Capital flight disguised as overseas tourism spending has artificially cut China’s reported trade surplus while masking the extent of investment outflows, according to US Federal Reserve research.
Before 2014, Chinese spending on travel was consistent with that of other countries at similar income levels. But three years ago spending became “anomalously high”, the paper says.
China’s per-capita travel spending as a share of per-capita GDP in 2014 was the same as that in the UK, where per-capita GDP is seven times higher. In 2015, such spending nearly equalled Denmark’s, where per-capita income is 10 times higher.
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