供给侧结构性改革与总需求管理的关系探析

Identify the Relationship between Supply-side Structural Reform and Demand Management

供给侧结构性改革既能够治理产能过剩等难题,又能增加有效供给从而催生新的增长点,因此中国有必要推进供给侧结构性改革。由于供给侧结构性改革过程中淘汰落后产能等举措会加大经济下行压力,因此需要总需求管理相配合。但是供给侧改革不具备宏观调控手段所需的逆周期调节能力,也不满足宏观调控手段所要求的可测量性、可控性、对目标有着可预计影响这三条标准,故而不应该成为宏观调控的常规手段。未来中国仍然应该将总需求管理政策视为宏观调控的主要手段,并且通过加快货币政策从数量型向价格型转变和深化财税体制改革等举措提高总需求管理政策的有效性。

It's necessary for China to strengthen supply- side structural reform. It can not only solve problems such as excess capacity, but also increase effective supply. During the process of supply- side structural reform, actions like eliminating excess capacity will aggravate downward economic pressure, so it should coordinate with demand management. But supply-side structural reform should not be treated as the main tool of macro-regulation and control. What's more, China should improve the efficiency of demand management by speeding up the shift from quantity-based monetary policy to price-based monetary policy and deepening the reform of fiscal and tax system.