[ 中国的TFP（全要素生产率）水平只有美国的0.37，增长潜力巨大。 ] 在过去四十多年里，中国经济的高速增长主要依靠资本与劳动的持续投入。无论是基础设施投资的扩 张，还是制造业产能的迅速聚集，增长的逻辑始终基于经典的生产函数框架Y=AF(K,L)中K（资本）和 L（劳动）的积累，全要素生产率A的贡献有限。但要素投入总是有极限的，根据世界表（PWT）2019 年的数据，中国的劳动参与率是美国的1.16倍，平均劳动时长是美国的1.23倍，资本产出比是美国的 1.18倍，要素增长的空间非常小。随着经济规模的扩大、人口红利的消退与资本边际收益的递减，这 一"加法式"的增长模式正面临很大的挑战。 与此同时，中国的TFP（全要素生产率）水平只有美国的0.37，增长潜力巨大。TFP代表在既定资本与 劳动投入下，由技术进步、制度优化、管理改进等带来的产出提升。在这一背景下，中国经济亟须完成 从要素投入驱动向效率提升驱动的结构性转变，未来中国经济增长的关键，不在于"投入更多"，而在于 提高全要素生产率，让现有投入"用得更好"。 "打开黑箱"的目的，不只是为了更精确的统计，而是为了更科学的发展和治理。全要素生产率的提升， 既 ...

Group 1 - The core argument emphasizes that the key to future economic growth in China lies in improving Total Factor Productivity (TFP) rather than merely increasing inputs of capital and labor [1] - China's TFP level is only 0.37 of that of the United States, indicating significant growth potential [1] - The traditional growth model based on capital and labor accumulation is facing challenges due to diminishing returns and the exhaustion of factor input growth [1] Group 2 - TFP has long been viewed as a "black box," with its definition and application lacking clarity, often treated as a residual that does not explain the sources of efficiency [2] - Existing research has primarily focused on measuring TFP changes without adequately analyzing the underlying mechanisms driving these changes [2] Group 3 - To understand TFP, it should be decomposed into measurable components such as innovation, digitalization, institutional and organizational management, and externalities [3] - Innovation and technological progress are traditional sources of TFP growth, with an emphasis on the diffusion and absorption of innovation rather than just research outcomes [3] - Digital assets are emerging as new production factors that can enhance TFP by reshaping production functions and improving overall efficiency [3] Group 4 - A conducive institutional and organizational management system is essential for fostering innovation and driving TFP growth [4] - Institutional arrangements determine the efficiency of resource allocation across different sectors and regions, highlighting the importance of management and governance improvements [4] Group 5 - External effects and social responsibility should redefine the boundaries of productivity, as improvements in one sector can enhance overall efficiency across supply chains [5] - Social responsibility costs, often seen as efficiency losses, should be recognized as contributions to systemic stability and sustainability [5] Group 6 - The goal of "opening the black box" is to create a more scientific approach to development and governance, with TFP enhancement serving as a starting point for policy design [6] - A unified TFP data and analysis system is necessary to break down data silos and provide a quantitative basis for policy evaluation [6] Group 7 - Expanding the assessment criteria for TFP to include social value and externalities is crucial for a comprehensive evaluation of efficiency [6] - Policies should focus on improving resource allocation efficiency rather than merely reducing inputs, with TFP as a guiding principle for reforms [6] Group 8 - TFP should transition from a statistical measure to a management tool, allowing policymakers to design targeted incentives for innovation and digitalization efforts [7] - Understanding TFP as a dynamic system connecting macroeconomic policies with micro-level behaviors is essential for enhancing China's economic competitiveness [7]