The driving force for China's industrial growth has shifted from the synergy of efficiency and factor input to the dominance of capital input alone.With the boundary of 2003,the contribution of capital to the grow...The driving force for China's industrial growth has shifted from the synergy of efficiency and factor input to the dominance of capital input alone.With the boundary of 2003,the contribution of capital to the growth of China's industrial economy increased from the annual average of 34.07%to 89.28%while the contribution of TFP dived from the annual average of 47.34%to-4.08%.Meanwhile,TFP growth rates dropped from the annual average of 4.6%to-0.05%and marginal capital output ratio went down from0.61 in 2002 to 0.28 in 2012.This indicates that the investment-driven pattern of China's industrial growth has been confronted with severe inefficiency.Further research suggests that the tendency of worsening industrial growth efficiency already became significant prior to the global financial crisis of 2008 and the eruption of the global financial crisis is not the fundamental reason for the worsening of efficiency and only exacerbated its tendency.The current government-led and investment-driven pattern of industrial growth is the root cause of such efficiency deterioration.Therefore,in order to achieve the transition towards innovation- and efficiency-driven growth pattern,the key is to make an appropriate distinction in the relationship between market and government,i.e.,the government must create a perfect institutional system where the market plays a decisive role and take proactive initiative to promote technology innovation and transfer on the basis of respecting market mechanism and the intent of market entities.展开更多
This study seeks to determine an effective boundary between government and market in light of modern financial theories.According to the findings of this paper,the relationship between government and market must be co...This study seeks to determine an effective boundary between government and market in light of modern financial theories.According to the findings of this paper,the relationship between government and market must be conceived of as under the "continuous spectrum of change" resulting from economic development.In practice,an effective frontier between government and market not only transforms continuously with the process of economic development but also demonstrates significant contrasts internationally according to the different national characteristics existing in each country.Determining a frontier between government and market requires that the relationship between the two be embedded into a broader set of institutional environmental constraints that incorporate consideration of the dynamic processes and mechanisms of economic development.The key issue is that government and market act with regard to the principle of comparative advantage as they play their respective roles.展开更多
Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choic...Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choices that arise among three major regulatory targets ,for growth, structure, and prices. In the transitional period of intertwined challenges, a spirit of commitment and dedication to real industries will allow China to occupy vantage points in world manufacturing and become an industrial power in the real sense. To a certain extent the beginning year of the 12th Five-Year Plan period （2011-2015）, while.fraught with challenges and pain, marks a departure from cutthroat competition to quality growth for Chinese enterprises and entrepreneurs. From 2012, China＇s industrial and market economic systems will both head towards more sophisticated stages of development. China ＂s industries will develop along environmentally sustainable, delicate, high-end, IT-based and service-oriented paths, while expediting the country＇s economic restructuring, industrial upgrade capabilities and its pursuit of innovative industrialization, and it will do so with strides more remarkable than ever before in its history.展开更多
文摘The driving force for China's industrial growth has shifted from the synergy of efficiency and factor input to the dominance of capital input alone.With the boundary of 2003,the contribution of capital to the growth of China's industrial economy increased from the annual average of 34.07%to 89.28%while the contribution of TFP dived from the annual average of 47.34%to-4.08%.Meanwhile,TFP growth rates dropped from the annual average of 4.6%to-0.05%and marginal capital output ratio went down from0.61 in 2002 to 0.28 in 2012.This indicates that the investment-driven pattern of China's industrial growth has been confronted with severe inefficiency.Further research suggests that the tendency of worsening industrial growth efficiency already became significant prior to the global financial crisis of 2008 and the eruption of the global financial crisis is not the fundamental reason for the worsening of efficiency and only exacerbated its tendency.The current government-led and investment-driven pattern of industrial growth is the root cause of such efficiency deterioration.Therefore,in order to achieve the transition towards innovation- and efficiency-driven growth pattern,the key is to make an appropriate distinction in the relationship between market and government,i.e.,the government must create a perfect institutional system where the market plays a decisive role and take proactive initiative to promote technology innovation and transfer on the basis of respecting market mechanism and the intent of market entities.
基金supported by National Natural Science Foundation of China(Grant No.71403277)National Social Science Foundation of China(Grant No.12&ZD089)
文摘This study seeks to determine an effective boundary between government and market in light of modern financial theories.According to the findings of this paper,the relationship between government and market must be conceived of as under the "continuous spectrum of change" resulting from economic development.In practice,an effective frontier between government and market not only transforms continuously with the process of economic development but also demonstrates significant contrasts internationally according to the different national characteristics existing in each country.Determining a frontier between government and market requires that the relationship between the two be embedded into a broader set of institutional environmental constraints that incorporate consideration of the dynamic processes and mechanisms of economic development.The key issue is that government and market act with regard to the principle of comparative advantage as they play their respective roles.
文摘Complex international and domestic economic scenarios and the short cyclical nature of macroeconomic policies characterizes the beginning year of the 12th Five- Year Plan period, it reflects the difficult policy choices that arise among three major regulatory targets ,for growth, structure, and prices. In the transitional period of intertwined challenges, a spirit of commitment and dedication to real industries will allow China to occupy vantage points in world manufacturing and become an industrial power in the real sense. To a certain extent the beginning year of the 12th Five-Year Plan period （2011-2015）, while.fraught with challenges and pain, marks a departure from cutthroat competition to quality growth for Chinese enterprises and entrepreneurs. From 2012, China＇s industrial and market economic systems will both head towards more sophisticated stages of development. China ＂s industries will develop along environmentally sustainable, delicate, high-end, IT-based and service-oriented paths, while expediting the country＇s economic restructuring, industrial upgrade capabilities and its pursuit of innovative industrialization, and it will do so with strides more remarkable than ever before in its history.
