1999～2008年，是亚洲金融危机结束到此次危机肇始的时期，其间，中国经济增长最快、通胀率最低、宏观经济最稳定。仿美国的术语，我称之为中国经济的“大和谐”。随着此次危机爆发，全球经济连续4年不振，连累中国也陷入低迷，人们开始怀疑，中国高增长是否已成过去？

1999 ~ 2008,Is Asia financial crisis to end the crisis inchoation period,meanwhile,China's economic growth the fastest/Lowest inflation/The most stable macroeconomic.Copy the United States terms,I call it the economy of China"Great harmony".With the outbreak of the crisis,The global economy of four consecutive years,China is also the downturn in trouble,People began to wonder,Whether China's growth has become the past?

　　众所周知，三十余年来的中国奇迹，得益于一系列市场化的制度变革。20世纪80年代初农村家庭承包制的实施，摧毁了人民公社制度，直接或间接催生了中国经济后来的一系列巨大变化，比如乡镇企业的崛起，这场“土地革命”的意义还远未被充分认识。20世纪90年代确立了市场经济体制，抓大放小，国有企业普遍实现了民营化，为中国经济增长扫除了障碍。2001年以加入WTO为标志的贸易自由化改革和积极融入全球化浪潮，集中激发了中国经济的活力。这些制度变革，带来了效率、创新和生产率的极大提升，人们形象地称之为“制度红利”。

As is known to all,More than 30 years to Chinese miracle,Thanks to a series of market system change.In the early 1980 s the implementation of the rural family contract system,Destroy the people's commune system,Directly or indirectly led China's economic later a series of great changes,Such as the rise of township enterprises,the"Land revolution"Significance is far has not been fully understand.The 1990 s establish market economic system,Keep the tail from wagging the dog,State-owned enterprise general realized the privatization,For China's economic growth eliminate obstacles.In 2001 to join WTO marks the trade liberalization reform and actively into the globalization,Concentrated inspired the Chinese economic vitality.These system change,Brought efficiency/Innovation and productivity increased enormously,People of the image of the call"System bonus".

　　除了“砸锅式”的根本政治体制变化，“经济制度红利”是否已经出尽？ 我以为，中国制度红利仍大有潜力。中国去年按购买力平价人均GDP已接近1万美元，按照名义汇率也已接近6000美元。现代化和城市化正处在半路，城市人口刚刚达到50％。继续前行，虽道路崎岖，却大有空间。人们因为经济危机引发的普遍悲观情绪，显然过于短视了。下面将紧要的制度变化，凑为五项。

In addition to"Anyway type"The fundamental political system changes,"Economic system bonus"Whether you have a do? I thought,China's system bonus is still great potential.China last year by purchasing power parity GDP per head has nearly $10000,According to the nominal exchange rate has nearly $6000.Modernization and urbanization are in halfway,The urban population had just reached 50%.To move on,Is bumpy road,But great space.People because of the economic crisis caused widespread pessimism,Obviously the too myopia.The important system change,Gather together for five.

　　一是户籍改革和建设更富活力与弹性的劳动力市场。在僵化的户籍制度下，移民成本高昂，当前已有2.5亿农民工，占全部劳动力的30％。这些人完成了“工场化”，却尚未完成城市居民化。逐步放松户籍管制，配合以实际常住人口为基础的财政、教育、医疗、退休等制度改革，经济活力重现将不期而至。进一步，中国的农业产出占GDP比重只有10％，却仍在使用30％～40％的劳动力。通过制度变化减少移民成本，农村劳动力从低效率的农业部门转移到高效率的非农部门，依然大有潜力。

One is the reform of the household registration and construction more vigour and flexible Labour market.In rigid census register system,Immigration costly,The current existing 250 million migrant workers,Accounted for 30% of the work force.These people completed"Workshop change",But is not yet complete urban residents turn.Gradually relax census register control,Cooperate with actual permanent population based financial/education/medical/Retirement system reform,Economic vitality reproduction will unexpectedly.further,China's agricultural output only 10% of GDP,But still in use 30% ~ 40% of the labor force.Through the system changes to reduce the cost of immigrants,The rural labor force from the low efficiency of the department of agriculture transferred to the high efficiency of the non-agricultural department,Still great potential.

　　二是金融体系改革，尤其是扩展直接融资。储蓄依赖于金融体系转移到最富有效率的部门和企业。最近两位经济学家关于中国和印度资本误配的论文，受到广泛关注。该论文认为，在不改变技术的情况下，将资本配置效率提高到美国水平，让高效率的企业得到更多资本，那么中国的人均GDP会增加将近一倍。所以金融体系改革，潜在收益巨大。

The second is financial system reform,Especially the expansion of direct financing.Savings rely on financial system transferred to the richest efficiency of the department and the enterprise.The two economists about China and India capital error with paper,attention.This paper holds that,Not to change under the condition of technology,The capital allocation efficiency is raised to the level,Let the high efficiency enterprise get more capital,So China's per capita GDP will increase nearly doubled.So the financial system reform,Potential gains great.

　　金融如何改？一言蔽之就是提升直接融资比重。直接融资指的是利用金融中介机构发行股票、债券等方式融资，我们需要做的是：利率市场化，扩大企业债市场，扩大地方政府债市场，稳妥放松直接融资的管制。这样，资源配置效率会随之改进，经济活力将大增。

Financial how to change?A word all is to ascend the proportion of direct financing.Direct financing refers to the use of financial intermediaries issue of shares/Bond financing, etc,We need to do is:Interest rate marketization,Expand QiYeZhai market,Expand local government debt market,Relax and safety control of direct financing.this,The allocation of resources efficiency is improved,Economic vitality will soar.

　　三是给小微服务业减压，税收“减二免三”。中国服务业比重只有40％，远低于世界平均水平65％。同时，快速的城市化带来的就业压力，服务业尤其是小微企业是消化的主力。对小微服务业企业，应该采取干脆的政策，那就是税收减二年再免三年，此政策在20世纪80年代对乡镇企业实施过。政策虽糙，却很管用。等它们长大了，再纳税吧。

Three is for small micro service decompression,tax"Minus two from three".The proportion of China's service industry is only 40%,Far lower than the world average of 65%.At the same time,Rapid urbanization brings the employment pressure,Service industry especially small micro enterprise is the main digestion.For small micro service enterprise,Should take simply policy,That's tax revenue minus two years to avoid 3 years,This policy in the 1980 s for township enterprises have implementation.Policy is rough,Is very useful.And they grew up,To pay taxes,.

　　四是逐步放开和鼓励民营企业海外投资。所谓全球化，一是商品贸易在全球自由流通；二是资本的全球流通；三是生产资源在全球范围内配置，以降低成本，提升竞争力。中国的企业要学会走出去，我们不仅鼓励它们去发达国家，也鼓励转移产业去越南、缅甸等地区。全球化下，片面追求吸引外资，不允许企业出国投资，“圈养”自己的孩子，没有比这更精神分裂的愚蠢理念了。

The fourth is gradually let go and encourage private enterprises overseas investment.The so-called globalization,One is the trade in goods in the global free circulation;The second is the global capital circulation;Three is the production resources in the global scope configuration,In order to reduce cost,Enhance competitiveness.Chinese enterprises should learn to walk out,We not only encourage them to developed countries,Also encouraged transfer industry to Vietnam/Burma, etc.globalization,The one-sided pursuit to attract foreign capital,Don't allow enterprise investment abroad,"in"Their children,There is no greater schizophrenia foolish idea the.

　　五是与时俱进，不断提升法制水平，保护产权，维持市场竞争。这是一日不可废的功课，无此功课，一切休谈，我在此亦不必多言。

Five is to keep pace with The Times,Continuously improve the level of legal system,To protect property rights,Maintain the market competition.This is a day do not waste homework,Without such lessons,All Hugh talk about,Here I also need not wordy.