|
辽宁省翻译公司关键字：transformation at the same time contributed greatly to the development of non-state economy. The western region failed to break the national unity of the financial supply system, has yet to create an effective mechanism for capital formation, and thus the western non-state economy has been funding bottlenecks, promote local economic development in the role is very limited.
With the deepening of reform in the troubled state-owned general economic situation, this eastern regional capital formation mechanism of the differences, so that the gap between east and west is growing. Specifically, the eastern region in addition to the institutional arrangements of state-owned financial capital formation mode, it also established the following non-public economy, financing mechanisms: Sunan model, Wenzhou, Shenzhen model, regional financial institutions and the Shanghai and Shenzhen Securities and Exchange the market. [14] (p73-77) Shanghai and Shenzhen Stock Exchange for the eastern part of the establishment of direct financing of enterprises has been facilitated. Can be seen in the eastern region of non-dominant state-owned financial institutions, financial organizations, institutional arrangements that enhance the ability of capital to absorb the eastern region, the eastern regional financial institutions to promote competition and improve the financial efficiency; In addition, a financial institutional arrangements also decided to choose the financial institution's investment mainly market-oriented, affordable administrative intervention small business reflects effective. [15] The pattern of capital formation of non-state eastern region to promote economic development in the eastern region's economic development system won both inside and outside space. In contrast, the western region failed to form their own unique mechanism for capital formation to rely on state-owned financial institution deposits and loans as their main channel of capital formation. State-owned financial institutions, mainly serving the state's economy, financial institutions in the western region on the investment options will be subject to more administrative intervention, support and development of state-owned enterprise reform is the main task, therefore a large number of small and medium enterprises, private enterprises were excluded in organized financial markets. Since 1998, the state has emphasized the prevention of financial risks, coupled with state-owned commercial banks, joint-stock reform of state-owned financial institutions, profit-driven gradually increased, funds on deposit by the local branch of the backward areas of capital flows into developed areas of the main channel . Thus, while the western region to the existing financial system with limited financial resources have been distorted configuration with high return on investment flows to the east, resulting in regional economic development in Myrdal (Myrdal) the "back effect" and Hull Seaman (Hirschman) of the "polarization effect." On the other hand, the lack of the western region to the east as the supply of the financial system outside the system. This situation is extremely detrimental to economic development in the western region, a serious shortage of capital formation, economic development is impaired, and the gap between the east grow.
Before the reform, despite the economically backward western region of self-accumulation capacity is very low, but based on the "third line" development strategies, national plans through administrative guidance and financial transfers, greatly improve the West's savings rate, accelerate capital formation, so that the economic gap between east and west tend to shrink. Since reform and opening up, due to the adjustment of regional development strategy, resource allocation and gradually form a market-oriented dominant, since 1993 the central government and decentralization reform, local government capital formation has become the core of behavioral targeting. [16] the result of separation of powers between central and local government in the western region also in the ability to mobilize capital formation continues to decrease. From the outset, non-balanced development of China's market-oriented reforms, the central government to set up a Special Administrative Region and other special policies and systems, arranged to build a market gap between regions, laid around the range of market-based differences in tone, making local government significant competition between the initial conditions. Under these conditions, the higher the level of market areas (mainly east), at the intergovernmental competition, capital formation, market-oriented pattern of the higher, the higher the level of capital formation; the other hand, capital formation, market-oriented The lower area (west), the more capital is not conducive to the formation and accumulation. Full use of the eastern region of reform and opening up, the strategic adjustment of the opportunity, in addition to capital formation in addition to state-owned economy, to develop non-public capital formation, economic patterns, resulting in the economic gap between east and west continues to expand. Therefore, based on capital formation theory to explain differences in regional economic development in China is more reasonable.
|