China’s Supply-side Reform: Background, Theoretical Models and Implementation Paths
International Journal of Economics, Finance and Management Sciences
Volume 6, Issue 3, June 2018, Pages: 87-97
Received: Apr. 27, 2018;
Accepted: May 30, 2018;
Published: Jun. 15, 2018
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Jia Kang, The First President and Chief Economist of China Academy of New Supply-side Economics, Research Fellow in Chinese Academy of Fiscal Sciences, Beijing, the People’s Republic of China
Feng Qiaobin, Economics Department of Chinese Academy of Governance, Beijing, the People’s Republic of China
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Everything is changing. Drastic changes also take place in the international situation. This paper elaborates that human being is currently in the downward phase of the fifth long-term cycle after the industrial revolution, which is the global political and economic background of China’s supply-side reform. Seen from the supply-side, the author thinks that the main driving force for economic growth is the combination of labor, capital, land and natural resources, technological innovation, and system and also their comprehensive efficiency therefrom. From the viewpoints of these five major factors and their motion rule, the paper establishes a theoretical model for these factors and their motion rule in the supply-side structural reform and then clarifies the position of the government and the enterprise clearly. Further, based on long-term view and the theoretical model, the paper put forward that the main driving force to promote economic and social development and upgrading under the background of China’s supply-side structural reform is to release the potential of supply-side factors, to foster the “new economy” with new technological revolution as the core and to optimize the overall economic structure in China. The paper also suggests that China’s supply-side structural reform shall be based on the current situation, take a long-term view and implement the “three step” strategy.
New Supply, Structural Reform, Long-Term Cycle, Factor Motion, New Economy
To cite this article
China’s Supply-side Reform: Background, Theoretical Models and Implementation Paths, International Journal of Economics, Finance and Management Sciences.
Vol. 6, No. 3,
2018, pp. 87-97.
Copyright © 2018 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/
) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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