Investment and Consumption
Investment in the public sector, such as electricity, irrigation, public
services and transport (excluding vehicles, ships and planes) increased by about
10%, although the emphasis moved to the transport and away from the other
sectors mentioned. Trade and services recorded a 16% ~ 17% investment growth,
including a 30% increase in investment in business premises. Industrial
investment is estimated to have risen by 8%. Although the share of agriculture
in total gross investment in the economy continued to decline, investment grew
by 9% in absolute equipment. Housing construction had 12% more invested in it in
1964, not so much owing to increased demand, as to fears of new taxes and
limitation of building.
Total consumption in real terms rose by
close on 11% during 1964, and per capita personal consumption by under 7%, as in
1963. The undesirable trend towards a rapid rise in consumption, evident in
previous years, remained unaltered. Since at current prices consumption rose by
16% and disposable income by 13%, there was evidently a fall in the rate of
saving in the private sector of the economy. Once again consumption patterns
indicated a swift advance in the standard of living. Expenditure on food
declined in significance, although consumption of fruit increased. Spending on
furniture and household equipment, health, education and recreation continued to
increase. The greatest proof of altered living standards was the rapid expansion
of expenditure on transport (including private cars) and personal services of
all kinds, which occurred during 1964. The progressive wealth of large sectors
of the public was demonstrated by the changing composition of durable goods
purchased. Saturation (饱和) point was rapidly being approached for items such as
the first household radio, gas cookers, and electric refrigerators, whereas
increasing purchases of automobiles and television sets were
registered. |
