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the current hot topic of the development of the western part of China. Having a cool head, according to him, means that the various provinces
and autonomous regions and the municipality in the west should avoid being
hotheaded when selling the concept of "development of the west."
At present, many cities in the west are vying with each other in setting
up projects and applying to the central government for allocations of
funds. This means another round of centralized high input, and continual
expansion of government financial and monetary policies, which are apt
to result in the type of overheated development of the economy which started
in 1992. The final results could be financial straits and increasing proportion
of bad bank accounts, leading to the increase of risks in the banking
system and worse shortage of social security funds. In addition, these
consequences will probably touch off various social and economic contradictions
which have been latent for a long time. Inadequate consideration will
affect the final realization of the general strategic targets of developing
the west. He cautions local governments in the west against making reckless
investment policies. He urges them to do a good job in the financial evaluation
of the investment projects so as to arrange rationally the financial expenditure
and the time limit of government debts. From the global point of view, he adds, ˇ°late-comers outdo their predecessorsˇ± is a law of economics. It is therefore essential to do basic studies at earlier stage, especially to summarize historical lessons and experiences in the development of the western areas over the past four decades as well as in the development of the eastern areas in recent years. |
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