This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with th...This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with the implementation of supply-side structural reforms, China＇s potential economic growth rate will reach an average of 6.5% and 5.8% respectively in the 13th Five-year Plan （2016-2020） and 14th Five-year Plan （2021-2025） periods. These rates are 0.2 and 0.3 percentage points higher, respectively, than that under the baseline scenario with the inertia of historic trends. In implementing supply-side structural reforms, China must transform governmental functions, break monopolies, create a comprehensive competitive market environment, foster the creation of pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization and labor productivity.展开更多
Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology （S＆T） innovation at the heart. Since taking office, US President Do...Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology （S＆T） innovation at the heart. Since taking office, US President Donald Trump has adopted an ＂America First＂ strategy but has yet to specify a clear S＆T innovation policy. However, Trump＇s current policies have already affected S＆T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S＆ T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S＆T innovation strategy, promote the utilization of S＆T innovation results, boost its economic growth potentials and make the most of global innovation resources.展开更多
The theoretical origins of supply theory and supply-side structural reform lie in British and French classical economics, with their longstanding interest in supply, rather than in the later emergence of Jean-Baptiste...The theoretical origins of supply theory and supply-side structural reform lie in British and French classical economics, with their longstanding interest in supply, rather than in the later emergence of Jean-Baptiste Say and Say＇s Law, which attempts to deny the possibility of economic crises. Marx deepened supply theory, holding that production （supply） structure and product （income） distribution structure depended on the nature and structure of relations of production. This theory has been especially significant in guiding supply-side structural reform in China. The main reference value of American supply-side economics lies in some of its policy proposals for reforming and managing supply. Supply-side structural reform in China requires the development of a socialist supply theory with Chinese characteristics.展开更多
文摘This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with the implementation of supply-side structural reforms, China＇s potential economic growth rate will reach an average of 6.5% and 5.8% respectively in the 13th Five-year Plan （2016-2020） and 14th Five-year Plan （2021-2025） periods. These rates are 0.2 and 0.3 percentage points higher, respectively, than that under the baseline scenario with the inertia of historic trends. In implementing supply-side structural reforms, China must transform governmental functions, break monopolies, create a comprehensive competitive market environment, foster the creation of pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization and labor productivity.
文摘Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology （S＆T） innovation at the heart. Since taking office, US President Donald Trump has adopted an ＂America First＂ strategy but has yet to specify a clear S＆T innovation policy. However, Trump＇s current policies have already affected S＆T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S＆ T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S＆T innovation strategy, promote the utilization of S＆T innovation results, boost its economic growth potentials and make the most of global innovation resources.
基金part of the results of the National Social Science Fund of China Key Project "A Study of the Self-Development Capabilities of the Chinese Economy"(15ZDB133)
文摘The theoretical origins of supply theory and supply-side structural reform lie in British and French classical economics, with their longstanding interest in supply, rather than in the later emergence of Jean-Baptiste Say and Say＇s Law, which attempts to deny the possibility of economic crises. Marx deepened supply theory, holding that production （supply） structure and product （income） distribution structure depended on the nature and structure of relations of production. This theory has been especially significant in guiding supply-side structural reform in China. The main reference value of American supply-side economics lies in some of its policy proposals for reforming and managing supply. Supply-side structural reform in China requires the development of a socialist supply theory with Chinese characteristics.
