供给侧结构性改革的路径:日本的经验与启示

The Path of Supply-side Structural Reform: Japan’s Experience and Inspiration

日本完成工业化进程后,经济的结构性问题日益突出。总需求不足、资本收益率下降和人口老龄化等,导致了日本潜在生产率下降,阻碍经济的持续健康发展。日本于20世纪70年代中期开始推行供给侧结构性改革,旨在促进创新、消除资源错配、改善产业结构,提高全要素生产率。回顾日本供给侧结构性改革的发展历程,并实施时间序列分析,可验证日本供给侧结构性改革的实施对其全要素生产率提升的作用。中国可借鉴日本的经验,将提升全要素生产率作为供给侧结构性改革的政策抓手和主要着力点。

Since the completion of the industrialization process in Japan,the structural problems of the Japanese economy have become even more severe.Insufficient aggregate demand,the decline of capital rewards,and the aging population problems have jointly led to a decline in potential productivity in Japan,hindering to the sustained economic development of Japan.Japan began to implement supply-side structural reforms in the mid-1970s with the aim of eliminating resource mismatches,improving industrial structures,and promoting total factor productivity.Reviewing the development history of Japan’s supply-side structural reforms,it can be discovered that the reforms have promoted the Japanese total factor productivity.China can learn from Japan’s experience and take the promotion of total factor productivity as the policy orientation of the current supply-side structural reform.