The country s investment rate now stands at more than 50 a clear reflection of China s low capital efficiency.

Also driving China s high investment rate is the declining efficiency of investment capital, reflected in China s high incremental capital output ratio (annual investment divided by annual output growth).

As the accumulation and deepening of capital accelerate growth, they perpetuate the low efficiency investment pattern and stimulate overproduction.

Interest rate liberalization together with other financial reforms would help to improve the efficiency of capital allocation and to optimize the economic structure.

Indeed, while China s overall capital stock is by no means small, capital structure and maturity mismatches have led to the accumulation of massive volumes of non performing assets, undermining China s economic stability and financial efficiency.

The current economic growth model considers the configuration of key factors of production land, labor, capital, and total factor productivity (a measure of efficiency).

Efficiency __________

Efficiency

Efficiency

A similar rule has been in place in Italy since 2005, and there is no sign that efficiency, competition, or capital formation has been affected.

Adam Smith focused on the role of enlightened self interest (the invisible hand ) and the role of specialization in promoting the efficiency of capital accumulation.

The key is to reflect on six kinds of capital goods business capital, infrastructure, human capital, intellectual capital, natural capital, and social capital.

Capital onion soup, capital.

Efficiency gains

Efficiency gains

Efficiency gains

Trade Efficiency

That allows us to have incredible efficiency and cost efficiency.

That allows us to have incredible efficiency and cost efficiency.

You can oppose capital controls because you believe financial markets are on the whole a force for good, and that any interference will therefore generate efficiency losses.

Identity capital begets identity capital.

This trend is exacerbated by the declining efficiency of financial resources in the state sector, a product of the soft budget constraint implied by easily accessible, cheap capital.

Accordingly, there is a need for a development policy that focuses on reconstruction, builds up physical and human capital for development and emphasizes institutional modernization for greater efficiency.

X. Capital expenditures XI. Capital expenditures

(b) Organizational efficiency

(b) Efficiency improvements

E. Cost efficiency

3. TRADE EFFICIENCY

3. Programme efficiency

increase energy efficiency

That is efficiency.

Staffing efficiency is only one measure of the cost efficiency of procurement performance.

At the same time, China was slow to open up its financial system even as other East Asian economies pursued efficiency by liberalizing their capital accounts in the 1990 s.

Transaction costs and efficiency

Turn now to efficiency.

Energy conservation and efficiency

Fourthly, efficiency is essential.

Transaction costs and efficiency

E. Cost efficiency 21

(a) Economy and efficiency

4. Increasing administrative efficiency

4. INCREASING ADMINISTRATIVE EFFICIENCY

Trade efficiency 20.5 39.1

Subprogramme 3. Trade efficiency

SUBPROGRAMME 3. TRADE EFFICIENCY