【英文】中国的对外投资欲望和对发展中国家的影响（92页）

However, it is worth noting that contributions  to growth for the fourth quarter were more  evenly distributed between consumption and  investment compared to earlier in the year,  signalling a potential opening to shift back  to structural reforms. Of the 6.5% growth in  the fourth quarter of 2020, final consumption  expenditure contributed 2.57 percentage  points, gross capital formation contributed 2.49  percentage points, and net exports of goods and  1 Some examples include reforms to rebalance the economy towards more consumption- and service sectordriven growth, opening up the financial sector, strengthening bank transparency and governance, developing  capital markets and reforming state-owned enterprises (SOEs). services contributed 1.44 percentage points. 

In  contrast, gross capital formation contributed 4.95  percentage points to growth in the second quarter,  offsetting the 2.35 percentage points subtracted  from growth due to lacklustre final consumption  (See Figure 1). With contributions to growth  becoming more evenly distributed, the government  can potentially focus on resuming structural  reforms1  and abandon the bid to stimulate growth  through excessive capital formation.Record economic growth in the first quarter of  2021 exemplifies this positive distortion due to  base effects. GDP increased 18.3% on an annual  basis in the first quarter of 2021, the highest growth  rate posted since quarterly national accounts were  first recorded. However, this was largely due to the  low base as the economy contracted 6.8% over  the same period in 2020 due to the pandemicinduced lockdown. Growth in final consumption  contributed 11.6 percentage points, but this was  also the sector most affected by the pandemic  in 2020. Regardless, this affirms China’s recovery  path and should signal that the target of above-6%  growth for 2021 is well within reach.