According to the research report of the World Bank，More than half a century since World War II，Many Latin American and Southeast Asian countries have successfully achieved bet365 bonus code indiana growth for a time，But always confined to the middle-income stage，Failed to cross the high-income threshold and enter the ranks of developed countries。This phenomenon is summarized as the "middle-income trap"。According to the classification standards of the World Bank，China has entered the upper-middle-income stage in 2010。Afterwards，China’s bet365 bonus code indiana development has entered a new normal，Growth changes from high speed to medium to high speed，This has inspired academics to think about whether China may fall into the middle-income trap。Scholars from Capital Returns Decline、The demographic dividend disappears、Unbalanced regional development、Insufficient accumulation of human capital、From the perspective of relatively weak independent innovation capabilities，Analysis of the challenges faced by China’s economy in overcoming the “middle-income trap”。Research shows，Institutions are the fundamental reason that determines a country’s long-term bet365 bonus code indiana growth performance。Dividends by discovering the system，Injecting new vitality into bet365 bonus code indiana growth，It can provide an important guarantee for successfully crossing the "middle-income trap"。

　Institutions are the key to overcoming bet365 bonus code indiana

According to North’s definition，System refers to human-made design、Formal and informal rules that shape interactions between people。According to general bet365 bonus code indiana theory，bet365 bonus code indiana growth is reflected in the continuous increase in per capita income level，This relies on the investment of human capital and physical capital as well as broad technological progress，That is, the improvement of bet365 bonus code indiana efficiency caused by various factors。But，Due to the law of diminishing marginal returns of capital，Sustained growth can only rely on technological progress brought about by innovation。Regardless of factor input or technological progress，Only the direct cause of bet365 bonus code indiana growth。The speed and direction of factor input and technological progress are determined by the incentives and constraints faced by bet365 bonus code indiana entities，These incentives and constraints are essentially determined by the institutional arrangements of this economy。

The formation of the “middle-income trap” is directly related to the system。After entering the middle-income stage，With the increase of income level，A country’s comparative advantage and latecomer advantage will undergo significant changes。The rise in labor costs has caused the original low-end manufacturing industry in middle-income economies to lose its cost advantage，Facing fierce competition from low-income countries；At the same time, in the process of climbing to the high end of the industrial chain and value chain，Facing pressure from high-income countries that have a large number of patents and advanced technologies。Therefore，The pressure of rising costs must be resolved through technological improvement and industrial upgrading。With the improvement of income and technical level，The late-mover advantage of middle-income economies has also undergone significant changes，The source of technological progress shifts from resource reallocation to innovation，The type of technological progress has shifted from adaptive innovation based on learning and imitation to independent innovation based on originality。The transformation of industrial upgrading and technological progress models is the key to the economy shifting from high-speed growth to high-quality development，But this does not happen naturally，Needs both extensive software and hardware infrastructure and the support of public products，such as road communication、Education and Medical、Legal system and unified and standardized market, etc.，Social problems arising from structural adjustment also need to be solved，If income is uneven、Regional imbalance、Trade friction, poverty and unemployment, etc.。A country can only have an institutional framework suitable for bet365 bonus code indiana development，It is possible to meet the above conditions，Achieving changes in development patterns and sustained bet365 bonus code indiana growth，Successfully crossed the "middle-income trap"。

But，The system is precisely the shortcoming of most developing countries，It is poor institutional quality that makes some middle-income economies fall into the "middle-income trap"。Institutional quality refers to the extent to which the rules set by the system can provide appropriate incentives and constraints，To inhibit the opportunistic behavior of various subjects，Make the costs and benefits it faces consistent with the costs and benefits of society as a whole。In practice，Some research institutions have set different indicators，Collect subjective and objective data from each country，Quantify institutional quality。Experience proven，Many developing countries can achieve bet365 bonus code indiana takeoff by virtue of certain special favorable conditions，If you have some natural resources、Favorable trade conditions or international environment、Inflow of international capital。However, once you enter the middle-income stage，When these favorable conditions change or are insufficient to support sustained bet365 bonus code indiana growth，The corresponding countries often experience bet365 bonus code indiana stagnation，Even cause social unrest，Thus falling into the "trap"。There are only a few middle-income economies with high institutional quality，Through continuous adjustments of systems and policies，Resolved or alleviated various bet365 bonus code indiana and social contradictions and problems that arise with the increase of income level，Become one of the few examples to cross the "middle-income trap"。

　Effectively improve the adaptive efficiency of the bet365 bonus code indiana

With changes in income level，A country’s industrial structure、Technology Type、Growth method，As well as the corresponding software and hardware infrastructure and the accompanying social issues, they will continue to change。This is why the policies and strategies were effective during the bet365 bonus code indiana take-off stage，It may become an obstacle to further development in the middle-income stage，Therefore, there is no immutable "perfect" system suitable for different development stages and historical backgrounds。Opposite，Because the problems to be solved are constantly changing，Only systems that are suitable for the country’s development stage and have strong flexibility，This is the truly efficient and appropriate system，Thus achieving sustainable bet365 bonus code indiana development。

Improve the adaptive efficiency of the system，Need to start from two dimensions，That is, national capabilities and the level of rule of law，North summarized it as "the national dilemma"。On the one hand，Only with strong national capabilities，In order to effectively provide the infrastructure and public goods necessary for development，Including stable social order，Definition of property rights、Protection and Enforcement，This is the basic condition for the market mechanism to function。On the other hand，You also need to have a certain level of rule of law，Establish necessary and effective rules and procedures for the country and government to properly perform their functions。bet365 bonus code indiana and social contradictions that need to be resolved、When conflicts and issues change，Appropriate adjustments to state and government functions can be made based on these rules and procedures，Guaranteed by strong national capabilities，Provide effective solutions，Thus reflecting the adaptive efficiency of the system。

​​What needs to be noted is，In most primary capitalist countries，The enhancement of national capabilities and the improvement of the rule of law are usually in the same historical process。Therefore，Economists often only focus on the key role that the improvement of the rule of law plays in long-term development，There are many doubts about the role of national capabilities in development。But，From the experience of developing countries, especially East Asian countries，Strong national capabilities play an extremely important role in the process of bet365 bonus code indiana take-off，This is very important for many Southeast Asians who are currently at low-income levels、South Asian and African countries still have reference value。Of course，Should also see，In many middle-income countries，The lagging level of the rule of law has led to a serious bet365 bonus code indiana and social crisis，The lesson is also extremely painful。

　Exploring the bet365 bonus code indiana dividends

At different historical stages，Demographic dividend due to changes in demographic structure and technological dividend due to late-mover advantages，All have made important contributions to supporting my country’s bet365 bonus code indiana growth，In the long term in the future，Institutional dividends will also play this role。

A series of data measuring the status of bet365 bonus code indiana and social systems，The quality of our country’s institutions has improved significantly over the past 40 years，But compared with developed countries and some East Asian economies that have successfully overcome the “middle-income trap”，There is still a big gap。Take the “Worldwide Governance Indicators” compiled by the World Bank in 2017 as an example，Out of 173 economies，my country’s overall rating ranks 100th，Roughly similar to Vietnam in Southeast Asia、Morocco in Africa and Dominica in Latin America are at a similar level。Among the six sub-indicators，China scores high in government efficiency and regulatory quality, which represent national capabilities，But it scores lower on indicators representing the level of rule of law。Therefore，Improving the level of the rule of law is of great significance to improving the overall institutional quality of our country。

In addition，From the experience of various countries，The following aspects are also conducive to improving the quality of the bet365 bonus code indiana。First, form universal compliance with the Constitution。The constitution stipulates the fundamental bet365 bonus code indiana of a country，It is the fundamental rule for the establishment and change of other systems。Respect and obedience to the Constitution by all members of society，Enable the operation and improvement of the bet365 bonus code indiana to be based on evidence，Thus improving the adaptive efficiency of the bet365 bonus code indiana as it changes over time。The second is the effective combination of top-level design and extensive public participation。bet365 bonus code indiana is the norm for the behavior of all subjects，Involving the vital interests of all subjects，Therefore, effective institutional change requires not only the guidance and promotion of decision-makers，An effective communication mechanism also needs to be established，Enable public interests and opinions to be reflected。The third is to achieve a more equitable distribution of income and wealth。A more equitable distribution situation will help create a social environment that promotes bet365 bonus code indiana improvement。

　(This article is a phased result of the "Theoretical Debates on Major bet365 bonus code indiana Issues in China" (63182003), a special fund project of the Fundamental Research Funds for the Central Universities)

(Author’s unit: Collaborative Innovation Center for Socialist bet365 bonus code indiana Construction with Chinese Characteristics, Nankai University)