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中国的领导人需要通过允许银行根据项目的盈利能力、而不是政治关系选择项目并发放贷款,从而将资金支出从地方政府和国有企业转移到私营部门的创新活动中去。只有通过这一途径,中国才能在价值链体系中继续向上游攀升,成为全球创新大国过去三十年,中国经济增长主要依赖于出口、基础设施和房地产领域的固定资产投资。现在,这一模式已经开始呈现衰微态势。国内工资的上涨,正侵蚀着中国作为低附加值制造业国家的成本优势。固定资产投资能源消耗量过大,对环境造成污染,并将财富高
China’s leaders need to shift spending from local governments and state-owned enterprises to private-sector innovation by allowing banks to select projects and lend on the basis of project profitability rather than political relations. Only in this way can China continue its upward trend in the value chain and become a global innovation power. In the past three decades, China’s economic growth mainly depended on fixed assets investment in exports, infrastructure and real estate. Now, this model has begun to show a declining trend. Rising domestic wages are eroding China’s cost advantage as a country of low value-added manufacturing. The energy consumption of fixed asset investment is too large, causing environmental pollution and high wealth