To ease the constraints on household income, China needs more rapid exchange-rate appreciation, liberalization of interest rates, and a much sharper increase in wage growth. More importantly, China needs either to privatize its SOEs, so that their profits become income for households, or to tax their profits at a far higher rate and transfer the fiscal gains to households.
如果要放宽对家庭收入的限制的话，中国必须让人民币更快地升值，放开利率管制，并大幅增加工资。更重要的是，中国要么必须将其国企私有化，让这些企业的利润能转化为家庭收入，要么像这些企业征收更高的税收并将这些财政收入转移给家庭。事实上，除家庭储蓄之外，企业部门（大部分为国企）的储蓄——或者说保留利润——已经占到了GDP的25%。