Chapter 3980: Debate

During this period, there was an atmosphere of "the mountain rain is about to come and the wind is full of the building" across the country. Everyone with well-informed channels was waiting for the introduction of a new package of economic stimulus plans. The introduction of this plan would make countless people rich overnight.

However, in September, the US subprime mortgage crisis also reached a climax. Lehman Brothers, the fourth largest investment bank in the United States, fell into a serious financial crisis and announced that it would apply for bankruptcy protection, and a more serious financial crisis was coming.

In this month, Europe and the United States successively introduced policies, hoping to save the market through their policy intervention and resolve this financial crisis.

However, "freezing three feet is not a day's cold." How can such a global financial crisis be saved just by saying it?

This financial crisis continued to sweep the globe.

China's economic growth rate was also constantly declining. Since the end of last year, China's economic growth rate fell to a low of 6.9% since the Reform and Opening-up, and the economic growth rate in the first half of this year fell to 6.1%. This was an unprecedented low point, and the situation had reached a very serious point.

The call for the introduction of policies for economic stimulus at the high level was already very high, and the introduction of policies for economic stimulus had reached a consensus among the high level. However, there were still some disputes about the specific plan, and the disputes were concentrated on which field the funds invested in economic stimulus were focused on.

Most people's opinions were to invest these funds mainly in infrastructure construction, because this was the simplest and most effective, and it could be said to be immediate, and the economic growth rate could be raised at once.

For example, building a high-speed railway with a cost of hundreds of billions, the GDP driven might be hundreds of billions. For another example, building a few more buildings in big cities, the GDP driven might also be hundreds of billions. These are real GDP growth figures.

However, some people opposed doing so, because several times China's economy overheated, causing prices to soar and inflation, and the lessons of that were still fresh. They advocated that investment should be carried out in an orderly manner, and most of the funds should not be invested in fixed asset investment, but should focus on high-end manufacturing and high-tech research and development.

They believed that it was entirely possible to take this opportunity to carry out industrial upgrading. This financial crisis was a once-in-a-lifetime opportunity for China and should not be missed.

These two factions were arguing, and there were more people who tended to invest in fixed assets, but the faction that tended to industrial upgrading said more reasonably, so no one could convince anyone. For a time, this matter also fell into a stalemate.

At this time, an article was published on Hanhai Net, which clearly supported the view of taking this opportunity to carry out industrial upgrading of China's manufacturing industry.

In this article, the process of several economic overheating in the past was recounted. In these several economic overheating, it was because the country blindly increased investment in infrastructure and caused a large amount of repeated construction.

Economic overheating caused prices to soar and inflation, and those repeated investments also caused huge waste. A large amount of national funds could not be recovered, which was not a good thing for the country and the people.

The article said that in the current background of the global financial crisis, it is very necessary to introduce a package of economic stimulus plans, but the country's investment cannot be blind, must return to rationality, and must see that this is a very good opportunity for industrial upgrading.

China's manufacturing industry looks beautiful now, but in fact, high-end manufacturing accounts for a small proportion, and most of them are products with low technical content and strong substitutability. The production capacity of these industries is seriously oversupplied, and most of them are also products of repeated investment in several previous economic overheating.

Overcapacity can only be exported, but exports do not have technical and quality advantages, so they can only fight price wars by relying on low labor advantages, which makes "Made in China" a representative of low quality and low price.

But this cannot last long. With a little disturbance, "Made in China" will be hurt. Because the technical content is low, the quality is average, and the substitutability is too strong. Now the export products of those Southeast Asian countries are lower in price than ours. Once their exports form a scale, what advantages does China have?

Now "Made in China" has fallen into a predicament. China's economic growth rate has reached a historical low of about 6%, which has sounded an alarm for "Made in China". "Made in China" can no longer go on like this, but should carry out industrial upgrading and transform into high-end manufacturing.

The article also cited several examples of China's high-end manufacturing, such as Hanhai smart mobile phones, Jinfeng Technology's high-power wind power equipment, and some large-scale equipment produced by large enterprises, such as large cranes, large port machinery, etc. The exports of these high-end manufacturing industries are in short supply, which proves that high-end manufacturing is never worried about having no market.

The article also talked about some technical fields that China urgently needs to break through. In these technical fields, China is being held by others, such as lithography machines, chip technology, biopharmaceuticals, etc. If China cannot break through in these fields, China will always be held by others. If one day there is an embargo on China, China can only stare.

The article also talked about the development of enterprises such as Hengxing Microelectronics, Hanhai Technology, Mi's Pharmaceutical, etc. in these fields. They have all reached the edge of breakthrough. If the country can increase investment in high-tech research and development and carry out policy tilting at this time, breakthroughs may occur in these fields.

The article also talked about that the foundation of a country should always be in the manufacturing industry, technology is king. Even if a country builds more houses, what is the use of the GDP obtained in that way? If a country makes an outstanding scientist unable to afford a house in his life, this is a tragedy, a distorted prosperity, and it is not advisable.

The article was fierce, but it was reasonable and well-founded and infectious. After the article was published, it immediately caused a huge response nationwide.

Various portal websites and traditional media launched a debate around this article. This debate involved many famous economists, who held their own opinions and argued endlessly.

In fact, many economists believed that this package of economic stimulus plans should be cautious and should not be rashly invested in infrastructure. That would inevitably cause economic overheating and inflation. Therefore, many economists agreed with the article's point of view and believed that now is a good time for economic transformation and industrial upgrading.

However, there are even more scholars who wag their tongues and shout for the other side, arguing that investment in infrastructure must continue to be increased so that the economy can recover immediately.

In fact, China's investment in infrastructure this year is already quite large, because the Ministry of Railways has built thousands of kilometers of high-speed railways in the past two years, and this investment is huge. And this year, the Western Sichuan earthquake, the disaster area reached more than 100,000 square kilometers, and the funds needed for post-disaster reconstruction are also an astronomical figure. ===== CHAPTER 3982 =====