中国工业产能利用率——基于企业数据的测算

Capacity Utilization of China's Industries——Calculation Based on Enterprise Data

通过测算中国工业近年来的产能利用率水平,发现工业总体产能利用率处于一个80%左右的合理的水平上,但部分领域,如政策倾斜区域和扶持性产业的产能利用率偏低,说明在很大程度上人为的投资行为在造就较高的增长速度的同时也带来了严重的产能过剩问题。由此可见,违背市场信号的资源配置的帮扶刺激政策虽然可以在短期内提高产出水平拉动经济增长,但引致的产能过剩和资源错配带来了更大的效率损失并成为长期增长的制约。

This paper calculates the recent-year capacity utilization in China＇s industry.The results show that the overall capacity uti-lization is on a reasonable level of about 80%.But in some specific fields,such as the policy-favoring regions and the policy-sup-ported industries,capacity utilization is relatively low.This indicates that,to a large extent,human investment behavior has not only led to comparative high growth rate but also excess capacity.It follows that the stimulus policy which does not obey the resource alloca-tion led by market signals can bring about short-term growth,yet the consequent excess capacity and misallocation of resources would result in more efficiency loss and long-term growth constraints.