After nearly forty years of rapid growth，The growth momentum of China’s economy has weakened to a certain extent，Meanwhile，A series of structural problems continue to emerge，And it is becoming a key factor restricting the sustainable growth of China's economy in the future。This actually means that China’s economic bonus bet365 has entered a new stage from quantitative change to qualitative change。

　　bonus bet365 capital intensive to knowledge intensive

According to the two-stage theory，Developing countries after emerging from the “poverty trap”，The economic bonus bet365 process can basically be divided into two stages。

The first stage is the digestion process of surplus labor (or industrialization process)，At this time，The mode of production is mainly reflected in the transformation from labor-intensive to capital-intensive。Such a transformation can accumulate capital through continuous additional investment，Attract rural surplus labor to break away from land and capital，This completes the transformation from labor-intensive to capital-intensive。Due to the fact that there is still a large amount of surplus labor force in the economy and society at this stage，Therefore，Even if the additional investment in the industrialization process at this stage does not result in technological progress (such as just repeating existing processes、Producing the same product, etc.)，But because it absorbs and mobilizes surplus labor，Thus it can also promote bonus bet365 growth。

However，The surplus labor force in rural areas is limited，The production method that only aims at mobilizing rural surplus labor will be unsustainable at a certain stage。From this，Economic bonus bet365 enters the second stage - the new normal。The second stage of economic bonus bet365 is essentially the process of technological catching up。At this time，The mode of production is mainly reflected in the transformation from capital-intensive to knowledge-intensive。Such a transformation requires that additional investment by the economy and society must be reflected in technological progress，Such as producing new products or using new production processes, etc.。otherwise，Or reduce investment，Thus slowing down the accumulation rate of capital，Reduce economic growth rate；Either (if investment continues to increase at the past rate) structural distortions such as overcapacity and debt caused by overcapacity will continue to appear。In short，If the mode of production cannot shift from capital-intensive to knowledge-intensive，There will inevitably be a mismatch of production methods，The economy and society will fall into the "middle-income trap"。

　　Encourage independent research and bonus bet365 innovation

In the second stage of economic bonus bet365 (under the new normal)，Promoting China’s sustained economic growth requires the transformation of production methods from capital-intensive to knowledge-intensive in the past。However，Such a transformation would be extremely difficult。In fact，When the economy and society enter the second stage of bonus bet365，Technological progress itself becomes more difficult。

Technological progress can be divided into imported technological progress and independent research and bonus bet365 technological progress。The main source of China’s technological progress in the past was the introduction of technology。However，With the bonus bet365 of China’s economy，China’s technological level itself is also constantly improving，And gradually approaching the international forefront。From this，The space for technology introduction will become smaller and smaller，The model of introducing technology will also come to an end。Therefore，In the second stage of economic bonus bet365，The main mode of technological progress can only be independent research and bonus bet365。However，Independently developed technological progress is never easy。

Independent research and bonus bet365 not only requires large-scale R&D investment，Such as high-quality human capital and large amounts of R&D funds, etc.，At the same time，There are also huge risks in independent research and bonus bet365。Some scholars have shown that，Generally，Every 100 projects invested in R&D，In the end, there were only about 5 technologies that could be patented；Among the 10 patented technologies，Only about one or two have commercial value。Therefore，Independent research and bonus bet365 itself requires great courage。If we say that in the first stage of economic bonus bet365，China’s main competitors are other developing countries，Then，We have reached the second stage with independent research and bonus bet365 technological progress as the main driving force，China’s main competitors are directly existing developed countries。All this means，The transition of the economy from the first stage to the second stage is not natural，There is a “middle-income trap”。Based on relevant research，The condition for crossing the "middle-income trap" is: the technological progress rate of independent research and bonus bet365 is greater than the technological progress rate of frontier countries (such as the United States)。

China’s supply-side structural reform is to build a modern economic system，Especially the construction of the national innovation system，Provide sufficient incentives for independent research and bonus bet365，Improve China’s supply structure to high quality (or change the production method from capital-intensive to knowledge-intensive)，Thus enabling China to escape the "middle-income trap"。Supply-side structural reform is by no means just “three removals”、One drop、One supplement”，But China has entered the second stage of economic bonus bet365 (or new normal、After the new era，The transformation of production mode (economic growth mode or bonus bet365 model) to adapt to the new economic environment，It is China’s new internal reform in the new era。

　　Better play the role of bonus bet365

In the construction of a modern bonus bet365 system (especially the national innovation system)，The role of the government is very critical。

In the opinion of many economists，The role of the government is only to maintain the market and business environment required for innovation，Develop control rules that are conducive to innovation，Be a good night watchman，In addition to providing some necessary infrastructure、In addition to basic research and undertaking the necessary investment in education，Should not actively participate in innovation activities，Innovative activities are done spontaneously by the market and entrepreneurs。But，Due to the huge risks and uncertainties in the field of innovation，Markets usually fail in this area: without government support、Guarantee and Active Participation，Enterprises have insufficient willingness to invest in innovation，Especially not enough investment in early R&D。However，When developing countries enter the middle-income stage，Independent research and bonus bet365 technological progress is the main (or even the only) driving force for sustainable economic growth。The existence of the "middle-income trap" itself means，Rely only on market mechanisms，It will be extremely difficult for developing countries to achieve independent research and bonus bet365 technological breakthroughs，Therefore, you may fall into the "middle-income trap"。

However，Because there are risks and uncertainties in the field of innovation，It is entirely possible that government innovation projects will fail due to inaccurate investment。In addition，Government actions come from specific people，And this specific person is the same as everyone in life，Everyone has their own interests and demands，Therefore，When the government participates in bonus bet365 activities in the field of innovation，It may be inefficient，It may also breed corrupt behaviors such as seeking power for personal gain。

From this，The government faces a dilemma bonus bet365 field of innovation: on the one hand，Because bonus bet365 field of innovation，Markets usually fail，Therefore，Crossing the "middle-income trap" requires the government to exert active and promising entrepreneurial spirit in innovative activities with uncertainty。On the other hand，Because the government’s investment in innovation may be inaccurate，More likely to be inefficient，Not even honest，So the government’s achievements are usually unacceptable to others。Therefore，A major difficulty in overcoming the "middle-income trap" is how to improve government efficiency，That is, the government must not only exert a positive entrepreneurial spirit in innovative activities with uncertainty，Also maintain precision throughout the process、Efficient and clean。

　For this purpose，China’s governments at all levels should continue to uphold its excellent entrepreneurial spirit。In addition to necessary infrastructure construction，The government’s entrepreneurial spirit should be reflected in investment bonus bet365 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 cadres，Maintain the integrity of its cadres，To reduce or even eliminate the inaccuracies that may occur in government innovation activities、Inefficient and dishonest。

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