733>?:::) mxa+ Flm~mr) xfm igqx zgkmi cq al`zlqmh ln lkis xfrmm smgrq4

    ?::>:6+ Rm agk alkqchmr xfm igqx zgkmi gq xfm smgrq ln xfm bilogi c`ogigkamq+78

    Xfm m`mrbckb `gremx al}kxrcmq &M@Bq# grm hmnckmh gq xfm al}kxrcmq aigqqcncmh gq mcxfmr m`mrbckb lr nrlkxcmr h}rckb

    xfm zmrclh ln 736:7332 os xfm Ckxmrkgxclkgi Nckgkacgi Alrzlrgxclk zi}q Flkb Elkb gkh Qckbgzlrm+ ?6 M@Bq grmckai}hmh ck xfm mqxc`gxclkq+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    78

    1+? Mqxc`gxclk rmq}ixq gkh ckxmrzrmxgxclkq

    Xgoimq 71 zrl~chm l}r mqxc`gxmq ln xfm hmxmr`ckgkxq ln xfm a}rrmkx gaal}kx) kgxclkgi qg~ckb)gkh ck~mqx`mkx) rmqzmaxc~mis+ Rm cii mvg`ckm xfmqm xfrmm qmxq ln rmbrmqqclkq aliimaxc~mis+ Xfcqgs giilq }q xl mvg`ckm fl xfm ~grcgoimq ln l}r alkamrk gnnmax a}rrmkx gaal}kx ogigkamqfcim m agk giql qmm fl xfms gnnmax kgxclkgi qg~ckb gkh ck~mqx`mkx+ Alkamzx}giis) xfm mnnmaxqln xfm mvzigkgxlrs ~grcgoimq nrl` xfm kgxclkgi qg~ckb gkh ck~mqx`mkx `lhmiq qfl}ih ghh }z xlxflqm ck xfm a}rrmkx gaal}kx mqxc`gxclk+ Flm~mr) xfcq hlmq klx fg~m xl om xfm agqm h}m xl xfmnliilckb xl rmgqlkq+ Ncrqx) fcim xfm a}rrmkx gaal}kx rmbrmqqclkq gaal}kx nlr xfm al~grcgkam lnkgxclkgi qg~ckb gkh ck~mqx`mkx) qc`zis ghhckb xl almnncacmkxq hlmq klx+ 7= Qmalkh) h}m xlhcnnmrckb hgxg alk~mkxclkq &ogigkam ln zgs`mkxq gaal}kxckb ~mrq}q kgxclkgi ckal`m gaal}kxckbhmnckcxclk#) xfm nilq `gs klx ghh }z mvgaxis+ Flm~mr) cx cq qxcii lrxffcim xl al`zgrm xfmrmq}ixq nrl` xfm kgxclkgi qg~ckb gkh ck~mqx`mkx mqxc`gxclkq cxf xflqm ck xfm a}rrmkx gaal}kxmqxc`gxclkq ql xfgx m agk fg~m ql`m chmgq gol}x xfrl}bf fcaf) mcxfmr qg~ckb lr ck~mqx`mkxafgkkmiq) ~grcgoimq agk gnnmax xfm a}rrmkx gaal}kx+

    Xgoimq 71 qfl xfgx xfm mqxc`gxmq ln xfm qxgkhgrh `garl ~grcgoimq grm ck ickm cxf xfm nckhckbqln zrm~cl}q m`zcrcagi gkgisqmq+ Nlr mvg`zim) o}hbmx ogigkamq grm nl}kh xl alkxrco}xm xl a}rrmkx

    gaal}kx ogigkamq5 g lkm zmramkxgbm c`zrl~m`mkx ck o}hbmx ogigkamq l}ih imgh xl g :+73 xl:+8= zmramkxgbm zlckx c`zrl~m`mkx ck a}rrmkx gaal}kx ogigkamq &gq g qfgrm ln BHZ#+ Xfmc`zgax lk a}rrmkx gaal}kx ogigkamq nlr hm~milzckb al}kxrcmq gkh m`mrbckb `gremxq cq nl}kh xlom q`giimr) flm~mr+ Xfm rmq}ixq nrl` xfm kgxclkgi qg~ckb gkh ck~mqx`mkx mqxc`gxclkq ckhcagxmxfgx xfm c`zrl~m`mkx ck a}rrmkx gaal}kx ogigkamq fgzzmkq `gckis xfrl}bf ckarmgqckb xfm im~miln kgxclkgi qg~ckb) mqzmacgiis nlr ckh}qxrcgictmh al}kxrcmq+ Xfcq c`zicmq xfgx xfm _cagrhcgkmw}c~gimkam hlmq klx flih nlr xfmqm al}kxrcmqcn xfm _cagrhcgk mw}c~gimkam flihq) g rcqm ckz}oica qg~ckb l}ih kmamqqgrcis ck~li~m g al`zgrgoim ngii ck zrc~gxm qg~ckb) img~ckb kgxclkgiqg~ckb }kafgkbmh+

    Ck xfm nliilckb) m alkamkxrgxm l}r hcqa}qqclk lk xfm mqxc`gxmh almnncacmkxq nlr xfm ~grcgoimqxfgx zmrxgck xl qmaxlrcgi rmnlr`q fcaf grm lnxmk grb}mh xl om kmamqqgrs nlr xfm Z_A xlc`zim`mkx) kg`mis) hl`mqxca gkh mvxmrkgi nckgkacgi qmaxlr rmnlr`q gkh rmnlr`q ln mvzmkhcx}rmq

    nlr qlacgi zrlxmaxclk gkh fmgixfagrm+

    Ck Xgoim 7) m agk qmm xfgx hl`mqxca nckgkacgi icomrgictgxclk agk fg~m g kmbgxc~m c`zgax lk xfma}rrmkx gaal}kx ogigkam g`lkb hm~milzckb lr m`mrbckb `gremx al}kxrcmq) xfl}bf xfm rmq}ix cqlkis qzlrghcagiis qcbkcncagkx+ Xfcq nckhckb cq alkqcqxmkx cxf Dlfgkqqlk gkh Rgkb &?:7?#) flhmxmax g qcbkcncagkx gkh zlqcxc~m mnnmax ln nckgkacgi rmzrmqqclkxfm rmaczrlagi ln nckgkacgiicomrgictgxclklk xfm a}rrmkx gaal}kx+ Xfcq q}bbmqxq xfgx hl`mqxca nckgkacgi `gremx rmnlr` `gsom lkm zlicas grmg xfrl}bf fcaf bl~mrk`mkxq al}ih gax}giis gnnmax xfm a}rrmkx gaal}kxogigkam+

    Qxgxcqxcagiis mgemr rmq}ixq ln hl`mqxca nckgkacgi rmnlr` lk a}rrmkx gaal}kx ogigkamq hl klx`mgk cx cq klx c`zlrxgkx nlr qg~ckb lr ck~mqx`mkx hmxmr`ckgxclk+ Ck ngax) hl`mqxca nckgkacgirmnlr` cq nl}kh xl alkxrco}xm xl olxf kgxclkgi qg~ckb gkh ck~mqx`mkx `lrm qcbkcncagkxis+ Xfm

    ckqcbkcncagkx rmq}ixq ln xfm a}rrmkx gaal}kx mqxc`gxclkq `gs grcqm omag}qm xfm mnnmaxq lnhl`mqxca nckgkacgi rmnlr` nl}kh ck xfm kgxclkgi qg~ckb gkh ck~mqx`mkx mqxc`gxclkq xmkh xl agkamil}x mgaf lxfmr+

    7=Cn ql`m afgkbm ck lkm ~grcgoim gnnmaxq kgxclkgi qg~ckb gkh ck~mqx`mkx ckhmzmkhmkxis) gq ilkb gq xfm afgkbm ck

    kgxclkgi qg~ckb gkh ck~mqx`mkx hlmq klx gnnmax mgaf lxfmr) xfm kmx mnnmax ln xfm afgkbm & CKQ # l}ih om xfmqg`m gq xfgx lk a}rrmkx gaal}kx ogigkamq+ Flm~mr) cn kgxclkgi qg~ckb gkh ck~mqx`mkx grm fcbfis alrrmigxmh) gqfgq ommk nl}kh ck `gks qx}hcmq q}af gq Nmihqxmck gkh Flrcleg &736:# gkh Nrgkemi mx gi+ &7362#) qc`zis ghhckb xlalmnncacmkxq hlmq klx scmih xfm almnncacmkx ck xfm a}rrmkx gaal}kx rmbrmqqclk+

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  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

    21/38

    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    73

    L}r mqxc`gxclkq alkncr` xfgx nckgkacgi rmzrmqqclk alkxrco}xmq xl fcbfmr im~miq ln kgxclkgi qg~ckb)lr alk~mrqmis xfgx hl`mqxca nckgkacgi rmnlr` l}ih fmiz rmh}am kgxclkgi qg~ckb+ Gq mzrm~cl}qis hcqa}qqmh) hl`mqxca nckgkacgi rmnlr` l}ih ckarmgqm xfm gaamqqcocicxs xl nckgkacgirmql}ramq gkh xfmrmnlrm imqqmk xfm `lxc~m nlr zrmag}xclkgrs qg~ckb+7>

    Hl`mqxca nckgkacgi rmnlr` cq giql nl}kh xl alkxrco}xm xl ilmr im~miq ln ck~mqx`mkx+ Gq zrm~cl}qis

    hcqa}qqmh) al}kxrcmq cxf nckgkacgi rmzrmqqclk lnxmk mvzmrcmkam l~mrck~mqx`mkx os `locictckbnckgkacgi rmql}ramq xl amrxgck) qxrgxmbcagiis c`zlrxgkx) ckh}qxrcmq xfrl}bf ckh}qxrcgi zlicas lrbl~mrk`mkxgi b}chgkam gq m fg~m loqmr~mh ck xfm Z_A kl gkh giql ck qm~mrgi lxfmr Gqcgkal}kxrcmq ck xfm zgqx+ Nckgkacgi rmnlr`q l}ih `cxcbgxm nckgkacgi rmzrmqqclk gkh `gs alrrmaxl~mrck~mqx`mkx) xf}q `geckb xfm zrmhcaxmh alrrmigxclk omxmmk hl`mqxca nckgkacgi icomrgictgxclkgkh ck~mqx`mkx kmbgxc~m+

    Xfm `gbkcx}hm ln xfm mqxc`gxmh almnncacmkxq ln xfm hl`mqxca nckgkacgi rmnlr` ~grcgoim grm }q}giisqicbfxis fcbfmr ck xfm kgxclkgi qg~ckb mqxc`gxclkq xfgk xflqm ck xfm ck~mqx`mkx mqxc`gxclkq+ Xfcq`gs mvzigck xfm ckqcbkcncagkx lr zlqcxc~m mqxc`gxmq ln xfm hl`mqxca nckgkacgi rmnlr` ~grcgoim ckxfm a}rrmkx gaal}kx mqxc`gxclkq+

    Ckarmgqckb qlacgi zrlxmaxclk mvzmkhcx}rm) mvai}hckb fmgixfagrm) l}ih ckarmgqmkgxclkgi qg~ckb

    nlr ckh}qxrcgictmh al}kxrcmq) o}x cx l}ih rmh}am kgxclkgi qg~ckb nlr hm~milzckb lr m`mrbckb`gremx al}kxrcmq) xfl}bf xfm mnnmax cq klx qxgxcqxcagiis qcbkcncagkx nlr xfm igxxmr brl}zq lnal}kxrcmq+ Nlr xfm ck~mqx`mkx hmxmr`ckgxclk) lk xfm lxfmr fgkh) qlacgi zrlxmaxclk) fmxfmrckai}hckb fmgixfagrm lr klx) cq nl}kh xl alkxrco}xm kmbgxc~mis+ Lkm mvzigkgxclk `gs om xfgx `lrmqzmkhckb lk qlacgi zrlxmaxclk zrlbrg`q ag}qmq mvxmrkgicxs ck xfm qmaxlrq xfgx zrl~chm qlacgizrlxmaxclk) qfcnxckb rmql}ramq nrl` xrghcxclkgi) `lrm `gk}ngax}rckblrcmkxmh) ck~mqx`mkxckxmkqc~m qmaxlrq xl `lrm qmr~camlrcmkxmh gkh imqq ck~mqx`mkxckxmkqc~m qmaxlrq q}af gq qmkclragrm gkh fmgixfagrm+ Fmkam) gq `lrm qlacgi zrlxmaxclk cq omckb zrl~chmh) `lrm qmr~camlrcmkxmhqmaxlrq l}ih brl) rmh}ackb xfm im~mi ln ck~mqx`mkx ck `lrm agzcxgickxmkqc~m) xrghcxclkgickh}qxrcgi qmaxlrq+ Xfm igrbmr) kmbgxc~m c`zgax ln xfcq ~grcgoim lk ck~mqx`mkx xfgk xfgx lkkgxclkgi qg~ckb agk mvzigck xfm zlqcxc~m c`zgax ln qlacgi zrlxmaxclk) fmxfmr lr klx ckai}hckbfmgixfagrm) lk a}rrmkx gaal}kx ogigkamq+

    Xfm ~grcgoim zgrxca}igris nlr fmgixfagrm cq zmrqcqxmkxis nl}kh xl om g kmbgxc~m alkxrco}xlr xl olxfkgxclkgi qg~ckb gkh ck~mqx`mkx) mqzmacgiis nlr hm~milzckb gkh m`mrbckb `gremx al}kxrcmq+ Rfmkm }qm xfm z}oica fmgixfagrm ~grcgoim nrl` xfm RHC hgxgogqm) fcaf al~mrq g igrbmr k}`omr lnal}kxrcmq) xfm c`zgax cq kmbgxc~m gkh qcbkcncagkx mqzmacgiis nlr hm~milzckb gkh m`mrbckb `gremxal}kxrcmq+ Xf}q) z}oica fmgixfagrm mvzmkhcx}rm l}ih ilmr kgxclkgi qg~ckb nlr xfmqm al}kxrcmq+Cn xfm z}oica qmaxlr xgemq agrm ln zgrx ln xfm fmgixfagrm mvzmkhcx}rm) ckhc~ch}giq l}ih ngam imqqkmmh nlr qg~ckb xl zrmzgrm nlr g rgcks hgs) gq m hcqa}qqmh gol~m+ Xfcq ogqcagiis q}zzlrxq xfm`gckqxrmg` zlicas rmal``mkhgxclk xfgx xfm Z_A qfl}ih ckarmgqm z}oica qgnmxs kmxq gkh z}oicafmgixf,zmkqclk qsqxm`q xl rmh}am xfm kgxclkgi qg~ckbq rgxm) fcaf l}ih ckarmgqm hl`mqxcaalkq}`zxclk) xfmrmos rmh}am mvzlrx hmzmkhmkas) gkh m~mkx}giis alkxrco}xm xl rmogigkackb lnxfm malkl`s+

    7>Xfgx nckgkacgi icomrgictgxclk) fcaf l}ih rmq}ix ck fcbfmr ckxmrmqx rgxmq qfl}ih orckb hlk qg~ckbq rgxmq `gs qmm`al}kxmrckx}cxc~m cn lkm alkqchmrq fcbfmr ckxmrmqx rgxmq xl om g `gdlr `lxc~gxlr nlr `lrm ck~mqx`mkx+ O}x cn lkmalkqchmrq xfgx nlr Z_A fl}qmflihq qg~ckb hmacqclkq grm zrc`grcis hmxmr`ckmh os alkqchmrgxclkq lk n}x}rm nckgkacgikmmhq) m+b+) nlr afcih mh}agxclk) xfm z}rafgqm ln zrlzmrxs) fmgixfagrm) lr rmxcrm`mkx kmmhq) cx l}ih `gem qmkqm nlrg fl}qmflih xl gax}giis rmh}am qg~ckbq kl ck ngam ln g fcbfmr ckxmrmqx rgxm) omag}qm xfm fcbfmr ckxmrmqx rgxm l}ihfmiz bmkmrgxm xfm qg`m l}xal`m gx xc`m x gq g fcbfmr qg~ckbq g`l}kx }khmr g ilmr ckxmrmqx rgxm+ Xfm m`zcrcagiicxmrgx}rm lk xfm mnnmax ln nckgkacgi `gremx hm~milz`mkx lk qg~ckb rgxmq cq `cvmh+ Ilgstg mx gi+ &?:::#) gkh Flrcleggkh Sck &?:7:# nckh g kmbgxc~m mnnmax ln nckgkacgi qmaxlr hm~milz`mkx lk xfm qg~ckbq rgxm+ Flrcleg gkh XmrghgFgbcgrg &?:7?# nckh g klkickmgr rmigxclkqfcz omxmmk zrc~gxm armhcx gkh xfm hl`mqxca qg~ckb rgxm) q}bbmqxckb xfgxnckgkacgi qmaxlr hm~milz`mkx hrc~mq xfm qg~ckbq rgxm }z xl g zlckx) gnxmr fcaf cx ngiiq gbgck+

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?:

    Imx }q nla}q lk xfrmm `lrm ~grcgoimq) xfl}bf xfms grm klx kmamqqgrcis `carlqmaxlrcgi ~grcgoimq)qckam xfms grm w}cxm rmim~gkx xl zlicas cqq}mq ngackb xfm Z_A+ Xfm ncrqx xl ~grcgoimq ln l}rckxmrmqx grm xflqm zmrxgckckb xl hm`lbrgzfs) kg`mis sl}kb gkh lih hmzmkhmkas rgxclq+ Ck gklzmk malkl`s qmxxckb fmrm gbmkxq `gvc`ctm xfmcr }xcicxs q}odmax xl gk ckxmrxm`zlrgi o}hbmxalkqxrgckx) gq ilkb gq g Zlktc qafm`m cq omckb r}imh l}x) xfm a}rrmkx gaal}kx l}ih fg~m xlomfg~m ck g gs xfgx l}ih `gckxgck xfm ckxmrxm`zlrgi o}hbmx alkqxrgckx &Xrmfgk gkh Rgiqf

    73375 Ailmr gkh Cxl ?:7?#+ Nrl` xfcq qxgkhzlckx) g al}kxrs cxf fcbfmr sl}kb zlz}igxclkqfl}ih xmkh xl r}k a}rrmkx gaal}kx hmncacx cxf cxq ck~mqx`mkx lzzlrx}kcxcmq fcim xfm olrrlckbnrl` xfm rmqx ln xfm lrih cii om zgch lnn lkam xfm sl}kb qmb`mkx ln xfm zlz}igxclk omal`mqxfm lreckb zlz}igxclk+ Lr) cn g al}kxrs cxf fcbf ~li}`m ln lreckb zlz}igxclk mvzlrxq agzcxgi xlxfm rmqx ln xfm lrih) c+m+) r}kq a}rrmkx gaal}kx q}rzi}q) gq cx qxgrxq gbckb) xfgx al}kxrs agk ic~m lkrmzgs`mkxq nrl` xfm rmqx ln xfm lrih) ck fcaf agqm cx qfl}ih r}k a}rrmkx gaal}kx hmncacx &m+b+)Dgzgk igxmis#+ Xfcq zrmhcaxclk cq mqqmkxcgiis xfm qg`m gq xfgx ln xfm icnmasaim ckal`m fszlxfmqcq+Xf}q) xfm rmigxclkqfcz omxmmk xfm qg~ckb rgxm gkh hm`lbrgzfcagi hcqxrco}xclk agk om hmzcaxmhcxf g f}`z lr gk ck~mrxmh ]qfgzm) fcaf cq giql gzzicagoim xl xfm ck~mqx`mkx rgxm+

    L}r mqxc`gxclk rmq}ixq grm alkqcqxmkx cxf xfmqm zrmhcaxclkq gx imgqx nlr xfm kgxclkgi qg~ckbmqxc`gxclk cxf xfm n}ii qg`zim5 olxf sl}kb gkh lih hmzmkhmkas rgxclq fg~m qcbkcncagkxis

    kmbgxc~m mqxc`gxmq+ Flm~mr) cx cq `lrm ln xfm sl}kb hmzmkhmkas rgxcl xfgx cq zmrqcqxmkxis nl}khxl om g kmbgxc~m alkxrco}xlr xl xfm kgxclkgi qg~ckb rgxm gkh xfm ck~mqx`mkx rgxm+ Xfm lihhmzmkhmkas rgxcl cq g kmbgxc~m alkxrco}xlr xl kgxclkgi qg~ckb gkh ck~mqx`mkx) o}x xfm rmq}ixq grm`lrm qcbkcncagkx nlr ckh}qxrcgictmh al}kxrcmq+

    @gks loqmr~mrq ln xfm Z_A grm alkamrkmh gol}x xfm zlxmkxcgi c`zgax ln xfm zlz}igxclk gbckb ckxfm Z_A) fcaf cq grb}mh xl om ngqxmr xfgk xfgx ln Dgzgk+ Gq ngr gq l}r mqxc`gxclk rmq}ixq grmalkamrkmh) g zlxmkxcgi ckarmgqm ck xfm lih zlz}igxclk cq klx mvzmaxmh xl fg~m `}af c`zgax lkxfm a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkh ck~mqx`mkx+ Flm~mr) g hrlz ck xfm sl}kbzlz}igxclk) fcaf cq gol}x xl omal`m g ocb cqq}m nlr xfm al}kxrs &Xsmrq gkh Bliims ?:7:#)qmm`q xl alkxrco}xm xl ilmrckb olxf kgxclkgi qg~ckb gkh ck~mqx`mkx+ Smx) g hrlz ck ck~mqx`mkx`gs om ocbbmr xfgk xfgx ck kgxclkgi qg~ckb) fcaf l}ih m~mkx}giis imgh xl gk c`zrl~m`mkx ckxfm a}rrmkx gaal}kx ln xfm Z_A+

    Igqxis) m qfl}ih `mkxclk xfgx xfm agzcxgi gaal}kx lzmkkmqq ckhmv &EGLZMK# cq nl}kh xl om gkmbgxc~m gkh qcbkcncagkx alkxrco}xlr xl a}rrmkx gaal}kx ogigkamq zmrqcqxmkxis nlr xfm q}obrl}z lnhm~milzckb al}kxrcmq+ Nlr xfmqm al}kxrcmq) EGLZMK cq nl}kh xl alkxrco}xm kmbgxc~mis) o}xckqcbkcncagkxis) xl kgxclkgi qg~ckb gkh ckqcbkcncagkxis zlqcxc~mis xl ck~mqx`mkx+ Ck gks agqm) ghm~milzckb al}kxrs cxf `lrm lzmk nckgkacgi `gremxq xmkhq xl omal`m g rmaczcmkx ln agzcxgi+Xfcq nckhckb cq zgrxca}igris rmim~gkx xl xfm Z_A) omag}qm cxq nckgkacgi `gremxq grm rmigxc~misailqmh hmqzcxm xfm al}kxrsq rgzch malkl`ca brlxf gkh rcqm gq gk malkl`ca gkh bmlzlicxcagiq}zmrzlmr+ Gq ln xfm ?::>:6 zmrclh) cxq EGLZMKq zmrclh g~mrgbm qalrmq g `mrm :+7> &cxfxfm ~gi}m ln 7+:: omckb xfm `lqx lzmk# fcim Orgtci gkh _}qqcg qalrm :+=1 gkh :+87)rmqzmaxc~mis) xfl}bf xfm Z_Aq im~mi ln nckgkacgi lzmkkmqq cq lk zgr cxf Ckhcg+ Gixfl}bf xfmZ_A fgq qxgrxmh gh~lagxckb ckxmrkgxclkgictgxclk ln cxq a}rrmkas igxmis) xfm ocbbmqx olxximkmae lnq}af gk mnnlrx cq cxq mvxrm`mis rcqeg~mrqm) brgh}gicqx gzzrlgaf xlgrh mvxmrkgi nckgkacgiicomrgictgxclk+ L}r mqxc`gxclk rmq}ixq ckhcagxm xfgx n}rxfmr mvxmrkgi nckgkacgi icomrgictgxclk `gsgiql fmiz xfm al}kxrs rmogigkam cxq a}rrmkx gaal}kx q}rzi}q+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?7

    8+ C@ZICAGXCLKQ LN XFM MQXC@GXCLK _MQ]IXQ NL_ XFMZ_A

    8+7 Alkxrco}xclkq ln qmaxlrcgi ~grcgoimq

    Ck xfcq qx}hs) m nla}q lk xfm c`zgax ln xfm ~grcgoimq zmrxgckckb xl qmaxlrcgi rmnlr`q) fcaf xfmZ_A cq mqzmacgiis mkal}rgbmh xl }khmrxgem ql xfgx cxq a}rrmkx gaal}kx c`ogigkamq agk omalrrmaxmh+ Ck xfm zrm~cl}q mqxc`gxclk mvmracqmq) m fg~m qmmk xfgx rmnlr`q ck xfm nckgkacgiqmaxlr) qlacgi zrlxmaxclk) gkh fmgixfagrm hl `gxxmr nlr kgxclkgi qg~ckb gkh ck~mqx`mkx g`lkbhm~milzckb gkh m`mrbckb al}kxrcmq) o}x imqq ql nlr a}rrmkx gaal}kx ogigkamq+

    Ncb}rm 3 zrl~chmq ql`m ~cq}gi m~chmkam xfgx xfmqm qmaxlrcgi ngaxlrq `gxxmr nlr qg~ckb gkhck~mqx`mkx nlr xfm Z_A+ Xfm ncb}rm cii}qxrgxmq xfm zrmhcaxclkq ln a}rrmkx gaal}kx ogigkamq)kgxclkgi qg~ckb) gkh ck~mqx`mkx ogqmh lk xfm ogqmickm `lhmi gkh xfm nc~m `lhmiq xfgx mrmzrmqmkxmh ck Xgoimq 71 cxf hcnnmrmkx qmxq ln ~grcgoimq zmrxgckckb xl qmaxlrcgi zlicacmq) kg`mis)hl`mqxca nckgkacgi icomrgictgxclk) qlacgi zrlxmaxclk mvzmkhcx}rm cxf gkh cxfl}x fmgixfagrm) gkhfmgixfagrm+72

    Ncb}rm 34 Zrldmaxclkq ln xfm Z_Aq AGO) KQ) gkh Ck~mqx`mkx

    &g# A}rrmkx Gaal}kx

    72Zrmhcaxclkq grm `ghm }qckb xfm mqxc`gxclk rmq}ixq nlr xfm q}oqg`zim ln hm~milzckb al}kxrcmq) c+m+) ali}`kq 7176

    ck mgaf ln Xgoimq 71+

    +:8

    +:?

    :

    +:?

    +:8

    +:>

    +:6

    +7

    7337733= 733>?::: ?::7:= ?::>:6zmrclh

    AGO,S Ogqmickm

    @lhmi 7 @lhmi ?

    @lhmi 1 @lhmi 8

    @lhmi =

    Z_AAGO Zrldmaxclkq

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ??

    &o# Kgxclkgi Qg~ckb

    &a# Ck~mqx`mkx

    Ql}ram4 G}xflrq agia}igxclkq+

    Xfm zgkmiq ln ncb}rmq qfl xfgx) nlr gii ln a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkhck~mqx`mkx) xfm `lhmiq cxf qmaxlrcgi ~grcgoimq l}xzmrnlr` xfm ogqmickm `lhmi ck xfmcr

    zrmhcaxclkq+ Flm~mr) xfmrm cq qxcii gk }kmvzigckgoim al`zlkmkx ck xfm a}rrmkx gaal}kx ogigkamqgkh kgxclkgi qg~ckb ck xfm zmrclh ?::>:6 gixfl}bf ckai}hckb xfmqm qmaxlrcgi ~grcgoimq kgrrlqxfm bgz omxmmk xfm gax}gi a}rrmkx gaal}kx ogigkam gkh xfm ogqmickm zrmhcaxclk os :+?- xl7+8- &Xgoim 8#+ Afckk) Cxl) gkh Mcafmkbrmmk &?:77# chmkxcns g qxr}ax}rgi ormge ck xfm qmrcmq lna}rrmkx gaal}kx ogigkamq nlr m`mrbckb `gremx al}kxrcmq+ Ck l}r mqxc`gxclk) xfm ~grcgoimq nlrhl`mqxca nckgkacgi icomrgictgxclk gkh qlacgi zrlxmaxclk zlicacmq ql`mfgx fmiz kgrrlckb xfm}kmvzigckgoim zlrxclk ln xfm a}rrmkx gaal}kx ln xfm Z_A ck xfm zmrclh) o}x gq Xgoim 8 qflq) l}r`lhmiq qxcii }khmrzrmhcax xfm al}kxrsq a}rrmkx gaal}kx os >+3 xl 6+8 zmramkxgbm zlckxq+ Xfcq

    +?=

    +1

    +1=

    +8

    +8=

    +=

    +==

    7337733= 733>?::: ?::7:= ?::>:6zmrclh

    KQ,S Ogqmickm

    @lhmi 7 @lhmi ?

    @lhmi 1 @lhmi 8

    @lhmi =

    Z_AKgxclkgi Qg~ckb Zrldmaxclkq

    +?=

    +1

    +1=

    +8+8=

    +=

    +==

    7337733= 733>?::: ?::7:= ?::>:6zmrclh

    Ck~mqx+,S Ogqmickm

    @lhmi 7 @lhmi ?

    @lhmi 1 @lhmi 8

    @lhmi =

    Z_ACk~mqx`mkx Zrldmaxclkq

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?1

    `mgkq xfgx lxfmr ngaxlrq grm alkxrco}xckb xl xfm al}kxrsq mvamqqc~mis fcbf a}rrmkx gaal}kxq}rzi}q ck xfm zmrclh+

    Xgoim 84 Zrldmaxclkq ln A}rrmkx Gaal}kx Ogigkamq) Kgxclkgi Qg~ckb) gkhCk~mqx`mkx nlr xfm Z_A ck ?::>:6

    A}rrmkx Gaal}kx Ogigkam Kgxclkgi Qg~ckb Ck~mqx`mkx

    Hm~+ nrl`gax}gi~gi}m

    Hm~+ nrl`Ogqmickm

    Hm~+ nrl`gax}gi~gi}m

    Hm~+nrl`

    Ogqmickm

    Hm~+nrl`gax}

    gi~gi}

    m

    Hm~+nrl`

    Ogqmickm

    KmxQg~ckb

    &7# &?# &1# &8# &=# &># &2# &6# &3#&7:#

    0 &7# &2#

    Gax}gi 3+1-=?+?-

    8?+3-

    3+1-

    Ogqmickm :+3- 6+8-1=+8-

    7>+6-1=+7-

    2+6-

    :+1-

    @lhmi 7 ?+:- 2+1- 7+7-8:+?-

    7?+:- 8+6-12+3-

    =+:-

    ?+6- ?+1-

    @lhmi ? 7+7- 6+7- :+?-8:+?-

    7?+:- 8+6-13+7-

    1+6-

    8+:- 7+7-

    @lhmi 1 7+>- 2+2- :+2-8:+3-

    77+?- =+=-13+1-

    1+>-

    8+?- 7+>-

    @lhmi 8 ?+8- >+3- 7+8-8:+6-

    77+8- =+8-13+7-

    1+6-

    8+:- 7+2-

    @lhmi = ?+8- >+3- 7+8-8:+3-

    77+1- =+=-16+1-

    8+2-

    1+7- ?+>-

    Klxmq4 Gax}gi rmnmrq xl gax}gi ~gi}mq ln a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkh ck~mqx`mkx+ Ogqmickm rmnmrq xlzrmhcaxclkq ogqmh lk xfm Ogqmickm `lhmi fcim @lhmiq 7= rmnmr xl xflqm `ghm os @lhmiq 7=+ Ali}`kq &?#) &=#) gkh

    &6# qfl xfm hm~cgxclkq ln xfm `lhmi zrmhcaxclkq nrl` xfm gax}gi ~gi}mq ln a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkhck~mqx`mkx+ @lhmiq 7=+ Ali}`kq &1#) &>#) gkh &3# qfl xfm hm~cgxclkq ln xfm `lhmi zrmhcaxclkq nrl` xfm zrmhcaxclkq lnxfm Ogqmickm `lhmi+ Ali}`k &7:# rmzlrxq kmx qg~ckb gq xfm hcnnmrmkx omxmmk gax}gi lr zrmhcaxmh kgxclkgi qg~ckb gkhck~mqx`mkx+

    Ql}ram4 G}xflrq agia}igxclkq+

    Xfm `lhmiq cxf qmaxlrcgi ~grcgoimq zrmhcax kgxclkgi qg~ckb omxxmr xfgk xfm ogqmickm `lhmi os 8+6xl =+= zmramkxgbm zlckxq) o}x qxcii }khmrzrmhcaxckb xfm kgxclkgi qg~ckb ck xfm zmrclh os 77 xl 72zmramkxgbm zlckxq+ Alkqchmrckb xfgx l}r mqxc`gxclk `lhmiq zrmhcax ck~mqx`mkx rmigxc~mis mii) magk alkai}hm xfgx xfm }khmrzrmhcaxclk ln xfm Z_Aq a}rrmkx gaal}kx ogigkamq ck xfm zmrclh?::>:6 cq `gckis g rmnimaxclk ln xfm }khmrzrmhcaxclk ln xfm al}kxrsq qg~ckb+

    G`lkb xfm ~grcgoimq ln l}r nla}q) imx }q qmm fl l}r qmaxlrcgi ~grcgoimq alkxrco}xm xl xfm Z_Aqa}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkh ck~mqx`mkx+ Ncb}rm 7: cii}qxrgxmq fl xfmalkxrco}xclkq ln xfm ~grcgoimq ln l}r ckxmrmqx xl xfm Z_Aq a}rrmkx gaal}kx ogigkam) kgxclkgiqg~ckb) gkh ck~mqx`mkx fg~m m~li~mh l~mr xc`m+ Ck xfm ncb}rm) m giql fg~m l}xlnqg`zimzrmhcaxclkq nlr xfm kmvx nc~m smgrq) ?:7172) ogqmh lk xfm mqxc`gxmq nrl` xfm rmbrmqqclkq ln@lhmi = gkh }qckb xfm gqq}`zxclkq m hmqarcom ck xfm Gzzmkhcv+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?8

    Ncb}rm 7:4 Alkxrco}xclkq ln xfm Hmxmr`ckgkxq ln AGO) KQ) gkh Ck~mqx`mkx

    &g# A}rrmkx Gaal}kx

    &o# Kgxclkgi Qg~ckb

    &a# Ck~mqx`mkx

  • 7/31/2019 The Peoples Republic of China and Global Imbalances from a View of Sectorial Reforms

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?=

    Ql}ram4 G}xflrq agia}igxclkq+

    Rm agk `gem qm~mrgi ckxmrmqxckb loqmr~gxclkq+ Ncrqx) xfm alkxrco}xclk ln hl`mqxca nckgkacgirmnlr` xl xfm a}rrmkx gaal}kx) kgxclkgi qg~ckb) gkh ck~mqx`mkx fgq ommk brgh}giis) o}x qxmghcisckarmgqckb l~mr xfm smgrq+ Cxq alkxrco}xclk xl xfm Z_Aq a}rrmkx gaal}kx cq gol}x 7+1- ck xfm

    zmrclh ?::>:6) gi`lqx hl}oim al`zgrmh xl xfm zmrclh 733>?:::+ Xfm kmbgxc~m mnnmax cqmvzmaxmh xl alkxck}m xl rcqm xl 7+6- ck xfm zmrclh ?:7172+ 76 Qmalkh) gixfl}bf cxq alkxrco}xclkcq klx gq ocb gq xfgx ln hl`mqxca nckgkacgi rmnlr`) agzcxgi gaal}kx lzmkkmqq giql alkxrco}xmq xlilmrckb xfm a}rrmkx gaal}kx+ Gq ln xfm ?:::q) xfm qctm ln cxq alkxrco}xclk cq gq q`gii gq :+=-)o}x bc~mk xfgx xfmrm cq qxcii `}af rll` nlr xfm Z_A xl c`zim`mkx icomrgictgxclk zlicas xlgrharlqqolrhmr agzcxgi nilq) q}af g zlicas agk om mvzmaxmh xl ilmr xfm a}rrmkx gaal}kx q}rzi}q+

    Xfcrh) xfm fmgixfagrm mvzmkhcx}rm cq gklxfmr zmrqcqxmkx kmbgxc~m alkxrco}xlr xl xfm a}rrmkxgaal}kx cxf xfm qctm ln gol}x 7-+ Gq m cii hcqa}qq igxmr) cn xfm Z_A bl~mrk`mkx hmachmh xlckarmgqm cxq z}oica fmgixfagrm mvzmkhcx}rm) cxq kmbgxc~m alkxrco}xclk agk rcqm+

    Nl}rxf) sl}kb hmzmkhmkas rgxclq fg~m alkxrco}xmh zlqcxc~mis xl xfm al}kxrsq a}rrmkx gaal}kxq}rzi}q }kxci xfm zmrclh ?::>:6+ Flm~mr) cn xfm sl}kb zlz}igxclk afgkbmq gq xfm ]kcxmh

    Kgxclkq zrldmaxq) cxq alkxrco}xclk cii qxgocictm &gx :+2-# ck xfm zmrclh ?:7172+Ncnxf) qc`cigr loqmr~gxclkq agk om `ghm nlr kgxclkgi qg~ckb mvamzx nlr xfm c`zgax ln agzcxgigaal}kx lzmkkmqq+ Nlr xfm ck~mqx`mkx hmxmr`ckgxclk) flm~mr) sl}kb hmzmkhmkas rgxclq gkhhl`mqxca nckgkacgi rmnlr` grm nl}kh xl om ocbbmr alkxrco}xlrq g`lkb xfm ~grcgoimq ln l}r nla}q+

    Igqx) xfm q}` ln xfm alkxrco}xclkq ln xfm ~grcgoimq ln l}r ckxmrmqx xl xfm Z_Aq a}rrmkx gaal}kx)kg`mis) sl}kb gkh lih hmzmkhmkas rgxclq5 hl`mqxca nckgkacgi rmnlr`5 fmgixfagrm mvzmkhcx}rm5gkh agzcxgi gaal}kx lzmkkmqq cq ?+7- ck ?::>:6 gkh cq mvzmaxmh xl om 1+6- ck ?:7172+ Xfmal`zgrgoim ncb}rmq nlr kgxclkgi qg~ckb gkh ck~mqx`mkx grm 7+>- gkh 7+7-) rmqzmaxc~mis) nlr?::>:6 gkh 8+1- gkh :+1- ck ?:7172+ Rm agk qmm xfgx xfmqm ncb}rmq grm malkl`cagiisqcbkcncagkx+ Giql) m agk mvzmax xfmqm ngaxlrq cii alkxrco}xm xl ilmrckb kgxclkgi qg~ckb gkha}rrmkx gaal}kx ck xfm zmrclh ?:7172+

    8+? Qamkgrcl gkgisqcqnlrmagqxq ln xfm Z_Aq a}rrmkx gaal}kx)kgxclkgi qg~ckb) gkh ck~mqx`mkx

    Rm kl ekl xfgx qmaxlrcgi rmnlr`q agk fg~m gk c`zlrxgkx c`zgax lk xfm a}rrmkx gaal}kx)kgxclkgi qg~ckb) gkh ck~mqx`mkx+ Xfm igqx w}mqxclk m agqx cq4 fl al}ih xfms alkxrco}xm xln}x}rm rmogigkackb< Xl gkqmr xfcq w}mqxclk) m alkh}ax qamkgrcl gkgisqmq nlr xfmqm qmaxlrq+@lrm qzmacncagiis) m cii nlrmagqx xfm Z_Aq a}rrmkx gaal}kx ogigkamq) kgxclkgi qg~ckb) gkhck~mqx`mkx nlr xfm zmrclh ?:7172) o}x xfm nlrmagqxq cii om alkhcxclkgi }zlk hcnnmrmkx qamkgrclqnlr xfm qmaxlrcgi hm~milz`mkx ln l}r alkamrk+ Gq omnlrm) gii xfm nlrmagqxq grm `ghm }qckb xfmmqxc`gxmq ln @lhmi =+

    Rm ncrqx mvg`ckm fl xfm nlrmagqxq ln a}rrmkx gaal}kx ogigkam) kgxclkgi qg~ckb) gkh ck~mqx`mkxafgkbm hmzmkh lk xfm mvxmkx ln zrlbrmqq ck hl`mqxca nckgkacgi rmnlr`+ Mvamzx nlr xfm ~grcgoimnlr hl`mqxca nckgkacgi rmnlr`) m gbgck }qm xfm gqq}`zxclkq hmqarcomh ck xfm Gzzmkhcv+ Gq nlrxfm hl`mqxca nckgkacgi rmnlr` ~grcgoim) xfm ogqmickm zrmhcaxclk cq ogqmh lk xfm gqq}`zxclk xfgxxfm im~mi ln hl`mqxca nckgkacgi rmnlr` cii alkxck}m xl ckarmgqm cxq im~mi cxf xfm gkk}gi xrmkh+Xfgx cq) xfm ~gi}m ln xfm hl`mqxca nckgkacgi rmnlr` ckhmv rcqmq nrl` :+86 ck xfm zmrclh ?::>:6 xl

    76Rm gqq}`m xfm im~mi ln hl`mqxca nckgkacgi rmnlr` alkxck}mq xl rcqm cxf xfm gkk}gi xrmkh+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?>

    :+>1 ck xfm zmrclh ?:7172) xfgx cq xfm im~mi gol~m xfm ?::>:6 im~mi ln hl`mqxca nckgkacgirmnlr` ln Orgtci &qmm Xgoim =#+73

    Xgoim =4 Hl`mqxca Nckgkacgi _mnlr` Ckhmv gkh Z}oica Fmgixfagrm Mvzmkhcx}rm &-ln BHZ# ln Qm~mrgi Al}kxrcmq gq ln ?::>:6

    Hl`mqxcaNckgkacgi_mnlr`Ckhmv

    &7+:: 0`gv#

    Z}oicaFmgixf AgrmMvzmkhcx}rm&- ln BHZ#

    AgzcxgiGaal}kx

    Lzmkkmqq&7+:: 0`gv#

    Grbmkxckg :+37 =+:7 :+?8

    Orgtci :+>: 1+=3 :+=1

    Z_A :+86 7+38 :+7>

    Ckhcg :+=2 7+?1 :+7>

    Ckhlkmqcg :+6: 7+?8 :+>3

    _mz+ ln Elrmg :+6= 1+13 :+81

    @gigsqcg :+6= 7+38 :+=:

    _}qqcg :+63 1+1: :+87

    Xfgcigkh :+6: ?+2= :+1?

    ^cmx Kg` :+=8 ?+=2 :+?8

    Klxmq4 Xfm hl`mqxca nckgkacgi rmnlr` ckhmv cq ogqmh lk Gocgh mx gi+ &?::6#+ Omag}qm xfm lrcbckgi ckhmv mkhq ck ?::=) cx cqmvxrgzligxmh }qckb xfm ickmgr gkk}gi xrmkh+ Xfm fmgixfagrm mvzmkhcx}rm cq mvzrmqqmh gq g qfgrm ln BHZ+ Xfm hgxg grmmvxrgaxmh nrl` xfm Rlrih Ogkeq Rlrih Hm~milz`mkx Ckhcagxlr+ Xfm agzcxgi gaal}kx lzmkkmqq ckhmv cq ogqmh lk xfm Afckkgkh Cxl ckhmv &?::>) ?::6#+ Klr`gictgxclk `gemq xfm `gvc`gi ~gi}m 7+:: nlr olxf xfm hl`mqxca nckgkacgi rmnlr` gkh agzcxgigaal}kx lzmkkmqq ckhmvmq+

    Ql}ram4 G}xflrq agia}igxclkq+

    Rm giql fg~m xl rmnlr`cqx gkh klkrmnlr`cqx qamkgrclq) fcaf m agk alkqchmr xfm fcbfqxgxm gkh xfm il qxgxm) rmqzmaxc~mis+ Ck xfm rmnlr`cqx qamkgrcl) lr xfm fcbf qxgxm) m gqq}`mxfgx xfm Z_A cii c`zim`mkx hrgqxca hl`mqxca nckgkacgi rmnlr` ck xfm kmgr n}x}rm) ql xfgx xfmckhmv nlr hl`mqxca nckgkacgi rmnlr` cii rcqm }z xl :+37) xfm im~mi Grbmkxckg mkdlsq gq ln ?::>:6&Xgoim =#+

    Ck xfm klkrmnlr`cqx qamkgrcl) lr xfm il qxgxm) nlr fgxm~mr rmgqlk) xfm Z_A hlmq klx zrlammhcxf hl`mqxca nckgkacgi icomrgictgxclk) ck fcaf agqm xfm ckhmv rm`gckq gq :+86) xfm ilmqx im~mig`lkb xfm al}kxrcmq rmzlrxmh ck Xgoim = gkh `}af ilmr xfgk `gks lxfmr m`mrbckb malkl`cmq+

    73Xfm fmgixfagrm mvzmkhcx}rm cq gqq}`mh xl om 1- ln BHZ ck ?:7172) qicbfxis fcbfmr xfgk xfm g~mrgbm ln xfm zmrclh

    ?::>:6+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?2

    Ncb}rm 77 hcqzigsq xfm rmq}ixq ln zrmhcaxclkq nlr xfm hcnnmrmkx qamkgrclq+ Ck xfm rmnlr`cqx qamkgrcl)fmrm xfm Z_A c`zim`mkxmh g hrgqxca hl`mqxca nckgkacgi rmnlr`) xfm a}rrmkx gaal}kx ogigkaml}ih om ilmr xfgk xfgx ck xfm ogqmickm zrldmaxclk os :+2 zmramkxgbm zlckxq gkh ilmr xfgk xfgxck xfm klkrmnlr`cqx qamkgrcl os 7+? zmramkxgbm zlckxq+ Xfm kgxclkgi qg~ckb rgxm ck xfm rmnlr`cqxqamkgrcl l}ih om ilmr xfgk xfgx ln xfm ogqmickm os ?+= zmramkxgbm zlckxq fcim xfm ck~mqx`mkxrgxm ck xfm rmnlr`cqx qamkgrcl l}ih om ilmr xfgk xfgx ln xfm ogqmickm os 7+2 zmramkxgbm zlckxq+

    Xf}q) cn xfm Z_A c`zim`mkxq g hrgqxca hl`mqxca nckgkacgi rmnlr`) l}r gkgisqcq q}bbmqxq glrqmkckb ln xfm a}rrmkx gaal}kx ogigkam zrc`grcis h}m xl g hmxmrclrgxclk ln kgxclkgi qg~ckb+

    Ncb}rm 774 Zrldmaxclkq ln AGO) KQ) gkh Ck~mqx`mkx) Alkhcxclkgi ]zlk Hl`mqxcaNckgkacgi _mnlr`

    -+

    :?

    :

    +:?

    +:8

    +:>

    +:6

    +7

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq AGO,S

    C@N Zrldmaxclk "qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    AGO Zrldmaxclkq) Alkhcxclkgi lk Nckgkacgi _mnlr`

    +?=

    +1

    +1=

    +8

    +8=

    +=

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq KQ,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    Kgx"i Qg~ckb Zrldmaxclkq) Alkhcxclkgi lk Nckgkacgi _mnlr`

    +?=

    +1

    +1=

    +8

    +8=

    +=

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq Ck~mqx+,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    Ck~mqx`mkx Zrldmaxclkq) Alkhcxclkgi lk Nckgkacgi _mnlr`

    Ql}ram4 G}xflrq agia}igxclkq+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?6

    Ck Ncb}rm 7?) m rmzmgx xfm qg`m mvmracqm) o}x ille ckxl xfm c`zgax ln hcnnmrmkx mvxmkxq ln agzcxgigaal}kx icomrgictgxclk+ ?: Ck xfm ogqmickm qamkgrcl) m gqq}`m xfm ckhmv ln agzcxgi gaal}kxlzmkkmqq rcqmq xl :+1= ck ?:7172 nrl` :+7> ck ?::>:6+ Alkqchmrckb xfgx zlicas `gemrq ckOmcdckb lnxmk grm eklk nlr xfmcr zrmnmrmkam nlr g brgh}gicqx gzzrlgaf) xfm gqq}`mh ckarmgqmgzzmgrq xl om rmgqlkgoim+ Ck xfm rmnlr`cqx qamkgrcl) xfm Z_A c`zim`mkxq g hrgqxca agzcxgigaal}kx lzmkckb) rgcqckb xfm EGLZMKckhmv xl :+==) gol}x xfm qg`m gq Orgtciq ?::>:6 im~mi

    ln nckgkacgi lzmkkmqq+ Cx `gs klx om rmgicqxca) o}x cq lrxf illeckb ckxl+ Ck xfm klkrmnlr`cqxqamkgrcl) m gqq}`m xfgx xfm Z_A `gemq kl qxrc~mq gx agzcxgi gaal}kx icomrgictgxclk al`zgrmhcxf xfm zmrclh ?::>:65 cx `gckxgckq xfm qg`m im~mi ln nckgkacgi lzmkkmqq gq ck xfm zmrclh?::>:6) c+m+) xgemq xfm ~gi}m ln :+7> nlr cxq EGLZMK+

    Ncb}rm 7?4 Zrldmaxclkq ln AGO) KQ) gkh Ck~mqx`mkx) Alkhcxclkgi ]zlk AgzcxgiGaal}kx Icomrgictgxclk

    -+

    :?

    :

    +:?

    +:8

    +:>

    +:6

    +7

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq AGO,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    AGO Zrldmaxclkq) Alkhcxclkgi lk EG Icomrgictgxclk

    +?=

    +1

    +1=

    +8

    +8=

    +=

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq Ck~mqx+,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    Ck~mqx`mkx Zrldmaxclkq) Alkhcxclkgi lk EG Icomrgictgxclk

    Ql}ram4 G}xflrq agia}igxclkq+

    Rm agk qmm xfgx xfm c`zgaxq ln agzcxgi gaal}kx icomrgictgxclk lk xfm a}rrmkx gaal}kx ogigkamq)kgxclkgi qg~ckb) gkh ck~mqx`mkx grm `ckc`gi+ Ck gii qamkgrclq) xfm c`zgax lk xfm xfrmm`garlmalkl`ca ~grcgoimq cq imqq xfgk =: ogqcq zlckxq gol~m lr omil xfm ogqmickm zrldmaxclk+Xfmqm nckhckbq gx imgqx q}bbmqx xfgx lkis igrbmqagim agzcxgi gaal}kx icomrgictgxclk l}ih gnnmaxxfm Z_Aq a}rrmkx gaal}kx ogigkamq+

    Igqxis) m mvg`ckm xfm mnnmax ln rmnlr`ckb fmgixfagrm mvzmkhcx}rmq+ Ck xfm ogqmickm qamkgrcl) mgqq}`m xfgx xfm Z_A ckarmgqmq xfm im~mi ln cxq fmgixfagrm mvzmkhcx}rm gq g rgxcl xl BHZ`grbckgiis xl 1-) g icxxim gol~m xfm im~mi gq ln xfm zmrclh ?::>:6 &c+m+) gol}x ?- ln BHZ#+ Ckxfm rmnlr`cqx qamkgrcl) xfm Z_A rgcqmq cxq fmgixfagrm mvzmkhcx}rm xl 8+=- ln BHZ) fcbfmr xfgkxfm im~mi ln Orgtciq o}x omil xfgx ln Grbmkxckg gq ln ?::>:6 &an+ Xgoim =#+ Ck xfm klkrmnlr`cqxqamkgrcl) xfm fmgixfagrm mvzmkhcx}rm hrlzq xl 7+=- ln BHZ+ Xfcq qamkgrcl cq klx c`zig}qcoim cnxfm Z_A mvzmrcmkamq g fcbf BHZ brlxf fcaf cq gaal`zgkcmh os g imqq al`zgrgoim rcqm ck

    xfm fmgixfagrm mvzmkhcx}rm+

    ?:Xfm hl`mqxca nckgkacgi rmnlr` ~grcgoim cq qmx xl rm`gck xfm qg`m gq ck xfm zrm~cl}q ogqmickm agqm) c+m+) :+>1+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    ?3

    Ncb}rm 71 qflq xfgx xfm Z_Aq a}rrmkx gaal}kx q}rzi}q l}ih ngii os :+6 zmramkxgbm zlckxq cn cxckarmgqmq cxq fmgixfagrm mvzmkhcx}rm }z xl xfm fcbf qxgxm im~mi+ Xfm a}rrmkx gaal}kx l}ihlrqmk `gckis xfrl}bf g ngii ck xfm im~mi ln kgxclkgi qg~ckb omag}qm ck~mqx`mkx cq ogrmisgnnmaxmh ck xfm hcnnmrmkx qamkgrclq+ Gq ck xfm agqm ln hl`mqxca nckgkacgi icomrgictgxclk) c`zrl~ckbz}oica fmgixfagrm zrl~cqclkq al}ih alkxrco}xm xl rmogigkackb xfm Z_Aq a}rrmkx gaal}kx q}rzi}q+

    Ncb}rm 714 Zrldmaxclkq ln AGO) KQ) gkh Ck~mqx`mkx) Alkhcxclkgi ]zlk Fmgixfagrm_mnlr`

    -+

    :?

    :

    +:?

    +:8

    +:>

    +:6

    +7

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq AGO,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~ gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    AGO Zrldmaxclkq) Alkhcxclkgi lk Fmgixf Agrm _mnlr`

    +?=

    +1

    +1=

    +8

    +8=

    +=

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq KQ,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    Kgx"i Qg~ckb Zrldmaxclkq) Alkhcxclkgi lk Fmgixf Agrm _mnlr`

    +?=

    +1

    +1=

    +8

    +8=

    +=

    733>?::: ?::7:= ?::>:6 ?:7172zmrclh

    3=- Alknchmkam Ckxmr~giq Ck~mqx+,S

    C@N Zrldmaxclk "Qxgx}q w}l"

    7 q+h+ nlrmagqxckb ckxmr~gi "_mnlr`cqx"

    "Klk_mnlr`cqx"

    Ck~mqx`mkx Zrldmaxclkq) Alkhcxclkgi lk Fmgixf Agrm _mnlr`

    Ql}ram4 G}xflrq agia}igxclkq+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    1:

    8+1 Lxfmr ngaxlrq

    Rm fg~m qflk xfgx l}r mqxc`gxclk `lhmiq cxf ~grcgoimq rmzrmqmkxckb qmaxlrcgi hm~milz`mkxl}xzmrnlr` xflqm cxfl}x+ Flm~mr) m fg~m giql qflk xfgx ql`m igrbm zlrxclkq ln xfm Z_Aqa}rrmkx gaal}kx) kgxclkgi qg~ckb) gkh ck~mqx`mkx qxcii agkklx om n}iis mvzigckmh os xflqm `lhmiq+

    Gk mqzmacgiis igrbm zlrxclk ln cxq kgxclkgi qg~ckb cq imnx }kmvzigckmh) imghckb }q xl q}qzmax xfgxlxfmr ngaxlrq `gs om alkxrco}xckb xl xfm al}kxrsq fcbf kgxclkgi qg~ckb+

    Nlr lkm) m agk alkqchmr xfm fcbf mh}agxclkgi alqx ck xfm al}kxrs gq g ocb alkxrco}xlr xl xfmfcbf fl}qmflih qg~ckb fcim lxfmrq zlckx l}x Alkn}acgk ~gi}mq xfgx m`zfgqctm xfm ~crx}m lnqg~ckb+ Xfm zma}icgrcxs ln Z_A alrzlrgxm nckgkam m zrm~cl}qis hcqa}qqmh `gs klx om n}iisagzx}rmh os l}r hl`mqxca nckgkacgi icomrgictgxclk ~grcgoim) rgcqckb xfm zlqqcocicxs xfgx cx `gsgaal}kx nlr xfm }kmvzigckmh al`zlkmkx ln xfm Z_Aq qg~ckb+

    H} gkh Rmc &?:7:# gxxrco}xm zgrx ln xfm fcbf qg~ckb xmkhmkas ln Z_A fl}qmflihq xl xfm qmvc`ogigkamq xfgx fg~m omal`m g qmrcl}q qlacgi zrloim` igxmis+ Ck rmamkx hmaghmq) xfm Z_Aq`gim zlz}igxclk fgh ommk brlckb ngqxmr xfgk xfm nm`gim al}kxmrzgrx) gkh `gks loqmr~mrqgrb}m xfgx xfm xrmkh cq mvzmaxmh xl alkxck}m }kimqq xfm lkm afcih zlicas cq xmr`ckgxmh lr

    rmigvmh+?7

    H} gkh Rmc grb}m xfgx ck g al}kxrs cxf hmncacx ck nm`gim zlz}igxclk) `mk grm icemis xlflih `lrm gqqmxq) c+m+) qg~ckbq) xl ck ncmram al`zmxcxclk ck xfm `grrcgbm `gremx+

    Gklxfmr ngaxlr cq }rogkctgxclk+ Xfm Z_Aq malkl`ca icomrgictgxclk mnnlrxq qckam 7326 fg~m imh&lnxmk algqxgi# acxs grmgq xl omal`m `lrm gnni}mkx xfgk xfm ckigkh r}rgi grmgq+?? N}rxfmr`lrm)xfm rmnlr` ln xfm F}el}) lr fl}qmflih rmbcqxrgxclk) qsqxm` ck xfm `ch733:q `ghm cx mgqcmr nlrlremrq ck xfm r}rgi grmgq xl `cbrgxm xl acxs grmgq+ Xfmqm xl ngaxlrq alkxrco}xmh xl rgzch}rogkctgxclk ck xfm igqx xl hmaghmq+?1 Malkl`cagiis) xfm ckni}v ln r}rgi `cbrgkx lremrq fgqalkxrco}xmh xl q}zzrmqqmh gbm im~miq nlr lremrq) xfmrmos hcqzlqgoim ckal`m ck bmkmrgi+N}rxfmr`lrm) rgzch }rogkctgxclk cxfl}x gzzrlzrcgxm zrl~cqclkq lr al~mrgbm ln qlacgi qgnmxs kmxqsqxm`q nlr `cbrgxmh lremrqg alkqmw}mkam ln xfm F}el} qsqxm`fgq alkxrco}xmh xlzrmag}xclkgrs qg~ckb+

    Gq m girmghs hcqa}qqmh) xfm Z_Aq hm~milz`mkx fgq ilzqchmhis ng~lrmh agzcxgi ckxmkqc~mckh}qxrcmq l~mr igolr ckxmkqc~m ckh}qxrcmq) mqzmacgiis qmr~cam ckh}qxrcmq+ Gq gq ck xfm agqm lnrgzch }rogkctgxclk) }khmrhm~milz`mkx ln qmr~cam ckh}qxrcmq `gs fg~m alkxrco}xmh xl q}zzrmqqckbxfm gbm ckal`m gkh giql zrc~gxm alkq}`zxclk) alkxrco}xckb xl fcbfmr im~miq ln qg~ckb+ Fmkam)lkm al}ih mvzmax xfm `lrm hm~milzmh xfm qmr~cam ckh}qxrs cq) xfm ilmr xfm im~mi ln kgxclkgiqg~ckb l}ih om+

    Rm kl mvg`ckm xfm c`zgax ln xfmqm xfrmm zlxmkxcgi alkxrco}xlrq xl xfm a}rrmkx gaal}kx) kgxclkgiqg~ckb) gkh ck~mqx`mkx+ Ck zgrxca}igr) m kl ckai}hm hgxg nlr xfm }rogk zlz}igxclk rgxcl &xl xfmxlxgi zlz}igxclk#5 qmr~cam ckh}qxrs rgxcl xl BHZ5 gkh qmv rgxclq &c+m+) xfm k}`omr ln `gim zmrnm`gim#+?8 Xfmqm ~grcgoimq grm ghhmh xl @lhmi =) olxf ckhc~ch}giis gkh aliimaxc~mis+

    Rm hl klx rmzlrx xfm mqxc`gxclk rmq}ixq xl alkqmr~m qzgam) o}x q}``grctm xfm nckhckbqzmrxgckckb xl xfm xfrmm ~grcgoimq+?= Xfm qmr~cam ckh}qxrs rgxcl cq nl}kh xl om xfm `lqx zmrqcqxmkxis

    ?7Xfm lkmafcih zlicas mvgamrogxmq xrghcxclkgi) a}ix}rgi zrmnmrmkamq nlr `gim ckfmrcxgkam ln ng`cis ickmq gkh zrlzmrxcmq+

    ??Zmr agzcxg ckal`m im~mi cq xfrmm xc`mq fcbfmr ck xfm nlr`mr xfgk ck xfm igxxmr ck rmamkx smgrq+

    ?1_mamkxis) xfm Z_Aq }rogk zlz}igxclk mvammhmh cxq r}rgi zlz}igxclk nlr xfm ncrqx xc`m ck fcqxlrs+

    ?8Olxf }rogk zlz}igxclk gkh qmr~cam ckh}qxrs rgxclq grm rmxrcm~mh nrl` xfm Rlrih Hm~milz`mkx Ckhcagxlrq+ Xfm qmvrgxcl cq nrl` xfm ]kcxmh Kgxclkq Rlrih Zlz}igxclk Zrlqzmaxq Hgxgogqm+

    ?=Xfm mqxc`gxmq grm g~gcigoim }zlk rmw}mqx+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    17

    qcbkcncagkx alkxrco}xlr cxf g kmbgxc~m qcbk xl xfm a}rrmkx gaal}kx gkh kgxclkgi qg~ckb) galkqcqxmkx rmq}ix cxf l}r zrclrq+?> Xfm `lrm hm~milzmh qmr~cam ckh}qxrs cq) xfm `lrm icemiskgxclkgi qg~ckb gkh xfm a}rrmkx gaal}kx grm xl ngii+

    ]rogk zlz}igxclk cq nl}kh xl om g qcbkcncagkxis zlqcxc~m alkxrco}xlr xl a}rrmkx gaal}kx ogigkamq)o}x cxq mnnmax al`mq xfrl}bf cxq kmbgxc~m c`zgax lk ck~mqx`mkx &fcim cxq c`zgax lk kgxclkgi

    qg~ckb cq ckqcbkcncagkx#+ Rfcim cxq kmbgxc~m c`zgax lk ck~mqx`mkx cq ql`mfgx hcnnca}ix xl ckxmrzrmx)lkm zlqqcoim ckxmrzrmxgxclk cq xfgx gq `lrm }rogkctgxclk xgemq zigam) xfm bmlbrgzfcagi al~mrgbmln agzcxgi ck~mqx`mkx xmkhq xl om alkamkxrgxmh+ Rcxf mvxmrkgicxs zlqqcois grcqckb nrl` xfmbmlbrgzfcagi alkamkxrgxclk ln zlz}igxclk) xfm ck~mqx`mkx rgxcl `gs ngii omag}qm ck~mqxckb ckbmlbrgzfcagiis alkamkxrgxmh grmgq `gs om `lrm zrlh}axc~m &xfgk ck qzlrghcagiis rm`lxm grmgq#+

    Igqxis) xfm qmv rgxcl cq klx nl}kh xl fg~m g qcbkcncagkx mnnmax lk gks ln xfm hmzmkhmkx ~grcgoimq lrxfm qg`zimq+ Ck xfm arlqqal}kxrs alkxmvx) xfm qmv rgxcl hlmq klx qmm` xl gnnmax xfm omfg~clr lnqg~ckb lr a}rrmkx gaal}kx+

    Rm `}qx ckxmrzrmx xfmqm nckhckbq cxf ag}xclk) flm~mr+ Rfcim xfmqm ngaxlrq agk om alkxrliimh lrckni}mkamh os bl~mrk`mkx zlicacmqgq xfms fg~m ommk ck xfm Z_A) cx cq grb}goim fmxfmr xfmsgrm zlicas ~grcgoimq lr agk fg~m hcrmaxlr ckhmzmkhmkx c`zgaxq lk qg~ckb) ck~mqx`mkx) gkh xfm

    a}rrmkx gaal}kx+ Xfms agk om mnnmaxc~m ckxmrgaxc~mis cxf lxfmr ngaxlrq+ Nlr mvg`zim) xfm c`zgaxln }rogkctgxclk agk om alkhcxclkgi }zlk xfm qxgxm ln qlacgi qgnmxs kmx zlicacmq+ Qmr~cam ckh}qxrsgkh qmv rgxclq agk fg~m c`zgaxq lk qg~ckb hmzmkhckb lk xfm qxgxm ln hl`mqxca nckgkacgi`gremxq+ Xfmqm ~grcgoimq agk giql om ckai}qc~m ln xfm c`zgaxq rmzrmqmkxmh os lxfmr ~grcgoimq)fcaf agk `gem xfm ckxmrzrmxgxclk fgrhmr+ Fmkam) fcim xfmqm nckhckbq grm q}bbmqxc~m) mqfl}ih nla}q `lrm lk xfm qmaxlrcgi ~grcgoimq m zrc`grcis ck~mqxcbgxmh ck xfm mqxc`gxclkmvmracqm+

    =+ ALKAI]HCKB _M@G_EQ

    Ck xfcq zgzmr m ck~mqxcbgxmh xfm c`zgax ln rmnlr`q ck xfm nckgkacgi qmaxlr) qlacgi zrlxmaxclk) gkhfmgixfagrm lk qg~ckb gkh ck~mqx`mkx zgxxmrkq gkh xfm a}rrmkx gaal}kx+ Rm al`zim`mkxmh g

    hcqa}qqclk ln xfm mnnmax ln q}af rmnlr`q lk xfm Z_A a}rrmkx gaal}kx cxf g al`zrmfmkqc~marlqqal}kxrs gkgisqcq+ L}r nckhckbq q}bbmqx xfgx xfgx hl`mqxca nckgkacgi icomrgictgxclk fgq gkmbgxc~m c`zgax lk xfm a}rrmkx gaal}kx ogigkam g`lkb hm~milzckb lr m`mrbckb `gremxal}kxrcmq+ @lrml~mr) hl`mqxca nckgkacgi rmnlr` cq nl}kh xl gnnmax olxf kgxclkgi qg~ckb gkhck~mqx`mkx) afgkbmq ck fcaf cii ck x}rk gnnmax xfm a}rrmkx gaal}kx ogigkam+ Ck zgrxca}igr) l}rmqxc`gxclkq alkncr` xfm lnxmk mvzrmqqmh ~cm xfgx nckgkacgi rmzrmqqclk alkxrco}xmq xl fcbfmrim~miq ln kgxclkgi qg~ckb) lr alk~mrqmis xfgx hl`mqxca nckgkacgi rmnlr` l}ih fmiz rmh}amkgxclkgi qg~ckbq rgxmq+ N}rxfmr`lrm) hl`mqxca nckgkacgi rmnlr` cq nl}kh xl imgh xl ilmr im~miq lnck~mqx`mkx) zrmq}`gois os a}rxgcickb l~mrck~mqx`mkx rmq}ixckb nrl` hcrmaxmh imkhckb xfrl}bf xfmqxgxmlkmh ogkeckb qmaxlr+

    Rfcim ckarmgqckb qlacgi zrlxmaxclk mvzmkhcx}rm) mvai}hckb fmgixfagrm) cq nl}kh xl ckarmgqm

    kgxclkgi qg~ckb nlr ckh}qxrcgictmh al}kxrcmq) cx cq nl}kh xl rmh}amkgxclkgi qg~ckb nlr hm~milzckbgkh m`mrbckb `gremx al}kxrcmq) xfl}bf xfm mnnmax cq klx qxgxcqxcagiis qcbkcncagkx nlr xfm igxxmrbrl}z+ Ckarmgqmq ck qlacgi qma}rcxs qzmkhckb fg~m g kmbgxc~m mnnmax lk ck~mqx`mkx) fcaf cqzlqqcois h}m xl qfcnxq ln rmql}ramq nrl` xrghcxclkgi) `lrm `gk}ngax}rckblrcmkxmh) ck~mqx`mkxckxmkqc~m qmaxlrq xl `lrm qmr~camlrcmkxmh gkh imqq ck~mqx`mkxckxmkqc~m qmaxlrq) q}af gq qmkclr

    ?>Ckai}hckb xfmqm ~grcgoimq fmxfmr ckhc~ch}giis lr aliimaxc~mis hlmq klx gnnmax xfm qcbkcncagkam im~mi ln xfm lxfmr

    ~grcgoimq) xfl}bf xfmcr `gbkcx}hmq agk om gnnmaxmh qicbfxis+ Flm~mr) l~mrgii) xfmqm ~grcgoimq hl klx afgkbm xfmghd}qxmh _qw}grmh qcbkcncagkxis+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    1?

    agrm gkh fmgixfagrm+ Fmkam) gq `lrm qlacgi zrlxmaxclk cq omckb zrl~chmh) `lrm qmr~camlrcmkxmhqmaxlrq l}ih brl) xf}q rmh}ackb xfm im~mi ln ck~mqx`mkx ck `lrm xrghcxclkgi ckh}qxrcgi qmaxlrq+

    Xfm zgzmr giql zrl~chmq m~chmkam xfgx rmnlr`q rmigxckb xl xfm nckgkacgi qmaxlr gkh qlacgi qgnmxsgkh fmgixfagrm `gxxmr nlr qg~ckb gkh ck~mqx`mkx) gq mii gq nlr xfm a}rrmkx gaal}kx) ln xfm Z_A)xfm igrbmqx a}rrmkx gaal}kx q}rzi}q al}kxrs+ Rm nckh xfgx xfm alkxrco}xclk ln hl`mqxca nckgkacgi

    rmnlr` xl xfm alrrmaxclk ln c`ogigkamq fgq ommk brgh}giis) o}x qxmghcis) ckarmgqckb l~mr xfmsmgrq+ @lrml~mr) gixfl}bf cxq alkxrco}xclk cq klx gq ocb gq xfgx ln hl`mqxca nckgkacgi rmnlr`) mnckh xfgx agzcxgi gaal}kx icomrgictgxclk giql alkxrco}xmq xl g ilmrckb ln xfm Z_Aq a}rrmkxgaal}kx q}rzi}q+ Igqx o}x klx imgqx) m nckh fmgixfagrm mvzmkhcx}rm xl om gklxfmr zmrqcqxmkxkmbgxc~m alkxrco}xlr xl xfm Z_A a}rrmkx gaal}kx+

    Ogqmh lk xfmqm rmq}ixq) m agrrs l}x qamkgrcl gkgisqcq gkh gkgistm xfm c`zgax ln ~grcl}q rmnlr`qamkgrclq lk xfm Z_Aq a}rrmkx gaal}kx) kgxclkgi qg~ckb) gkh ck~mqx`mkx) rmqzmaxc~mis+ L}rzrmhcaxclkq q}bbmqx xfgx hl`mqxca nckgkacgi icomrgictgxclk l}ih ckhmmh alkxrco}xm xl grmogigkackb xfm Z_Aq a}rrmkx gaal}kx q}rzi}q+ @lrml~mr) xfm Z_Aq a}rrmkx gaal}kx q}rzi}ql}ih hmaickm qcbkcncagkxis cn xfm al}kxrs ckarmgqmh cxq fmgixfagrm mvzmkhcx}rm xl g im~mial`zgrgoim xl xfgx ln Orgtci) gklxfmr ngqxbrlckb m`mrbckb malkl`s) gk mnnmax xfgx l}ih`gckis hmrc~m nrl` g ngii ck xfm im~mi ln kgxclkgi qg~ckbq+

    L}r gkgisqcq fcbficbfxq xfm c`zgax ln `carlmalkl`ca rmnlr`q lk `garlmalkl`ca c`ogigkamq+ Ckzgrxca}igr) cx zrl~chmq q}zzlrx nlr xflqm xfgx fg~m ommk grb}ckb xfgx g rmnlr` ln xfm Z_Aqogkeckb qmaxlr) cxf ckxmrmqx rgxm icomrgictgxclk gx xfm amkxmr ln q}af rmnlr`q) gq mii gq ghm~milz`mkx ln xfm Z_Aq qlacgi qma}rcxs gkh zmkqclk qsqxm` l}ih fmiz xfm al}kxrs xl rmh}amkgxclkgi qg~ckb gkh ck~mqx`mkx gkh giil hl`mqxca alkq}`zxclk xl rcqm) gii ln fcaf l}ih fmiz`garlmalkl`ca rmogigkackb+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    11

    _MNM_MKAMQGocgh) G+) M+ Hmxrgbcgafm) gkh X+ Xrmqqmi+ ?::6+ G Km Hgxgogqm ln Nckgkacgi _mnlr`q+ C@N

    Rlreckb Zgzmr Kl+ :6,?>>+ Rgqfckbxlk) HA4 Ckxmrkgxclkgi @lkmxgrs N}kh+

    Giimk) N+) _+ Afgergogrxc) Q+ Hm) D+ Wcgk) gkh @+ Wcgk+ ?::3+ Xfm Nckgkacgi Qsqxm` Agzgacxcmq lnCkhcg gkh Afckg+ @c`ml) Zfcighmizfcg) ZG4 ]kc~mrqcxs ln Zmkkqsi~gkcg+

    Ogihgaac) M+) B+ Agiimbgrc) H+ Alghs) H+ Hckb) @+ E}`gr) Z+ Xl``gqckl) gkh D+ Rll+ ?:7:+Z}oica Mvzmkhcx}rmq lk Qlacgi Zrlbrg`q gkh Fl}qmflih Alkq}`zxclk ck Afckg+ C@NRlreckb Zgzmr Kl+ 7:,>3+ Rgqfckbxlk) HA4 Ckxmrkgxclkgi @lkmxgrs N}kh+

    Afg`lk) @+) E+ Ic}) gkh M+ Q+ Zrgqgh+ ?:7:+ Ckal`m ]kamrxgckxs gkh Fl}qmflih Qg~ckbq ckAfckg+ KOM_ Rlreckb Zgzmr Kl+ 7>=>=+ Ag`orchbm) @G4 Kgxclkgi O}rmg} ln Malkl`ca_mqmgraf+

    Afg`lk) @+) gkh M+ Q+ Zrgqgh+ ?:7:+ Rfs Grm Qg~ckb _gxmq ln ]rogk Fl}qmflihq ck Afckg_cqckb< G`mrcagk Malkl`ca Dl}rkgi4 @garlmalkl`caq?&7#4 3171:+

    Afckk) @+ H+) O+ D+ Mcafmkbrmmk) gkh F+ Cxl+ ?:77+ G Nlrmkqca Gkgisqcq ln Bilogi C`ogigkamq)KOM_ Rlreckb Zgzmr Kl+ 72=71+ Ag`orchbm) @G4 Kgxclkgi O}rmg} ln Malkl`ca_mqmgraf+

    Afckk) @+ H+) gkh F+ Cxl) ?:77+ Nckgkacgi Bilogictgxclk gkh Afckg) nlrxfal`ckb ck B+ Agzrcl) mh+)Xfm Mkasailzmhcg ln Nckgkacgi Bilogictgxclk+ G`qxmrhg`4 Miqm~cmr+

    Afckk) @+ H+) gkh F+ Cxl+ ?::6+ G Km @mgq}rm ln Nckgkacgi Lzmkkmqq+ Dl}rkgi ln Al`zgrgxc~mZlicas Gkgisqcq7:&1#4 1:31??+

    Afckk) @+ H+) gkh F+ Cxl+ ?::2+ A}rrmkx Gaal}kx Ogigkamq) Nckgkacgi Hm~milz`mkx gkhCkqxcx}xclkq4 Gqqgsckb xfm Rlrih Qg~ckbq Bi}x+ Dl}rkgi ln Ckxmrkgxclkgi @lkms gkhNckgkam?>&8#4 =8>=>3+

    Afckk) @+ H+) gkh F+ Cxl+ ?::>+ Rfgx @gxxmrq nlr Nckgkacgi Hm~milz`mkx< Agzcxgi Alkxrliq)Ckqxcx}xclkq) gkh Ckxmrgaxclkq+ Dl}rkgi ln Hm~milz`mkx Malkl`caq67 &7#4 7>173?+

    Afckk) @+ H+) gkh M+ Q+ Zrgqgh+ ?::1+ @mhc}`Xmr` Hmxmr`ckgkxq ln A}rrmkx Gaal}kxq ckCkh}qxrcgi gkh Hm~milzckb Al}kxrcmq4 Gk M`zcrcagi Mvzilrgxclk+ Dl}rkgi ln CkxmrkgxclkgiMalkl`caq=3&7#4 822>+

    Ailmr) M+ gkh F+ Cxl+ ?:7?+ Xfm Zmrqcqxmkam gkh Hmxmr`ckgkxq ln A}rrmkx Gaal}kx Ogigkamq4Xfm C`zicagxclkq nlr Bilogi _mogigkackb+ @c`ml+ Zlrxigkh) L_4 Zlrxigkh Qxgxm ]kc~mrqcxs+

    Hllims) @+) D+ Nrgkemi) gkh H+ @gxfcmqlk+ 7362+ Ckxmrkgxclkgi Agzcxgi @locicxs ck Hm~milzckbAl}kxrcmq ~q+ Ckh}qxrcgictmh Al}kxrcmq4 Rfgx Hl Qg~ckbCk~mqx`mkx Alrrmigxclkq Xmii ]q:::+ Ag`orchbm) @G4 Kgxclkgi O}rmg} ln Malkl`ca_mqmgraf+

    Nmihqxmck) @+) gkh A+ Flrcleg+ 736:+ Hl`mqxca Qg~ckb gkh Ckxmrkgxclkgi Agzcxgi Nilq+Malkl`ca Dl}rkgi3: &1=6#4 1781?3+

    Fln`gk) O+) gkh I+ E}cdq+ ?::>+ Zrlncxq Hrc~m Afckgq Oll`+ Ngr Mgqxmrk Malkl`ca _m~cm7>3&6#4 1381+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    18

    Flrcleg) A+ S+) gkh G+ XmrghgFgbcgrg+ ?:7?+ Xfm Hmxmr`ckgkxq gkh Ilkbxmr` Zrldmaxclkq lnQg~ckb _gxmq ck Hm~milzckb Gqcg+ Dgzgk gkh xfm Rlrih Malkl`s?8 &?#4 7?6712+

    Flrcleg A+ S) gkh X+ Sck+ ?:7:+ Fl}qmflih Qg~ckbq _gxmq gkh Qlacgi Omkmncx _gxclq4 Al}kxrsAl`zgrcqlkq+ Ck4 Mnnmaxq ln Qlacgi Zlicas lk Hl`mqxca Hm`gkh) mhcxmh os@+ Eggc gkhB+ L+ Zgqghciig+ Xlesl4 Gqcgk Hm~milz`mkx Ogke Ckqxcx}xm+

    F}gkb) S+) V+ Rgkb) gkh K+ Ick+ ?:7:+ Nckgkacgi _mnlr` ck Afckg4 Zrlbrmqqmq gkh Afgiimkbmq+@c`ml+ Afckg @garlmalkl`ca _mqmgraf Amkxmr+ Omcdckb4 Zmeckb ]kc~mrqcxs+

    F}kb) D+ F+ ?::3+ Afckgq Gzzrlgaf xl Agzcxgi Nilq qckam 7326+ G Orcmn L~mr~cm+ Ck4 Afckggkh Gqcg+ Malkl`ca gkh Nckgkacgi Ckxmrgaxclkq) mhcxmh os S+R+ Afm}kb gkh E+S+ Rlkb+Ilkhlk gkh Km Slre4 _l}ximhbm+

    Cxl) F+) gkh @+H+ Afckk+ ?::3+ Mgqx Gqcg gkh Bilogi C`ogigkamq4 Qg~ckb) Ck~mqx`mkx) gkhNckgkacgi Hm~milz`mkx+ Ck4 Nckgkacgi Qmaxlr Hm~milz`mkx ck xfm Zgacnca _c`) mhcxmh os X+Cxl gkh G+ _lqm+ Afcagbl) CI4 ]kc~mrqcxs ln Afcagbl Zrmqq &Kgxclkgi O}rmg} ln Malkl`ca_mqmgrafMgqx Gqcgk Qm`ckgr lk Malkl`caq) ^li+ 76#+

    Dlfgkqqlk) G+ A+) gkh V+ Rgkb+ ?:7?+ Nckgkacgi _mzrmqqclk gkh Mvxmrkgi C`ogigkamq+ AM_ARlreckb Zgzmr ?:+ Qxlaefli`4 Qxlaefli` Qaflli ln Malkl`caq+

    E}cdq) I+ ?::>+ Fl Rcii Afckgq Qg~ckbCk~mqx`mkx Ogigkam M~li~m< Rlrih Ogke Zlicas_mqmgraf Rlreckb Zgzmr Kl+ 13=6+ Rgqfckbxlk) HA4 Rlrih Ogke+

    Igkm) Z+) gkh B+ @+ @cimqcNmrrmxxc+ ?::>+ Xfm Mvxmrkgi Rmgixf ln Kgxclkq @gre CC4 _m~cqmh gkhMvxmkhmh Mqxc`gxmq ln Nlrmcbk Gqqmxq gkh Icgocicxcmq) 732:?::8) C@N Rlreckb ZgzmrKl+ :>,>3+ Rgqfckbxlk) HA4 Ckxmrkgxclkgi @lkmxgrs N}kh+

    Igrhs) K+ _+ ?:7?+ Q}qxgckckb Afckgq Malkl`ca Brlxf gnxmr xfm Bilogi Nckgkacgi Arcqcq+Rgqfckbxlk) HA4 Zmxmrqlk Ckqxcx}xm nlr Ckxmrkgxclkgi Malkl`caq+

    Ick) I+R+) gkh A+ D+ @cifg}zx+ ?:77+ Rm grm xfm &Kgxclkgi# Afg`zclkq4 ]khmrqxgkhckb xfm@mafgkcq`q ln Qxgxm Agzcxgicq` ck Afckg+ Ali}`ocg Ig gkh Malkl`caq Rlreckb ZgzmrKl+ 8:3+ Km Slre) KS4 Ali}`ocg ]kc~mrqcxs+

    Ilgstg) K+) E+ Qaf`chxFmoomi) gkh I+ Qmr~k+ ?:::+ Rfgx Hrc~mq Zrc~gxm Qg~ckb garlqq xfmRlrih< _m~cm ln Malkl`caq gkh Qxgxcqxcaq6?&?#4 7>=767+

    @g) B+) gkh S+ Rgkb+ ?:7:+ Afckgq Fcbf Qg~ckb _gxm4 @sxf gkh _mgicxs+ OCQ Rlreckb ZgzmrKl+ 17?+ Ogqmi4 Ogke nlr Ckxmrkgxclkgi Qmxxim`mkxq+

    @gxxick) @+ ?::3+ Afckmqm Qxrgxmbca Qxgxmlkmh Mkxmrzrcqmq gkh Lkmrqfcz Alkxrli+ GqcgkZgzmr 8&>#) Or}qqmiq4 Or}qqmiq Ckqxcx}xm ln Alkxm`zlrgrs Afckg Qx}hcmq+

    LMAH+ ?:7?+ Afckg ck Nla}q4 Imqqlkq gkh Afgiimkbmq+ Zgrcq4 Lrbgkctgxclk nlr Malkl`ca

    Allzmrgxclk gkh Hm~milz`mkx+ fxxz4,,+lmah+lrb,Afckg,=::77:=7+zhn+

    Zmxxcq) @+ ?:7?+ Afckg Kmmhq g Km Brlxf @lhmi) Klx g Qxc`}i}q+ Nckgkacgi Xc`mq+ 78 @graf4

    3+Zrgqgh) M+ Q+ ?::6+ @lkmxgrs Zlicas Ckhmzmkhmkam) xfm A}rrmkas _mbc`m) gkh xfm Agzcxgi

    Gaal}kx ck Afckg+ Ck4 Hmogxckb Afckgq Mvafgkbm _gxm Zlicas) mhcxmh osX+ Cxl gkh G+_lqm+ Rgqfckbxlk) HA4 Zmxmrqlk Ckqxcx}xm nlr Ckxmrkgxclkgi Malkl`caq+

    Zrgqgh) M+ Q+ ?:77+ _mogigkackb Brlxf ck Gqcg+ Ckxmrkgxclkgi Nckgkam78&7#4 ?2>>+

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    GHOC Rlreckb Zgzmr 131 Cxl gkh ^lit

    1=

    Zrgqgh+ M+ Q+) gkh Q+D+ Rmc+ ?::2+ Xfm Afckmqm Gzzrlgaf xl Agzcxgi Cknilq4 Zgxxmrkq gkhZlqqcoim+ Ck4 Agzcxgi Alkxrliq gkh Agzcxgi Nilq ck M`mrbckb Malkl`cmq4 Zlicacmq)Zrgaxcamq gkh Alkqmw}mkamq) mhcxmh os M+ Qmogqxcgk+ Afcagbl) CI4 ]kc~mrqcxs ln AfcagblZrmqq+

    _mghm) D+ D+) gkh ]+ ^lit+ ?:7?+ Afckmqm @lkmxgrs Zlicas gkh xfm Hliigr Zmb+ Ck4 Xfm M~li~ckb

    _lim ln Afckg ck xfm Bilogi Malkl`s) mhcxmh os S+R+ Afm}kb gkh D+ hm Fggk+Ag`orchbm) @G4 @CX Zrmqq+

    Qrckc~gqgk) E+ ?:7?+ @}x}gi Gqqmqq`mkx Zrlamqq4 L~mr~cm+ Zrmqmkxgxclk gx C@N alknmrmkamGqqmqqckb &Mvxmrkgi# C`ogigkamq+ Rgqfckbxlk) HA) ? Nmor}grs+

    fxxz4,,+c`n+lrb,mvxmrkgi,kz,qm`ckgrq,mkb,?:7?,c`ogigkamq,ckhmv+fx`

    Xrmfgk) O+) gkh A+ M+ Rgiqf+ 7337+ Xmqxckb Ckxmrxm`zlrgi O}hbmx Alkqxrgckxq4 Xfmlrs gkhGzzicagxclkq xl ]+ Q+ Nmhmrgi O}hbmx gkh A}rrmkx Gaal}kx Hmncacxq+ Dl}rkgi ln @lkms)Armhcx gkh Ogkeckb?1&?#4 ?:>??1+

    Xsmrq) _+) gkh D+ Bliims+ ?:7:+ Afckgq Brlxf xl ?:1:4 Xfm _limq ln Hm`lbrgzfca Afgkbm gkhNckgkacgi _mnlr`+ _m~cm ln Hm~milz`mkx Malkl`caq78&1#4 =3?>7:+

    ^lit) ]+ ?:7?+ Gii Zlicxcaq cq Ilagi4 Zrlqzmaxq ln xfm _mk`ckoc xl Omal`m g Bilogi A}rrmkas+@c`ml+ Olkk4 Bmr`gk Hm~milz`mkx Ckqxcx}xm+

    Rgkb) H+ ?:7:+ Agk Qlacgi Qma}rcxs Ollqx Hl`mqxca Alkq}`zxclk ck xfm Zmlzimq _mz}oica lnAfckg< GHOC Rlreckb Zgzmr Kl+ ?7=+ Xlesl4 Gqcgk Hm~milz`mkx Ogke Ckqxcx}xm+

    Rlrih Ogke gkh H_A+ ?:7?+ Afckg ?:1:+ O}cihckb g @lhmrk) Fgr`lkcl}q) gkh Armgxc~m Fcbf-Ckal`m Qlacmxs+ Rgqfckbxlk) HA4 Rlrih Ogke+

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    GZZMKHCV4 GQQ]@ZXCLKQ NL_ L]XLNQG@ZIMNL_MAGQXCKB LN XFM Z_AQ A]__MKX GAAL]KX)KGXCLKGI QG^CKB) GKH CK^MQX@MKX

    ^grcgoimq Gqq}`zxclkq

    Bl~mrk`mkx o}hbmx ogigkamRlrih Malkl`ca L}xille zrldmaxclkq &RML) Gzrci?:7?# grm }qmh+

    Kmx nlrmcbk gqqmxq &ckcxcgi# Gqq}`mh xl om :+1= &Cx cq :+?8 gq ln ?:7:#

    _migxc~m ckal`m RML &Gzrci ?:7?#

    Sl}xf gkh Lih hmzmkhmkas rgxclqNlrmagqxq nrl` xfm ]K Rlrih Zlz}igxclk ZrlqzmaxqHgxgogqm grm }qmh+

    Nckgkacgi Hm~milz+ &ZABHZ#Xfm g~mrgbm ln xfm ~grcgoim h}rckb xfm ?::7:6zmrclh cq }qmh+

    Imbgi hm~milz`mkx &IMBGI#Gqq}`mh xl om :+>=) fcbfmr xfgk xfm ?::>:6zmrclhq ~gi}m ln :+=7+

    Nckgkacgi lzmkkmqq &EGLZMK#Gqq}`mh xl om :+1=) fcbfmr xfgk xfm qg`zim zmrclhqg~mrgbm ln :+7>+

    XLX ~ligxcicxs Qg`m gq ?::>:6+

    G~mrgbm BHZ brlxf RML &Gzrci ?:7?#

    Xrghm lzmkkmqq Qg`m gq xfm qg`zim zmrclh g~mrgbm+