What is the "Troika" that drives China's economy?

Investment, consumption and export are compared to the "troika" that drives GDP growth, which is the most vivid expression of the principle of economic growth.

Domestic demand refers to internal demand, that is, the consumption demand of domestic residents, which is the main driving force of the economy; Investment refers to financial expenditure, that is, the government's expenditure on education, science and technology, national defense, health and other undertakings through a series of budgets, which is an auxiliary way to expand domestic demand.

Export refers to external demand, that is, through the products of domestic enterprises to enter the international market, participate in international competition and expand the sales of their own products.

On the export side, although the nominal export growth remains at a normal level, the real export growth rate excluding export price changes is on a downward trend. Undoubtedly, the rising cost of land and labor, the adjustment of export tax rebate policy and the economic slowdown of China's major trading partners are all affecting China's export performance.

Extended data:

Due to the overall slowdown of the three traditional investment fields, overcapacity and debt constraints are serious; The traditional consumption of "food, clothing, housing and transportation" also tends to be saturated to a certain extent. The official statement is that "the imitation consumption stage is basically over, and personalized and diversified consumption has gradually become the mainstream".

The slowdown of global aggregate demand growth and the decline of domestic labor cost advantage have also weakened the driving force of exports to economic growth. China's economic growth has gradually shifted from relying on the old troika to the new troika. The new troika is deep urbanization, consumption upgrading and the "Belt and Road".

Baidu encyclopedia-/troika