A Macro Analysis on the Moving Trend of Aggregate Demand in Modern China
近代中国总需求变动的宏观分析

Compared with the traditional society,modern China experienced a dual transition from closed economy to open economy,and from natural economy to market economy.This resulted from the great changes of aggregate demand in modern China,which contributed to the economic development very much.From 1887 to 1936,Chinese aggregate demand expanded from 13.91billion to 30.61billion yuan,the growth rate being 1.6% per year.However,the growth of aggregate demand was far from straight upwards.During its fluctuation,we might find the high growth rate of 5.2% per year from 1917 to 1927,while the low rate was-2.5% per year between 1932 and 1934.The aggregate demand consisted of four sections:private consumption,investment,government payment,and net export.The private consumption took up more than 90% of the aggregate demand and dominated its growth trend in modern China.Compared with the simultaneous Japanese modernization,we found that the investment and government payment in modern China was really too small in scale,which apparently restricted the expansion and upgrading of the Chinese industry.