以土地为核心的招商引资是中国县际竞争的主要表现之一。层层承包责任合约的施行将中国的土地权利向个人进行了事实上的界定,但这种界定又是不完全界定,因此必然导致“过度投资”。不过,后者在潜在人口红利以及欧美高工资、高福利导致超强国外吸收存在的条件下,反而催生了中国长期的高速增长。文章分析指出了土地招商县际竞争促进中国经济增长的约束条件,以及随着约束条件的转变,中国经济需要进行的结构调整及其相应的政策措施。 Land-based investment attraction is one of the main manifestations of China’s inter-county competition. The implementation of the contract of contractual contracting in layers has de facto defined the land rights of China to individuals, but this definition is not completely defined, which inevitably leads to “overinvestment”. However, under the conditions of the potential demographic dividend and the high wages and benefits in Europe and the United States resulting in the super-foreign absorption, the latter has given birth to the long-term rapid growth of China. The paper points out the constraints of land investment in inter-county competition to promote China’s economic growth, as well as the structural adjustment and corresponding policies and measures that China needs to carry out as the constraints change.