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没有泡沫的经济也很乏味!7月5日,在由国务院体改办国际合作中心与法国巴黎百富勤联合举办的“中国资本市场国际研讨会”上,自称商业经济学家的陈兴动(法国巴黎百富勤总经济师)在对中国经济目前状况的分析中着重指出:中国始终存在着资本利用率不高的问题。首先,储蓄率和投资率的差距表明资本的浪费或资本净流出;其次,资本产出率低,表明资金分配缺乏效率;第三,国际收支状况显示,虽然外资大量流入,但国内市场未能提供充足的投资渠道。从我们日常的观察和经验可以很深刻地感觉到这一点:国内目前差不多所有的传统产业都面临着供给过剩、恶性竞争的情况,其结果就是在宏观和微观各个层面上造成投资机会的普遍匮乏,这也是一旦有一投资热点迅即便会产生投资过度从而泡沫化的根本原因。近两年的互联网泡沫和媒体泡沫莫不如是,而且在资本市场的策动下,泡沫化现象相信会越来越多。国内之所以经常产生这样一窝蜂的热点投资情况,关健还在于目前的社会土壤还缺乏产生企业家精神和创新意识的环境。而
On July 5, at the “International Symposium on China’s Capital Market,” co-sponsored by the Center for International Cooperation between the State Council Office for Restructuring Organizations and BNP Paribas, the economist Chen Hing move (BNP Paribas chief economist) in the analysis of the current situation of China’s economy highlighted: China has always been the problem of low capital utilization. First, the difference between the savings rate and the investment rate indicates a waste of capital or a net outflow of capital. Second, the low capital output rate indicates a lack of efficiency in the allocation of funds. Third, the balance of payments shows that despite the influx of foreign capital, the domestic market Can provide adequate investment channels. From our daily observation and experience, we can feel this profoundly: almost all the traditional industries in our country now face the situation of excess supply and vicious competition. As a result, there is a widespread lack of investment opportunities at all levels of the macro and micro levels , Which is also the fundamental reason why once an investment hot spot quickly generates over-investment and thus bubbles up. In the past two years, the Internet bubble and the media bubble can not be better. And under the influence of the capital market, the bubble phenomenon is believed to be more and more. The reason why China often produces such a rush of hot investment, the key is still the current social soil is still lack of entrepreneurial spirit and sense of innovation environment. and