金融脱实向虚的内在机理和供给侧结构性改革的深化

The Internal Mechanism of Finance Transfer from the Real Economy to the Fictitious Economy and Deepening Supply-side Structure Reform

金融脱实向虚是一个复杂的现象。近年来,中国经济运行中发生的是资金的脱实向虚。其直接成因在于,PPI持续负增长引致的实体经济面企业资产利润率降低和波动;深层成因在于,受体制机制制约,经济结构中的短板产业未能得到有效提升和补足。进入21世纪以后,在实现温饱型小康的基础上,以"住行学"为主要内容的消费结构升级应成为经济结构调整的主要方向,但制约消费结构升级的不平衡、不充分问题至今没有得到有效解决。资金的脱实向虚是实体经济面供给侧结构性失衡的必然产物,它的解决也有赖于深化供给侧结构性改革的进展程度。这包括深化"住行学"领域的投资体制机制改革、金融体制机制改革和加大对外开放力度等。

It is a complex phenomenon that finances transfer from the real economy to the fictitious economy.In recent years,in China’s economical operation,the capitals transfer from the real economy to the fictitious economy.The direct reason is the PPI kept decreasing causing the reducing and fluctuation of the real-economy enterprises’profits,but deeply considering,is mechanism constraint,the short-slab industries in the economic structure did not be effectively elevated and complemented.After coming into the twenty-first century,on the basis of enough-food-and-clothing type of well-off society,the main direction of the economic structure adjustment should be the upgrading of consumption structure,which is based on“housing-transportation-education”as the main content.However,until today,these imbalances and insufficient did not be effectively solved yet.Capitals transfer from the real economy to the fictitious economy is the inevitable outcome of the supply-side structural imbalance of the real economy,its solution also depends on progress of deepening supply-side structure reform,which includes deepening investment mechanism reform which is towards to“housing-transportation-education”fields,deepening financial mechanism reform and increasing the opening to the outside world.