Li Yining: Money Shortage Is Rooted In Massive Investment By The State.

Too fast economic growth will bring about five drawbacks.

In October 20th, Li Yining, an economist at Peking University Financial Forum, reminded that besides the excessive consumption of resources, environmental impact, ecological deterioration and overcapacity, the most important thing is to miss the best period of structural adjustment, which will lead to serious sequelae.

Li Yining said that the rapid growth of the economy is "abnormal" and it can not last. This is a rule.

"Today's" new normal "is doing what we can and can not speed up for speed.

In the face of the slowdown in China's economic growth, Li Yining believes that there are multiple factors, but we need to pay attention to four elements.

First, farmers built houses in China and never included in GDP.

Second, farmers are obliged to build some public facilities by labor, such as repairing bridges and roads in the village, building a pavilion on the roadside, or setting up warm houses in the mountains in winter (for those who walk on fire), which are not included in GDP.

These two items are all counted in GDP in the West.

Three, China's individual industrial and commercial households are tax packages.

In fact, this part of the output value is much larger.

Moreover, it has recently been exempted from enterprises with a turnover of less than thirty thousand, which also has considerable economic volume.

Four, China's private economy accounted for more than 55% of the total economy in the year before, with less than 35% of state-owned enterprises and less than 10% of foreign-funded enterprises.

According to common sense, private enterprises will not falsely report, even if state-owned enterprises are false.

"Some private enterprises may report less than the state-run enterprises."

Li Yining said, though

No big change can be seen, but the volume is increasing year by year.

"The actual GDP is more than the announcement. We should have a mind in mind. Do not be afraid of falling. We must be confident."

Talk about

The relationship between employment and employment, Li Yining said, first, China is now relying heavily on private enterprises to develop small and micro enterprises to ease the low employment rate; two, great changes have taken place in rural China, and modern agricultural development has opened the way for employment, because mechanization and management require labor.

As for "money shortage", Li Yining believes that China is in a dual pformation stage, and the pformation of development and system pformation coexist.

In this process, especially in rural areas, there is a great demand for money.

However, the root lies in a large number of state investment.

Who is the main body of credit? Banks.

Loans to whom? State owned enterprises account for the majority, private enterprises account for little or even fail to lend.

Loans are too concentrated in state-owned enterprises, so banks can lend less money, private enterprises can not get loans, fear of capital chain rupture, ultra normal reserves.

Li Yining said, this is China's current financial sector needs reform.

Since reform, there are three goals.

Macro objectives, China

We must move towards marketization, but this is not the laissez faire interest rate.

Microscopically, the bank's economic benefits and social benefits are equally important.

The third is structural objectives. Financial reform shifts the focus from virtual industry to real economy.

Large, medium and small banks are targeted at large, medium and small enterprises respectively.

In addition, it is necessary to provide loan services for small and micro enterprises and increase the development of policy banks.

In this forum, President Wang Enge of Peking University announced in his speech that the financial research center of Peking University was formally established.

The center is a new research institution and a high-end think tank sponsored by Zhongzhi enterprise group, founded by Peking University. It aims to realize China's practice in financial theory with world-class academic research.