抑制中国经济增长的因素分析

The Factors Suppressing China's Economic Growth

从供给角度看,一个国家的经济活动就是把生产剩余投入再生产的过程。一个国家的生产剩余主要是居民手中的储蓄。以银行、股市、风险资本等为主体的金融中介起到把居民手中的储蓄转变为企业的流动资金和资本的作用。截至目前,中国基本已经完成了追赶型工业化阶段,面临着从制造业大国向创新型强国转型;建设创新型强国转型的主要途径是"大众创业和万众创新"。然而,从融资角度看,中国的现实是银行业特别是股市发展严重滞后,一方面富裕起来的亿万家庭积累了大量的储蓄,另一方面是数以百万计的非国有中小企业因缺乏流动资金和资本而发展缓慢。换而言之,中国银行业特别是股市的发展滞后剥夺了中国经济增长的机会。从供给侧改革的角度看,在大幅度增加商业银行的数量之外,更为急迫的任务是改革股市管理机制,为大批企业上市提供便利,尽快取消企业上市的审批制和毫无保留地实施企业上市的注册制。

Judging from supply perspective, the economic activity of a country means a process of putting production surplus into reproduction. A country＇s production surplus is mainly shown in residents＇ savings. The financial media featured by bank, stock market and risky investment can turn savings into working funds and capital available to enterprises. So far, China has basically completed catch-up type of industrial stage, facing transition from manufacturing power to innovative power; with main approach to innovative power construction being ＂mass pioneering and innovation＂. Nevertheless, judging from financing, China＇s reality is that banking sector, especially stock market,is seriously backward; on the one hand,better- off numerous families have accumulated plenty of savings; on the other hand,millions of private medium and small-sized enterprise grow sluggish for lack of working funds and capital. In other words, the slow development of China banking sector, especially stock market,deprives China＇s economic increase of chance. Judging from the reform on supply side, besides increasing commercial banks, more urgently, stock-management mechanism is to be reformed to offer convenient service for a large number of enterprises to be listed. The approval system for enterprises to be listed should be canceled and registering system for enterprises to be listed should be practiced without reservation.