中文摘要：

与国际经验相比，中国经济长期以来呈现出多重失衡的特征，中国经济多重失衡必然是由某些“异常”因素所致。基于利率管制的视角，本文在统一的框架下解释了本世纪初中国经济多重失衡的六个核心现象：产业结构快速资本深化，城市化滞后于工业化进程，就业增长速度落后于经济增长速度，劳动报酬增长滞后于劳动生产率增长，国民收入分配不断从居民向企业和政府倾斜，消费占GDP比重持续下降。相互关联的多重失衡是利率管制下中国经济“结构性动态无效率”的表现，“扭曲的增长”在未来难以持续。为使“改革”赢得与“危机”的赛跑，让利率反映资本回报，是加快金融市场改革的重中之重。

英文摘要：

China is an ＇ outlier＇ of standard economic theories and system in many aspects, which implies that there are some ＇ anomalies＇ behind China＇s unbalanced growth. From the perspective of finan- cial repression, this paper interprets China＇s six major facts of economic muhi-dimensional imbalances with- in a unified framework： （ 1 ） rapid capital deepening in the industrial sector; （2） urbanization lagging be- hind industrialization; （3） employment growth falling far behind economic growth; （4）labour compensa- tion growth trailing behind labour productivity growth; （5）continuous deterioration of income distribution from residents to enterprises and government; （6） continuous decline of the ratio of consumption to GDP. These facts about the correlated multi-dimensional imbalance are due to financial repression, under which China＇s economy suffers from the ＂structural dynamic inefficiency＂. The distorted growth pattern cannot be sustained in the future. Therefore, to win the race between ＂reform＂ and ＂crisis＂, letting interests rate re- fleet capital return is crucial in the expedition of the financial market reform.