Study on China's Private Investment Stalling
- 经济学院－已发表论文 
分行业投资数据的分析显示,上半年民间投资增长突然失速的主要原因:一是民间资本加快退出制造业中产能过剩的领域;二是房地产业民间投资在上半年新一轮的地产经济刺激中,被资源动员能力强的国有企业给挤出了市场,与此同时,可供民营投资的新领域却开放不足。这与正在进行的供给侧结构性改革操作不当有关:一是过于强调过剩产能的"减法""除法",对扩大民间投资的"加法""乘法"有所忽略;二是在执行过程中,没有充分遵循"市场在资源配置中起决定性作用"的原则。民营经济决定着我国经济的发展前景,因此,必须高度重视民营投资增速下降问题。供给侧结构性改革的核心是国家治理体系和治理能力的现代化,是让市场在资源配置中起决定性作用,是扩大民营经济的投资领域,提高民营经济的投资回报率,促进民营经济在新的供给结构形成中发挥更大作用。According to the analysis of the investment data by sector,the main reasons for a sudden stalling of private investment growth in the first half of 2016 are: the acceleration of private capital quitting the field of excess capacity in manufacturing sector; private investment in real estate sector was edged out of the market by the state- owned enterprises with strong ability of resource mobilization in the new round of economic incentives for real estate sector in the first half of 2016 while at the same time the new field available for private investment lacked openness. It has something to do with the improper operation in the on- going supply- side structural reform as follows: too much emphasis was laid on the " subtraction" and " division" when dealing with excess capacity,but the " addition" and " multiplication " for expanding private investment were somehow overlooked; in the process of implementation,it was not conducted fully in accordance with the principle of " the market playing a decisive role in resource allocation". As private economy determines the prospect of China's economic development,much attention should be paid to the decrease in private investment growth. The core of supply- side structural reform lies in the modernization of national governance system and governing capacity and is to enable the market to play a decisive role in resource allocation and to expand the investment field of private economy,increase the rate of return on investment in private economy as well as encourage the private economy to play a more significant role in the formation of a new supply structure.