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一肇始于1979年的改革开放突破了中国经济增长的两大约束,它们分别是供给约束与需求约束。从供给角度来讲,市场准入的壁垒被打破了,就连农民都可以创办私人所有的企业,从而极大地解放了社会生产力。再从需求角度来讲,伴随着对外开放而来的是,中国获得了前所未有的贸易机会,从而有效地突破了由于中国人均收入水平低下、农村非工薪劳动者过多所造成的需求约束。但是有必要指出的是,中国微观企业的金融约束特别是民营企业的融资约束,几乎从来就没有得到过有效的解决,于
A reform and opening-up that started in 1979 broke through two major constraints on China’s economic growth: supply constraints and demand constraints. From a supply point of view, barriers to market access have been broken, and even farmers can start privately-owned enterprises, greatly liberating social productive forces. Again from the demand point of view, along with the opening up came, China has gained unprecedented trading opportunities, which effectively broke through due to low per capita income in China, rural non-wage workers caused by excessive demand constraints. However, it is necessary to point out that the financial constraints of China’s micro-enterprises, especially the financing constraints of private-owned enterprises, have almost never been effectively solved.