编者按:长期以来,中国经济最有活力的部分在民企。民企立足私人产权,依托开放市场,践行契约自由,奉行责任原则,是产权主体,市场主体,契约主体,责任主体。能否保持民营企业的活力,其实决定了中国经济是否能够长远稳定发展。但是,民企从一开始就面临诸多困境,尤其是今年以来民营投资持续回落,甚至有人惊呼“断崖式”下跌,反映出民企面临巨大挑战。民营企业到底怎么了?本刊选登天则经济 Editor’s note: For a long time, the most dynamic part of China’s economy was in private enterprises. Private enterprises based on private property rights, relying on the open market, the implementation of contractual freedom, the principle of responsibility, is the property rights, market, contract, subject of responsibility. Whether or not we can maintain the vitality of private-owned enterprises actually determines whether China’s economy can develop in the long-term and stable. However, private enterprises have faced many difficulties from the very beginning. In particular, private investment has been falling continuously this year. Some people even exclaimed that the “cliff-type” decline reflected the enormous challenges facing private enterprises. Private enterprises in the end what happened?