Research On The Defective Deviation Of China’s Manufacturing Industry

In recent years,the growth of the world’s advanced economies has been weak,affecting China’s exports;the domestic economy has entered an adjustment period and shift period,and domestic demand has grown slowly.In the context of insufficient domestic and international demand,China’s real economy situation has become increasingly difficult.As China has passed the demographic dividend period and resource abundance period,the production and operation costs of the real economy have risen,and commodity prices have continued to slump.In sharp contrast to this,financial assets and real estate prices continue to rise,and the proportion of finance in GDP continues to increase.The real economy,whose profits continue to fall,is increasingly attractive to capital,and a large amount of money is invested in the virtual economy.The reality of detachment is not only reflected in the fact that the virtual economy sector occupies a large amount of funds from the perspective of the entire social economy,and large-scale funds are formed in the virtual economy,without flowing into the real economy,but also in the virtual economy induced by the virtual economy in the real economy.The resulting mismatch of funds,the real economy sector will excessively flow funds for production and operation to real estate and financial assets.Obviously,the real economy “de-realization” will lead to a reduction in the funds used by the real economy for its own business activities,which is not conducive to China’s economic development.As a basic industrial sector in China,manufacturing is an important part of the real economy.It is very necessary to study the manufacturing industry’s virtual tendency.The purpose of this paper is to study whether China’s manufacturing industry has a tendency to deviate from the real economy and over-develop the virtual economy,that is,whether it is "offsetting from the main business."First of all,based on the research results of predecessors,this paper mainly discusses the meaning of virtual capital and virtual economy in the discussion of virtual capital in Marx’s third volume of Capital.Scholars have different interpretations of the virtual economy.The academic community has not yet reached a consensus on the definition of the virtual economy.This paper defines the concept of virtual economy and the reality of reality.Secondly,this paper analyzes the status quo of the real estate industry,and draws on the indicators of financialization to establish the indicators of the degree of participation of manufacturing enterprises in virtual economic activities.According to the meaning of the enterprise’s realism in this paper,the measurement indicators of the enterprise’s participation in the virtual economy mainly include the relative scale and absolute scale of the virtual asset holding,the relative scale and absolute scale of the income generated by the virtual economy,and the relative investment of the virtual economy.Scale and absolute scale.Then,this paper uses the industrial investment rate as the explanatory variable,the virtual asset holding rate and the lagging term,the industrial return rate as the explanatory variables,and the GDP growth rate,monetary looseness M2/GDP,and asset-liability ratio as the control variables,empirical analysis.The crowding out effect of manufacturing virtualization on industrial investment.The empirical results show that manufacturing virtualization has a crowding out effect on industrial investment.Finally,based on Marx’s theory of capital circulation,the theory of capital pursuit of high returns and the negative effects of policy regulation,this paper discusses the reasons for the realization of manufacturing.In the process of capital circulation,industrial capital is gradually transformed into virtual capital under the attraction of higher profits of virtual economy,participating in the virtual economic value proliferation activities,forming a “de-reality”.This paper proposes the following policy recommendations: First,substantial reductions in tax reductions and tax returns to improve industrial investment;second,rational regulation of financial markets,industrial funds to guide investment;third,vigorously curb real estate speculation;Fourth,continue to implement sound Monetary Policy.