The reason why the development of the real economy has received so much attention is that the survival pressure of China's real economy has increased in recent years, and the traditional manufacturing industry, as the main body of the real economy, is sluggish in production and operation, and the return on industrial investment is low. According to relevant calculations, the average profit rate of China's industries is only about 6%, while the profit rate of securities and banks reaches 30%. Many large-scale traditional commercial storefronts are impacted by e-commerce, which leads to difficulties in operation, thin profits and many losses.
Due to the high return on investment and rapid recovery of the virtual economy, a large amount of capital flows into the virtual field, the virtual economy continues to expand, and social capital "turns from real to virtual" and enterprises "abandon real to virtual" intensify, resulting in considerable "blood loss" and "blood draw" problems in the real economy. According to statistics, in 20 16, listed companies in Shanghai and Shenzhen stock markets issued nearly 28,000 financial announcements. These listed companies immediately used the raised funds to purchase wealth management products after implementing fixed-income financing. Some listed companies even buy wealth management products of more than10 billion yuan.
In the first three quarters of 20 16, the added value of China's financial industry rose from 8.5% in 20 15 to about 9%, while that in the United States and Britain was only about 7%-8%, and even less than 5% in Japan and the European Union. The rapid development of virtual economy and high financial profit rate will inevitably devour physical capital. In addition, speculation and bubbles in the domestic real estate market have also had a "siphon effect" on the real economy for a period of time, inducing a large amount of capital to flood into the real estate market, raising the production cost of the real economy, squeezing the development space of the real economy, and leading to the "hollowing out" of the real economy.
Through the analysis, we can see that there are many reasons that affect the development of domestic real economy in recent years. Both the virtual economy has squeezed the real economy, and the new economy, new formats and new models represented by the Internet have had a huge impact on traditional industries. Moreover, with the transformation and upgrading of China's economic structure, the advantages of traditional factors that supported the rapid development of China's real economy for more than 30 years are gradually weakening, factor prices continue to rise, and the operating costs of the real economy are rigidly rising, further squeezing profit margins. Of course, there are also institutional obstacles such as low supply quality and efficiency, imperfect market environment, deep adjustment of global industrial structure, and increasingly fierce competition in international industrial homogenization.
Without the support of the real economy, the virtual economy is a castle in the air after all. The financial industry eats not only the life-saving money of the real economy, but also its own life-saving money. The economic constitution of "virtual fire" is too strong, and "puffiness" is difficult to support the sustained improvement of the economy. Only by bringing the financial water back to reality can China's economic operation continue to improve steadily. Therefore, the Prime Minister emphasized in the government work report that "the real economy has always been the foundation of China's development, and the urgent task is to accelerate transformation and upgrading." This has brought benefits and more new expectations to practitioners in the real economy.
Correctly understand the positioning of real economy and virtual economy
Conceptually speaking, the real economy refers to economic activities involving the production and circulation of material products, spiritual products and services, including agriculture, industry, transportation, trade logistics, construction and other departments that provide real material products (mainly manufacturing) and services, as well as education, culture, information, art and other departments that produce and serve spiritual products.
In Das Kapital, Marx pointed out that virtual capital is produced on the basis of loan capital and bank credit system, including stocks, bonds, real estate mortgage bills and other forms. It has no value in itself and is essentially different from actual capital. But the movement of virtual capital embodies the essence of capital chasing profits. From the perspective of surplus value theory, the profit of virtual capital is a part of the profit generated by the real economy, that is to say, the virtual economy cannot exist independently from the real economy. Marx also clearly pointed out that once the scale of virtual capital exceeds real capital, excessive development will cause asset bubbles.
Both the deep-seated causes of the financial crisis in 2008 and the return of western developed economies, represented by the United States, to develop manufacturing industries and seek the choice of "re-industrialization" provide theoretical footnotes for China to choose "revitalizing the real economy".
As the foundation of the national economy, the real economy is the foundation for creating jobs, improving people's lives, realizing sustainable economic development and social stability. At the same time, the real economy is also the foundation of the development of virtual economy. Only by adhering to the principle of "taking reality as the foundation and giving full play to the practical role", promoting the coordinated development of the real economy and the virtual economy, vigorously revitalizing the real economy, providing a solid foundation for the development of the virtual economy, steadily promoting the orderly development of the virtual economy according to the needs of the development of the real economy, and giving full play to the role of the virtual economy as a booster to the real economy, can a national economic operation mechanism with benign interaction between the virtual economy and the real economy be formed.
What is the focus of revitalizing the real economy?
Not long ago, at the "Financial China V Forum: China Creating New Opportunities with Wisdom" held by Zhongxin Jingwei, Cao Heping, a professor at Peking University University of Economics and vice president of Peking University Digital China Research Institute, pointed out that China manufacturing is in a critical time window of a new round of technological changes. Opportunity is fleeting. If we seize it, we can play a leading role in many fields.
It must be noted that the current revitalization of China's real economy is a driving adjustment of China's economic strength, a fusion transformation of old and new kinetic energy, and a strategic transformation from quantitative expansion to quality improvement. This process is not achieved overnight, and we need to sink our hearts and carry forward the spirit of nailing.
In the government work report, the Prime Minister pointed out that it is necessary to vigorously carry forward the craftsman spirit, cultivate craftsman culture, practice professional ethics, advocate Excellence and cultivate many "China craftsmen". In today's China, in order to revitalize the real economy, it is necessary to build more world-famous "China brands" and form well-known "China technology" and "China quality".
Looking out, there are 4.0 clocks made in Germany and Switzerland. It has been reported that it takes five months to produce the carbon liner of the "Benguo" rice cooker introduced by mitsubishi electric. At first, the monthly output of all charcoal liners was only 50, which seemed to lag behind the pace of the industrial age, but it persisted in the craftsman spirit of recreating the taste of "earthen stove" rice. Looking inward, we in Huawei adhere to the spirit of concentration and insist on doing only one thing for 28 years. Others speculate in real estate and stocks, and Huawei is unmoved. In 20 15, Huawei granted 769 patents to Apple, and Apple granted 98 patents to Huawei. This means that Huawei is charging Apple a considerable patent licensing fee. There is also Haier, for example, insisting on not OEM foreign products, truly doing a good brand and taking the road of independent brands.
Of course, we should also see that although China is a big manufacturing country, many key core technologies are still in the hands of others. China imports $230 billion worth of chips every year, and the cost of importing chips has exceeded that of oil. You can't buy the core technology. "It will take ten years to sit on the bench", and we must rely on independent innovation and "artisan spirit" to win China's innovative future.