China's economic strategy is characterized by a persistent 'economics of denial,' prioritizing massive state-directed investment in advanced technology over addressing weak domestic consumption. This approach is rooted in a flawed belief that controlling physical capital will automatically generate productivity and wage growth, ignoring the structural imbalance where domestic demand consistently falls short of supply. This overinvestment and underconsumption model is unsustainable. Consequently, Beijing's policies will continue to generate global deflationary pressures and escalating trade friction, necessitating a fundamental pivot toward consumption-led growth for long-term stability.
Open Banking: Letting Banks Charge for Access to Data Most Likely to Yield Market Benefits
English Summary
The CATO analysis argues that for Open Banking to yield true market benefits, policymakers must allow data providers (banks) to charge third parties for data access. Mandating free data sharing undermines fundamental economic principles—property rights and freedom of contract—leading to regulatory arbitrage and disincentivizing the necessary investment in secure infrastructure. The authors caution that price controls, even if intended to boost competition, can stifle innovation, citing historical failures like the FCC's unbundled network elements rule. Therefore, policy should focus on lowering non-pricing entry barriers (e.g., simplifying bank charters) while preserving market mechanisms, such as negotiated pricing or optional participation, to ensure sustainable investment.
中文摘要
CATO分析指出，若要讓開放銀行體系（Open Banking）發揮真正的市場效益，政策制定者必須允許數據提供方（銀行）向第三方收取數據存取費用。強制要求免費分享數據會破壞基本的經濟原則——財產權和契約自由——從而導致監管套利，並削弱對安全基礎設施必要投資的動力。作者警告稱，價格管制即使本意是為了提升競爭力，也可能扼殺創新，援引了美國聯邦通信委員會（FCC）曾實施的「拆分網路要素規定」等歷史失敗案例。因此，政策應著重於降低非定價層面的進入壁壘（例如簡化銀行章程），同時保留市場機制，如協商定價或選擇性參與，以確保持續的投資。
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