After nearly forty years of high -speed growth，The growth momentum of China's economy has been weakened to a certain extent，At the same time，A series of structural issues continuously appear，and are becoming a key factor that restricts the sustainable growth of China's economy in the future。This actually means that China's economic development has entered a new stage from quantitative to qualitative change。

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According to the two -stage theory，Developing countries after getting out of the "Poverty Trap"，The process of economic development can basically be divided into two stages。

The first stage is the digestion process of the remaining labor (or industrialization process)，At this time，The production method is mainly reflected in the conversion from dense labor to capital。Such a conversion can accumulate capital by continuous additional investment，Attract the rural remaining labor force from the combination of land and capital，From the complete conversion of labor dense to capital intensive。Due to this stage, there is still a large amount of surplus labor in the economic society itself，So，Investment in the process of industrialization at this stage, even if there is no technological progress (if only the existing process is repeated、bet365 live casino games Production of the same product, etc.)，But because of its absorption and mobilization of the remaining labor，Therefore, it can also promote economic growth。

But，Rural remaining labor force is limited，The way to produce only the purpose of mobilizing the remaining labor force in the countryside to a certain stage will be unsustainable。From this，Economic development enters the second stage -new normal。The second stage of economic development is essentially the process of catching up with technology。At this time，The production method is mainly reflected in the transition from capital dense to knowledge dense。Such a conversion requires additional investment that requires economic and social additions must be reflected as technological progress，Such as producing new products or using new production processes。Otherwise，Either reduce investment，to slow down the accumulation of capital，Reduced economic growth rate; or structural distortion such as overcapacity and debt brought by overcapacity by overcapacity at the speed of the past (if the investment is still added at a speed of the past) will continue to appear。In short，If the production method cannot shift from capital dense to knowledge dense，Motivation of production methods will inevitably occur，Economy and society will be caught in a "medium income trap"。

　　Incentive independent research and development innovation

In the second stage of economic development (under the new normal)，Promoting China's sustainable economic growth requires production methods from Bet365 lotto review the densely capitalization of capital in the past to the intensive transformation of knowledge。But，Such a conversion will be extremely difficult。In fact，After the second phase of the economic and social development development，Technical progress itself becomes more difficult。

Technical progress can be divided into introduction technology progress and independent research and development technology progress。The most important source of technological progress in China is the introduction of technology。But，With the development of China's economy，China's technical level itself is constantly improving，and gradually approach the international frontier。From this，The space introduced by technology will become smaller and smaller，The model of introduction technology will also come to the end。So，In the second stage of economic development，The main mode of technological progress can only be independent research and development。But，Technical progress developed independently。

Independent R & D requires not only large -scale R & D investment，Such as high -quality human capital and a large amount of R & D expenses，At the same time，Independent R & D also has huge risks。Some scholars' studies have stated，Generally，Every 100 projects invested in R & D，In the end, there are only about 5 technologies that can apply for patents; in 10 technologies that apply for patents，There are only about one or two commercial value。So，Independent research and development itself requires great courage。If the first stage of economic development，bet365 best casino games China's main competitors are other developing countries，So，The second stage of the technical progress of independent research and development models，China's main competitors are directly developed countries。All these mean，The transition from the first stage to the second stage of the economy is not natural，There is a "secondary income trap"。According to relevant research，The condition of crossing the "secondary income trap" is: the technological progress rate of independent research and development is greater than the technological progress rate of the frontier (such as the United States)。

China's supply -side structural reform is to build through the modern economic system，Especially the national innovation system construction，Provides sufficient incentives for independent research and development，Make China's supply structure improve high quality (or the production mode shifts from capital dense to knowledge dense)，so that China crosses the "secondary income trap"。Supply -side structural reform is not just "three goes、one drop、One supplement "，but the second stage of China's entering economic development (or new normal、New Era) Later，The transformation of the production method (economic growth method or development model) to adapt to the new economic environment，It is the new internal reform of China in the new era。

　　better play the government's role

In the construction of a modern economic system (especially the national innovation system)，The role of the government is very critical。

From the perspective of many economists，The role of the government is only to maintain the bet365 best casino games market and business environment required for innovation，Develop regulatory rules that are conducive to innovation，Do a good night guard，Except for some necessary infrastructure、Basic research and undertaking necessary education input，Should not actively participate in innovative activities，Innovative activities are spontaneously done by the market and entrepreneurs。but，Due to huge risks and uncertainty in the field of innovation，The market is usually failed in this field: if there is no government support、Guarantee and active participation，Insufficient willingness to invest in innovation，Especially in the early stage of R & D investment。But，When developing countries enter the middle income stage，The technical progress of independent research and development models is the main (even the only) power for economic sustainable growth。The existence of "medium income trap" itself means，Only rely on market mechanism，Developing countries to achieve independent research and development technology breakthroughs will be extremely difficult，Therefore, it may fall into the "secondary income trap"。

But，Due to the risk and uncertainty in the field of innovation，Government's innovative projects are completely likely to fail due to the inadequate direction。In addition，Government behavior comes from specific people，And this specific person is the same as everyone in life，All have their own interests，So，When the government participates in economic activities in the innovation field，It may be inefficient，It may also breed corruption Bet365 lotto review behavior such as conspiracy and private。

From this，The government is facing a dilemma in the field of innovation: on the one hand，Because in the field of innovation，The market is usually failed，So，​​Crossing the "Secondary Income Trap" requires the government to play a positive entrepreneur spirit in an uncertain innovation activity。On the other hand，Because the government's investment in the innovation field may not be accurate，It is more likely to be low -efficiency，Even unwavering，Therefore, the government is usually unacceptable to people。So，A major problem that span the "medium income trap" is how to improve government efficiency，That is, the government must not only play an active entrepreneur spirit in an uncertain innovation activity，Maintain accuracy in the whole process、High -efficiency and integrity。

For this，Governments at all levels in China should continue to uphold their excellent entrepreneur spirit。In addition to the necessary infrastructure construction，Government's entrepreneurial spirit should be reflected in the investment in the field of innovation。At the same time，The government itself needs to continue to learn，Continue to improve the quality and scientific literacy of its cadre team，Maintain the integrity of its cadre team，to reduce or even eliminate the unshaps accurate that the government may occur in innovation activities、Unpredictable and incorrect。

　　(The author is the dean and professor of the School of Economics, Yunnan University of Finance and Economics)