中等收入陷阱（Middle　Income　Trap）是2006年最初由世界银行在其发布的《东亚经济发展报告》中提出的概念。历史经验表明，人均GDP达到3000-6000美元以后，一个国家或地区往往会出现经济发展的分水岭。如果处理得当，通常会出现一个较长的经济高速增长阶段；反之，则可能出现经济动荡，徘徊不前，陷入经济增长回落或者长期停滞的境地，被称为“中等收入陷阱”。

Middle-income trap(Middle Income Trap)Is the initial 2006 by the world bank has issued[East Asia economic development report]Put forward the concept.Historical experience shows that,Per capita GDP reached 3000-6000 dollars later,A country or region will often present economic development of the watershed.If properly handled,Usually there will be a long high-speed economic growth stage;and,The possible economic turbulence,Wandering back,In economic growth dropped or long-term stagnation position,called"Middle-income trap".

　　根据世行有关分析，上个世纪60年代初期，世界上有101个国家进入中等收入国家行列，但到2008年，完成跨越的国家只有13个。作为一个世界上人口最多的国家，中国要想成功跨越“中等收入陷阱”并不容易。金融业要坚持服务实体经济本质，就是一定要找好方向和着力点，助力跨越过程的加速完成。

According to the relevant analysis,In the early s last century,The world's 101 countries into the ranks of middle-income countries,But in the year 2008,Complete across countries only 13.As a the most populous country in the world,China will want to succeed across"Middle-income trap"Is not easy.The financial industry to adhere to the service entity the nature of the economy,Is certain to find a good direction and focus,Power across the acceleration of the process of completion.

　　首先，金融应在推动城镇化建设中更有作为。尽管“城市化”和“城镇化”都来源于英文“Urbanization”，但是，不同的翻译方法却导致了不同的理解和不同的发展模式。实践表明，许多发展中国家的城市化实际都是“空间平移贫困”，将农民集中到城市贫民窟，比如巴西和印度等等，不但收入增长并不明显，还导致了一系列社会冲突。可以说，至今没有发展中国家城市化成功的案例。

First of all,In promoting urbanization should finance are more as.although"urbanization"and"urbanization"Are derived from the English"Urbanization",but,Different translation methods has led to a different understanding and different development pattern.Practice shows that,Many developing countries are actual urbanization"Space translation poverty",Farmers will focus on urban slums,Such as Brazil and India, etc,Not only income growth is not obvious,Has also led to a series of social conflict.Can say,Has not been developing countries the successful case of urbanization.

　　从我国的现实情况来看，我国的城镇化水平已经超过50%，但与同类国家60%的水平相比还差10个百分点。因此，城镇化将是当前我国经济发展最大的、最持久的增长动力。总而言之，金融支持的着力点应是“城镇化”而不是“城市化”。第一,应注重发挥政策性金融在城镇化过程的先导作用，有效满足基础设施建设的贷款需求。第二，商业银行和农村信用社主要是在健全城市功能和发展城镇社会服务中寻求商机。应当加大对农业产业化、农产品结构调整、农产品深加工、运输、储存等领域的信贷支持力度；同时，积极支持面向城镇社区服务的各类机构，促进城镇第三产业发展。第三，大力发展非主流金融和准金融机构。支持小额贷款公司通过发行私募债等多种渠道增强资金实力，积极推动村镇银行、金融租赁公司、信托、私募股权基金快速发展，满足不同阶段、不同层次的融资需求。第四，鼓励民间资本积极参与城镇建设管理。按照“谁投资，谁受益”的原则，引导各类社会资金积极参与，并且区别城镇化建设项目的不同，分别采用BOT（建设-经营-转让）、TOT（转让-经营-转让）等不同模式，灵活参与。

From the reality of the situation in our country,The urbanization of our country has more than 50%,But with the same kind of national level of 60% compared with 10% worse.so,Urbanization will be the largest in China's current economic development/The most lasting growth.overall,The starting point of financial support should be"urbanization"not"urbanization".The first,Should pay attention to play in the process of urbanization policy finance leading role,Effectively meet the infrastructure construction of loan demand.The second,Commercial Banks and rural credit cooperatives mainly in the sound urban function and the development of the urban social services to seek business opportunities.Should strengthen the agricultural industrialization/Agricultural structure adjustment/Deep processing of agricultural products/transport/Storage and other areas of credit support;At the same time,Actively support for urban community service institutions,Promoting the development of third industry.The third,Vigorously develop alternative financial and quasi financial institutions.Support small loan companies through the issuance of SiMuZhai and so on many kinds of channels to enhance financial strength,Actively promote village bank/Financial leasing company/trust/The rapid development of private equity funds,Meet different stage/Different levels of financing needs.The fourth,Encourage private capital actively participate in urban construction management.According to the"Who investment,Who benefit from"principle,Guide all kinds of social capital actively participate in,And the difference between the different urbanization construction projects,BOT respectively(Construction - business - transfer)/TOT(Transfer - business - transfer)And so on the different mode,Agile to participate in.

　　其次，金融应为推动创新和产业升级贡献力量。第一，应认真落实国家调控政策。积极支持节能减排重点工程和重点污染防治工程贷款，严格控制高耗能、高污染行业的贷款投放。对落后生产能力或过剩生产能力的企业或项目，尽量压缩或调整贷款，同时本着审慎经营原则，提高专项准备。第二，积极拓展消费信贷业务。通过认真全面分析消费市场变化，创新消费信贷业务品种，研究高、中、低端不同客户群的需求特点，挖掘潜在消费需求。继续加大对住房、汽车、教育等重点业务品种的信贷投入，积极拓展房屋装修、旅游、文化、体育等新兴业务品种，促进居民消费理念的转变，通过扩大消费带动内需，拉动经济增长，并带动房地产、金融、物流等现代服务业的发展，推动第三产业结构优化升级。第三，加大对高新技术产业的支持力度。将分散的、愿为较高收益承担较高风险的中小资金聚集起来，形成实力雄厚的风险投资基金；同时，建立一套以绩效为标准的激励约束机制，把投资者、风险投资家和企业管理层的目标统一起来，以此推动高科技产业的不断发展，大大提升融资效率。

secondly,Financial innovation and industrial upgrade should contribute.The first,Should earnestly implement the national adjustment and control policies.Actively support energy conservation and emission reduction in key projects and key pollution control project loans,Strictly control the production/High pollution industry on loan.The backward production capacity or surplus production capacity of the enterprise or project,As far as possible compression or adjust loan,At the same time, in line with the principle of prudent operation,Improve special preparation.The second,The positive development of consumption credit.Through careful analysis of the overall consumption market change,Innovative consumer credit business varieties,The high/in/Low different customers demand characteristics,Mining potential consumer demand.Continue to strengthen the housing/car/Education as well as other key business varieties of credit investment,Actively expand housing decoration/tourism/culture/Sports and other emerging business varieties,To promote the transformation of residents' consumption concept,Through the expand consumption drive the domestic demand,Stimulate economic growth,And bring about real estate/financial/Logistics and other modern service industry development,To promote the upgrading of the industrial structure.The third,Strengthen the high and new technology industry support.Will disperse/Willing to assume higher yield a higher risk of small and medium-sized funds together,Form strong risk investment funds;At the same time,To establish a set of performance for the standard mechanism of incentive and constraint,The investors/Venture capitalists and enterprise management goal united,In order to promote the development of high-tech industry,Greatly improve the financing efficiency.

　　另外，金融应继续在支持小微企业发展中发挥作用。从落入“中等收入陷阱”典型国家的原因来看，很重要的一个方面即在于社会发展缺乏公平。20世纪70年代，拉美国家基尼系数高达0.44~0.66之间，巴西到上世纪90年代末仍高达0.64，收入差距过大使社会消费对经济的拉动作用减弱，而且容易引发尖锐的社会矛盾。对于我国来说，就是要以扶持小微企业发展为突破口，让更多的劳动者变成创业致富者。从中央高层看，有必要下决心成立国家层面的小微企业发展协调办公室，推动各地和各有关部门做好工作。同时，指导建立政策性担保机构，在拓展小微企业贷款的同时，确保贷款的商业可持续性。从监管部门看，应在2011年出台差别化监管措施基础上，进一步发挥好指挥棒作用，告知哪类小微企业可贷？哪类企业不可贷？不要不分良莠，让商业银行一哄而上，一旦出现大量不良，又会挫伤贷款积极性。从财税部门看，应进一步扩大相关税收优惠范围，特别是降低小微企业营业税率，完善商业银行小微企业呆账核销制度等等。

In addition,Financial should continue to support small micro enterprise development play a role.From fall into"Middle-income trap"The cause of the typical countries come to see,A very important aspect is the lack of fair social development.In the 1970 s,Latin American countries gini coefficient reaches as high as 0.44 to 0.66,Brazil to the 1990 s is still as high as 0.64,The income gap after the ambassador social consumption to economic role in boosting weaken,And easy to cause sharp social contradictions.For our country,,Is to support small micro enterprise development as a breakthrough,Let more workers into the business to get rich.See from the top,It is necessary to established the national level to the small micro enterprise development coordination office,Drive around and all relevant departments do a good job.At the same time,Guidance to establish policy guarantee agencies,In the development of small micro enterprise loans at the same time,Ensure that the loan business sustainability.See from regulators,Should be in 2011 issued differentiation based on regulatory measures,Further play good baton role,Inform what kind of small micro enterprise can borrow?What kind of business do not borrow?Don't LiangYou regardless of,Let YiHongErShang commercial Banks,Once appear a lot of bad,And will discourage loans enthusiasm.From the tax department to see,We should further expand the related preferential tax range,Especially reduce small micro enterprise business tax rate,Perfect commercial bank small micro enterprise loan loss verification system and so on.

　　（作者为金融业从业者）

(The author for the financial industry practitioners)