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Supply-Side Reform and China's Economic Transformation

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Author: Teng Tai; Lu: Yan; ;
Language: English
Page: 187
Publication Date: 08/2020
ISBN: 9787119124933
Table of Contents
Foreword
Supply-Side Reform: China Explores Economic Transition

Chapter One Neosupply Economics: The Principles of Supply-Side Reform
New Supply Creates New Demand: An Introduction to Neosupply Economics
The Growth Model of New Supply Economics

Chapter Two Supply-Side Reform: Giving Full Play to Sources of Wealth
Supply-Side Structural Reform Should Focus on Factor Market Reform
Opening up the Land Market and Promoting Structural Reform
Market-Oriented Reform of Labor Factors Is the Driving Force for the Overall Advancement of Supply-Side Reform
Deepening Financial Supply-Side Reform and Releasing Finanaal Supply Suppression
Supply-Side Reform Should Focus on Innovation in Science and Technology
Deepening Institutional Reform and Tapping Supply Potential
Distribution Based on Marginal Return of Factors and the Expansion of the Middle Income Group

Chapter Three Road Toward StructuralTransformation: Where Do New Driving Forces Come From?
Establishing an Effective Market and Maintaining a Service-Oriented Limited Government Is the Key
Promoting New Supply to Become New Driving Forces
Supply-Side Management Cannot Replace Supply-Side Reform Policy Details Open Up Space for Innovation
Comprehensive Tax Reduction for Stimulating Micro-Vitality
Developing Soft Industries to Facilitate the Upgrading of Supply Structure
Supply-Side Structural Reform and Consumption Upgrading

Appendix: The Neosupply Economics Declaration
Sample Pages Preview
Preface
Neosupply economics began to advocate supply-side reform in 2012, and the following year, it started to exert a positive impact on relevant economic policies and reform thought. In 2015, the Central Committee of the Communist Party of China (CPC) and the State Council officially initiated supply-side structural reform. In December 2018, the Central Economic Working Conference made it clear that the principal contradiction in China's current economic development is the structural mismatch resulting from the supply side failing to evolve in step with demand. As a result, China will continue to make supply-side structural reform the main task of its economic policy and push forward various economic reforms.
What is supply-side reform? Why does the Chinese Government put so much emphasis on it? What does it consist of ?
First, China's economic growth has slowed down since 2012, after over three decades of rapid growth. In the face of this situation, China's decision makers didn't take the old path of stimulating the economy through monetary and fiscal policies. Instead, they paid attention to issues such as the supply conditions of production factors, the market's supply pattern and the supply structure of products and services, hoping to realize quality economic growth through reforms of these longstanding and deep-seated problems.
Second, in essence, supply-side reform is not simply one or two reform measures, but a set of economic principles and reform concepts based on China's specific economic development stage. All industries and regions should come up with their own reform measures based on these principles and ideas. However, if they don't fully grasp the theories and instead implement them perfunctorily, supply-side reform
will turn into dogmatism and hurt China's economy.
It is because of its special features that supply-side reform is misunderstood both inside and outside of China to some degree.Thus, it needs to be explained in a comprehensive way. Nationally, due to a lack of understanding of the supply-side reform theory, some provinces used direct administrative intervention to meet preset targets instead of letting the market decide when to reduce excess capacity.
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Supply-Side Reform and China's Economic Transformation
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