The work report of the 19th National Congress of the Communist Party of China pointed out，Socialism with Chinese characteristics has entered a new era，my country's economy has shifted from the original high -speed growth stage to the high -quality development stage。The essence of high -quality development is to achieve fairness、Efficient、Sustainable development，One of the important links to promote high -quality economic development，Just to reverse the funds from the facts，Help macroeconomic steady growth。

　　Bet365 lotto review

Following the reality of funds，refers to in economic operation，A large amount of funds skip the physical industry，Air rotation within the virtual economy，Therefore, the financial market asset price bubble and the real economy liquidity tight。

First，The self -cycle of excessive funds entering the virtual economy is the direct cause of the disconnection of funds。The virtual economy can provide capital and services to the real economy，Profit of profit through industrial capital cycles to obtain benefits; you can also provide yourself with capital and services，Trends the real economy，Virtual asset prices rise to obtain capital appreciation，Forms self -loop within the virtual economy，The spread brought by the change in the name value of financial assets ("" money with money ")。

2，The profitability of capital in the financial market is the internal motivation of the funds from the virtuality of the funds。Based on the theory of "Investment Alternative"，When the return rate of the virtual economy is higher than the real economy，Capital flow into the virtual economy in large quantities，Exhausting the self -loop of funds in the virtual economy。​​At present, my country's manufacturing bet365 live casino games industry is generally at low end of the global value chain，The added value that can be improved is very limited; at the same time，The structural supply and demand contradictions faced by the real economy in our country are more prominent，The return on investment in manufacturing is low; and huge cost pressure，As a result, the profit margin of the real economy has fallen further。When the return on investment in financial investment is higher than the return on investment in the real economy，physical enterprises may also have a financial trend，Then accelerates the funds from the real economy。

Third，Excess currency supply is an external thrust that is deficient in funds。With my country's long -term high -speed growth，Broadcasting of currency issuance is at a high level all year round，The newly issued currency under the attraction of high profit margins will inflow into the virtual economy field，The nominal price of the financial assets is pushed up，and the return rate of virtual economic funds。Coupled with micro -subjects more concerned about nominal fund returns，A large amount of funds are stranded in the virtual economy for rent -seeking activities。

From this，The virtual economy and the real economy formed a low and one high "pressure zone" for liquidity funds。Loose monetary policy is first transmitted to the virtual economy，A large amount of funds enter the virtual economy under the attraction of bubble asset prices and high profit margins，and stay in the interior to bypass the real economy to form a self -cycle。On the one hand，The virtual economy cannot directly create material wealth increase，The scale of financial assets must be continuously expanded、Increases asset prices to gain benefits，"Low -voltage Zone" formed the inflow of funds; on the other hand,，The real economy is a high -cost company、Investment returns decrease、Under the multiple squeezing of operating risks and the financial Bet365 lotto review melting of physical enterprises，Formed a "high -voltage area" for capital inflows，The more loose the monetary policy occurs,、The more severe the "strange circle" of the real economic funds flowing out。

　　Realization to the deficiency of the deficiency affects the high -quality development of the economy

It is under the role of the above mechanism，In the process of reform of the financial system，Funding out of facts and virtual phenomena，Not conducive to the transformation of my country's economy to high -quality development。

First，Funding effects of virtual economy，The funds that cause physical investment are seriously crowded and compressed。In 2018, my country's financial institutions reached 16.17 trillion yuan，Among them, the real estate loan alone reaches 6.45 trillion，Its loan amount accounts for 39.9%of the total new loan amount。The siphon effect of the virtual economy on the real economy，From the profit of more than 10 banks of listed companies in our country, it can be seen in nearly half of the overall profit.。

2，"Funding" under the loose monetary policy，Consciousness and functions of dilute financial institutions to serve the real economy。In recent years，my country has been continuously loose monetary policy，2018 Guangyi currency (M2) balance of 18.267 trillion yuan,increased by 8.1%year -on -year。Large -scale state -owned banks have obtained low -cost funds from the central bank，I did not enter the real economy，Instead, enter the city commercial bank through the same industry deposit loan、Agricultural Commercial Bank and other small and medium -sized banks and other financial institutions。Relevant companies in the real economy are facing financing difficulties、Real problems of expensive financing，Its meager profit cannot be reserved at all to achieve the technical innovation capital required for the value chain to climb、Brand shaping capital，and human cultivation capital，These are the key to building the competitiveness of the real economy。

Third，The signs of the bet365 best casino games laborer out of reality，Hidden concerns to the high -quality development of the real economy。In recent years，The downturn development of the real economy and manufacturing industry，It has a great impact on the willingness to choose a job for labor, especially young people,。my country's fresh graduates from traditional industries to finance or new Internet industry are getting higher and higher，The phenomenon of "difficulty in recruitment" in the manufacturing department intensified。From the perspective of human capital，The proportion of undergraduate graduates in 2017 is only 19.2%，decreased by 6.6 percentage points from the 2013 session。The shortage of labor in the manufacturing industry has accelerated its production intelligence、Digitalization、The pace of automation，But the trained skill -type labor force has always been an important force to promote the development of the manufacturing industry，Excessive replacement of capital's labor force will weaken the cultivation of the company's skill -based labor force to a certain extent，Is not conducive to promoting high -quality development。

　　The relationship between the real economy and the virtual economy is dealt with

In order to reverse the adverse effects that may bring to the deficiency，Need to deal with the relationship between the real economy and the virtual economy，To achieve both princes、Common force。

First，In -depth promotion of supply -side structural reforms，Gradually establish and improve the modern economic system and the physical industrial system。If the traditional industry upgrade in my country is weak、Insufficient development of emerging industries、Excessive structural capacity、Manufacturing industry is at the low -end of the global value chain, which cannot be reversed fundamentally，Even if there is a lot of liquidity funds, the influx，It will only increase the overcapacity of structural capacity。So，my country must actively bet365 live casino games give play to institutional advantages，In -depth promotion of supply -side structural reforms，Accelerate backward production capacity Clearance，Increase the support for technological innovation，Key technical fields related to national security and industrial competitiveness，Promote the creation of an enterprise -centric technology innovation system，Realize the new replacement of the industrial system。

2，Containing non -normal funds，Let the financial system return to the core function of the service entity。In recent years，Prevent and resolve financial risks、The chaos in governance has become the focus of my country's financial supervision。Some banks、Finance、Ondochemical business is the main area that boosted funds from reality，To increase financial supervision of these areas，Resolutely curb bank arbitrage behavior and various violations of financial supervision，Guide the financial system to return to the origin、Focus on the main business。At the same time，Fund supply that effectively guarantees the real economy，Priority to meet the capital requirements of the manufacturing industry upgrade and consumption upgrade，Efforts to alleviate the financing problems of small and medium -sized enterprises。

Third，Use new technical means，Reduce the degree of information asymmetry of the real economy and the virtual economy。Apply a new generation of information technology in the connection field of the real economy and the virtual economy，Reduce information asymmetry between the financial department and the manufacturing department，Reduce the mismatch of financial resources。Through "Internet+"，On the fund supply side，Strengthen the supervision of the financial system，Control the leverage rate of the financial industry，Squeeze out the virtual economic bubble;，Strengthen corporate credit construction，Reduce the problem of reverse selection caused by the asymmetry of the information of the fund，Implementing precision services。

Bet365 app download Fourth，solidly promotes tax cuts and fees，Relieve the cost burden of the real economy and manufacturing enterprises。Current，There is a large contrast between the income and profit of my country's manufacturing enterprises，The income of manufacturing enterprises accounts for 12%of the total income of all enterprises，and the profit account for only 7%of the total profit; the corresponding values ​​in the United States are 88%and 93%。Except at the low end of the global value chain，The low profit of manufacturing and the cost pressure faced by the enterprise，Especially taxes and fees are not related。For this，To continue to increase tax cuts and fees，Effectively reduce the value -added tax rate，Implement the tax reduction and exemption of small and micro enterprises，Reduce corporate social security payment burden，Make manufacturers more focused on technological innovation and product quality improvement，Continuously enhances its market competitiveness and value chain status。

Fifth，Further optimize the business environment，Confidence that boosted the real economy of private investment。2012-2016，my country's private capital investment growth has continued to decline，And for the past two years，As the local government promotes the reform of the "decentralization service"、Optimizing the implementation of a series of measures such as optimizing the business environment，Investment confidence of private capital gradually recovers。Data display，January to November 2019，my country's private investment increases by 8.7 %，3 percentage points from the same period last year。Where，The growth rate of private investment in the manufacturing industry reached 10.3 %。For this，We must continue to promote marketization、rule of law、International business environment construction，Create a more rule of law for all business entities、Fair、Public、Transparent competitive market，Reduce the industry threshold Bet365 lotto review and control of private enterprises' entry，Really boost the confidence and enthusiasm of the private investment in the real economy。

(This article is the National Social Science Fund general project "Research on the Effective Research on Industrial Policy for Industrial Policy in the Background of Supply -side Structural Reform" (18bjy100) phased results)

(Author Unit: Institute of Economics and Social Development of Nankai University)