-one of the spiritual comments of the Fifth Plenary Session of the Fourth Session of the Municipal Party Committee

The fifth plenary (enlarged) meeting of the Fourth Session of Meizhou Municipal Committee held recently is a very important meeting held in our city after a particularly difficult year. This meeting is of great significance to unite and lead the people of the city to cheer up, work hard, blaze new trails, work hard and create a new situation of economic and social development in our city. The meeting discussed the Opinions of Meizhou Municipal Party Committee and Meizhou Municipal People's Government on Promoting the Adjustment of Industrial Structure (discussion draft). In the report made on behalf of the Standing Committee of the Municipal Party Committee, Liu Rizhi, secretary of the Municipal Party Committee, stressed the need to "vigorously promote the adjustment of industrial structure". This measure fully meets the requirements of Scientific Outlook on Development, and is in line with the actual situation of our city's economic and social development. It has important strategic significance for our city to achieve economical development, clean development, safe development, coordinated development, accelerated development and sustainable development, and is the top priority of our city's work in the future.

promoting the adjustment of industrial structure is an important and urgent task for the economic development of our city. In recent years, the central government has proposed to establish and implement Scientific Outlook on Development seriously, build a harmonious society, and build a resource-saving and environment-friendly society. Promoting the adjustment of industrial structure is an important basic work to achieve these goals. For this reason, the state recently issued the Interim Provisions on Promoting the Adjustment of Industrial Structure, which requires promoting the optimization and upgrading of industrial structure and promoting the healthy and coordinated development of the three industries. In recent years, especially since 23, through the efforts to implement the "four Meizhou" development strategy, the city's economic, political, cultural, social and other fields of construction have made new and significant achievements; At the same time, there are many difficulties and problems, such as unreasonable industrial structure, low overall economic quality, increasing pressure on resources and environment, and insufficient development potential. Last year's "8.7" mine disaster had a great impact on the development of our city. This urges us to further strengthen our consciousness and sense of urgency in conscientiously implementing Scientific Outlook on Development, change our development concept, clarify our development ideas, innovate our development model, change the mode of economic growth, change the practice of relying too much on mountain resources, especially underground resources to promote development, effectively promote the optimization and upgrading of industrial structure, and promote the economic and social scientific development and accelerate the development of the city through structural adjustment.

To vigorously promote the adjustment of industrial structure, we should highlight "Industrial Meizhou" and focus on building four major bases: characteristic new industries, green agriculture, leisure and holiday tourism and modern logistics. At present, we should take "Industrial Meizhou" as the core, attract investment as the general starting point, consolidate and optimize the primary industry, expand and upgrade the secondary industry, actively prosper the tertiary industry, cultivate and develop emerging industries, and accelerate the transformation from the traditional extensive economic growth mode with high input, high consumption, high pollution and low output to the circular intensive economic growth mode with low input, low consumption, low pollution and high output, so as to promote the economic development of our city to achieve total increase, structural optimization and efficiency.

to vigorously promote the adjustment of industrial structure, we must focus on five measures. First, increase investment attraction, and strive to sign a new investment attraction contract of 3 billion yuan this year. The second is to accelerate the development of the park economy. Third, do a good job in 56 key projects with a planned investment of more than 1 million yuan and a total investment of about 6 billion yuan this year, and conscientiously do a good job in the preparatory work for the establishment of nuclear power and pumped storage power stations. The fourth is to fight the tough battle of state-owned enterprise reform, speed up the reform and transformation, and promote the privatization of state-owned collective enterprises. Fifth, strengthen infrastructure construction such as transportation and deepen regional tourism cooperation.

to vigorously promote the adjustment of industrial structure, we must earnestly strengthen the organization and implementation. Party committees and governments at all levels should establish and improve the organization, coordination, supervision and inspection mechanisms, clarify responsibilities, work priorities and objectives and tasks, and study, coordinate and solve new situations and problems in a timely manner. The relevant departments of the city should pay close attention to the formulation of the "Guiding Catalogue for the Adjustment of Industrial Structure in the City" composed of three categories of catalogues of encouragement, restriction and elimination, rationally guide the investment direction, encourage and support the development of advanced production capacity, restrict and eliminate backward production capacity, and prevent blind investment and low-level redundant construction. The relevant departments of the city and counties (cities, districts) should formulate special plans and implementation plans in light of the actual situation. It is necessary to strengthen policy guidance, conscientiously implement relevant national and provincial preferential policies, formulate and improve relevant policies and measures in our city, and support and encourage the development of various industrial projects.

promoting the adjustment of industrial structure is both a challenge and an opportunity for the economic and social development of our city. As long as we follow the deployment of the Fifth Plenary Session of the Fourth Municipal Committee, conscientiously implement the spirit of the Plenary Session, firmly establish and conscientiously implement Scientific Outlook on Development, work with one heart and one mind, blaze new trails, and thoroughly implement the development strategy of "Four Meizhou", we will certainly be able to resolve contradictions, overcome difficulties, work hard and create a new situation of rapid, coordinated and sustainable development in our city!

China's industrial structure adjustment: mechanism and approach

If China has basically completed the preparatory stage of economic take-off with a per capita output value of 5-1, US dollars since the reform and opening up 18 years ago, and the extensive economic growth has ended, then it will be replaced by intensive economic growth. The premise of intensive growth is the transformation from planned system to market system, and the foundation is the transformation from administrative allocation of resources to market allocation of resources. The direct representation of the two transformations is the adjustment and upgrading of industrial structure. As a developing agricultural country with a dual economy of modern urban economy, China faces three basic tasks in its industrial structure adjustment and upgrading: First, it successfully completes the transfer of huge rural surplus labor force and realizes agricultural modernization; Second, the transformation from low-level industrial labor capital to capital-intensive technology to realize the modernization of industry itself; Third, the proportion of employment has changed from the primary and secondary industries to the tertiary industry, achieving the dual goals of economic development and employment level improvement. To carry out these goals, the obstacles encountered by China at present come directly from two aspects: first, the formation of huge start-up capital needed for industrial structure adjustment and upgrading; Secondly, if limited capital injection can be formed to adjust and upgrade the industrial structure, then it is also a difficult problem to form an efficient and effective savings and investment transformation mechanism. Based on the empirical analysis of industrial structure adjustment and upgrading in China, this paper puts forward the view that capital formation and capital mechanism are the biggest obstacles; Then logically, it is judged that capital marketization is the most effective mechanism to realize the adjustment and upgrading of industrial structure in China's transition period. Finally, according to the characteristics of national income process and system reform in China during the transitional period, it is concluded that national savings is the policy proposition of industrial structure adjustment and upgrading and the main body of capital market.

1. Capital: The biggest obstacle to the adjustment and upgrading of China's industrial structure

In p>1996, China cut interest rates twice and greatly reduced the deposit reserve, but from January to July, the total profit of industrial enterprises nationwide decreased and the loss increased by about 4%. The direct reason is poor product sales. According to statistical analysis, from January to June, 1996, only 7% of the best-selling products were on the market, and 93% of the flat-selling and unsalable products were sold. Due to the lack of marketable products in the market, on the one hand, the backlog of industrial products has increased greatly, and the more production, the more accumulation; On the other hand, residents hold money for purchase, there is no marketable goods, and savings deposits have increased greatly. It can be inferred that the main reason for China's poor economy at this stage is not the lack of demand, but the unreasonable product structure. The irrationality of product structure lies in the lag of industrial structure adjustment and upgrading.

the history of international economic development shows that when a country's national output value reaches 5-1 dollars, its industrial structure should be adjusted accordingly and its structural height should be corresponding. Because of the adjustment of industrial structure, it reflects the interactive relationship between industries in the process of economic growth and its proportional change rules; The upgrading of industrial structure reflects the stages and levels that a country's industrial structure will reach in its evolution according to the historical and logical order of economic development. The basic rules of industrial structure adjustment and upgrading are as follows: (1) the proportion advantage of the primary industry is progressive to the proportion advantage of the secondary and tertiary industries; The advantage of labor-intensive proportion is progressive to the advantage of capital and technology-intensive proportion; The proportion advantage of primary products is progressive to the proportion advantage of intermediate and final products. If the industrial structure fails to evolve according to this rule or the evolution is blocked, the economic development will also be blocked. Taking the industrial structure of five countries, such as the United States, Japan, Britain, France and China, as an example, it is not difficult to see the formal characteristics of China's current economic growth being hindered:

Obviously, although China's per capita output value has been close to that of the United States, Japan, Britain and France in the 197s, its industrial structure is far lower than those of these countries. Therefore, the direct contradiction that hinders China's economic take-off is the adjustment and upgrading of industrial structure. Straightening out China's industrial structure and promoting its upgrading, although there are deep-seated problems such as system, social employment security, government function transformation, factor price liberalization and economic operation mechanism, the most direct and realistic problem is the capital formation and traditional capital allocation mechanism.

first of all, the rural surplus labor force, which accounts for 58.5% of the labor force in the primary industry and has an absolute amount of more than 5 million, is dispersed to industry and transferred to cities, and it depends on capital accumulation and the expansion of industrial departments in modern cities to absorb it. However, the current situation in China by 1996 was that the industry was in a developing period, and it relied on the plunder of agriculture to a great extent, but it could not form support for agriculture. Because the property right boundary of industrial enterprises in China is not clear, the saving tendency in the net income of enterprises is very low. Therefore, it is impossible to rely on the accumulation of industry itself to form the absorption of rural surplus labor.

Secondly, although the output value of the secondary industry in China accounts for a relatively large proportion, the upgrading and expansion of the industry itself also encounter the contradiction of insufficient investment in renovation funds and new industrial clusters. On the one hand, the level of economic development makes the possible savings of national income seriously unbalanced with the capital demand of industrial upgrading itself; On the other hand, due to repeated investment, blind investment and low level of capital output, the contradiction between industrial upgrading and possible supply of funds is aggravated. Taking the investment from January to June 1996 as an example, the investment in capital construction and technological transformation increased by 16.6% and 14.4% compared with the same period of last year, while the investment in real estate increased by as much as 32.1%.

Thirdly, in the past 18 years, China's rapid economic growth is largely a capital formation mechanism of compulsory savings. When the effect of compulsory savings comes to an end, its subsequent capital formation will inevitably slow down. Since 1988, in order to solve the capital shortage of reform and development, China has adopted measures such as apportioning government debt and inflation to raise the capital needed for industrial development through forced savings. This method has a certain positive effect on the rapid formation of industrialization foundation. However, when its energy is released to harm the investment enthusiasm of micro-subjects, inflation and wages are pushed forward in turn, its positive role tends to end or even backfire. If government debt and inflation can only be kept under a certain control level, then this kind of compulsory savings may reproduce the starting function of initial capital formation.

finally, while the social capital capacity of financial organizations has declined, the financial shallowness has not fundamentally improved, and the dual-track capital allocation mechanism is an obstacle to the upgrading of industrial structure. It stands to reason that with the deepening of market economy, finance should gradually withdraw from the field of organizing social capital, but at the same time it must be replaced and complemented by financial deepening. In this way, the capital mechanism of industrial restructuring and upgrading will not be vacant. China's financial reform is obviously lagging behind. Concentrated on: the non-commercial nature of financial institutions; The proportion of direct financing is too small; The price of funds is rigid; The capital transfer cost of financial institutions has risen. In this case, it is impossible to mobilize the savings capital of all social strata to meet the capital demand of industrial structure upgrading, and it is also impossible to promote the reorganization of industrial structure through the liquidity of financial assets.

It can be seen that the take-off of China's economy needs the adjustment and upgrading of industrial structure, and the breakthrough point to create this condition will be to reform the existing capital formation mechanism and the allocation mechanism of capital resources.

Second, market allocation: the most effective mechanism for industrial structure adjustment and upgrading in China

Logically and empirically, there are two capital allocation mechanisms: one is the government-led mechanism; The second is the dominant mechanism of market finance.

the preconditions and conditions for the function of the government's financial leading mechanism are as follows: first, the government's financial revenue and processes account for a fairly high proportion in national income and national savings. According to the experience of China before the reform, their proportions were about 4% and 7% respectively. Second, the investment targets are all state-owned enterprises, and enterprises are appendages of the government. Otherwise, the government has no obligation to invest in it; Third, investment decision-making institutions can make scientific and accurate judgments on the direction of industrial structure adjustment and upgrading with subjective will; Fourth, every regulated subject can consciously obey the central interests and overall arrangements. Central administrative instructions are adopted by many scattered controlled objects as transmission information. From the founding of New China to the 3 years of reform and opening up, China has adopted a government-led mechanism. Practice has proved that the proportion of government finance is 4% and 7%, which can not arouse the enthusiasm of all parties, but also destroys the proportional relationship between accumulation and consumption; The government's unified revenue and expenditure on enterprises can not make enterprises truly become enterprises; As an investment decision-making body, the government has no market information, and it is impossible to make a scientific and accurate judgment on many scattered needs; The central government and local governments objectively have overall and local interest regulation, so it is impossible for local governments and many controlled people to adjust the industrial structure according to the central plan. At the same time, judging from the reform practice and development trend of more than ten years since 1978, the proportion of government finance in national income and national savings has decreased below 2%. If we want to increase this proportion, it may touch the seriousness and standardization of the tax law, and it may also lead to the return of the unified revenue and expenditure planning system. The trend of reform is to establish a modern enterprise system, so that investors can decide the investment direction according to market information. Therefore, the government-led capital resource allocation mechanism is neither necessary nor possible to become the capital resource allocation mechanism for industrial structure adjustment and upgrading under the conditions of economic transition and the establishment of market economy.

The conditions for the leading mechanism of market finance to function are: the development of factor market is gradually mature, and the micro-foundation is gradually improved; Finance has been gradually deepened; Macro-indirect control has gradually become dominant. Although these necessary conditions can't naturally evolve like some western countries for China, a country with a specific system and economic background from planned economy to market economy and economic backwardness to economic take-off, these conditions have been, are and will be created through 18 years of reform and opening up, promoted by the government and incremental advancement. Therefore, it is theoretically proved that market allocation is the most effective mechanism for industrial structure adjustment and upgrading, which is of great decision-making significance for the government to promote economic reform.

first, the adjustment and upgrading of industrial structure and the development and growth of capital market complement each other. From the perspective of economic development, in modern industries, the emergence of emerging industries drives the development of related basic industries and follow-up industries, greatly improving the degree of socialization of production and the scale of capital concentration. However, it is difficult for a single capital to raise huge investment in modern large industries, and it is also unable to bear the risks brought by huge investment. Therefore, the socialization of capital has become the core issue of modern large-scale industrial development. Joint-stock system and capital market are born to meet the needs of centralized investment and risk diversification. At the same time, once the capital market is formed, it not only provides a very convenient stage for investors, but also breaks through the shackles of self-owned funds and dependence on bank loans for capital demanders, which greatly promotes the rapid development of emerging industrial clusters. So is the reform in China.