发现新的增长源泉：金融市场化

实体经济部门需求和金融部门的供给的高度不匹配，严重制约了中国经济的发展。依靠传统的国企投资来拉动，已不再奏效，低效率和泡沫泛滥的并存，经济增长难以为继。推动中国经济增长的动力之一，民企的内源性融资是否还能持续下去？近年来地方政府和企业共同推动金融市场化的实践，表明可以通过金融市场的竞争解决不对称信息问题，把过去银行认为不符合贷款条件的无效融资需求最大限度的转化为有效需求，就能够有效地降低民企的投资扩张的临界点，形成经济增长的新源泉。因此，不仅仅依靠利息率市场化的调整，而更需要通过金融机构之间的积极竞争，从而填补金融市场的供求缺口。

Discovery of the New Source for Growth: Marketization of Financing

The great mismatch between the real economy＇s demand for loans and the banking sector＇s supply severely hinders the Chinese economy from growing. Because of the low efficiency and flooding bubbles in economy, we cannot depend on the SOE＇s investment to achieve sustainable ＇growth. Hence, it is critical that if the endogenous financing is sustainable for China＇s private enterprises, which have become a source for China＇s economic growth. In recent years, China＇s local governments and enterprises have been cooperating in the marketization of financing. Their experience has shown that the marketization can solve the information asymmetry and transfer the unqualified demand for loans into qualified. This can reduce the critical point of the private enterprise effectively in their investment expansion and generate new source for economic growth. Hence, in addition to the interest rate marketization, the active competition between the financial institutions is required to fill the gap between the supply and demand for loans.