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
Views 288      Downloads 30
Authors
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
Article Tools
Follow on us
Abstract
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.
Keywords
New Supply, Structural Reform, Long-Term Cycle, Factor Motion, New Economy
To cite this article
Jia Kang, Feng Qiaobin, 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. doi: 10.11648/j.ijefm.20180603.13
Copyright
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.
References
[1]
Department of Economics, Chinese Academy of Governance. Supply-side Structural Reform in China [M]. People’s Publishing House. 2016.
[2]
Department of Informatization Research in National Information Center, Department of Shared Economy Research in Internet Society of China. Report on Shared Economy Industry in China in 2016 [R]. http://www.sic.gov.cn/News/250/6010.htm.
[3]
Feng Qiaobin. Focuses of Supply-side Reform: Institutional Innovation and Institutional Supply [J]. Policy Outlook. 2016 (5).
[4]
Feng Qiaobin. The Key to Develop a New Economy: Improving “Old” Supervision Mode of the Government [N]. China Economic Times, 2016-10-31.
[5]
Wang Junxiu. New Economy [M]. Publishing House of Electronics Industry. 2016.
[6]
Research Group of China Academy of New Supply-side Economics, 2016: Improving Supply-side Environment and Mechanism, Stimulating the Vitality of Micro-subjects, and creating a new Driving Force for Development”, included in Jia Kang: New Supply – Creating New Driving Forces, Economic Science Press.
[7]
Jia Kang. A Select Collection of Jia Kang [M]. People’s Publishing House. 2015.
[8]
Jia Kang, Su Jingchun. Topics on Supply-side Reform [J]. Management World. 2016 (3).
[9]
Jia Kang, Feng Qiaobin. Supply-side Reform during the Period of the Thirteenth Five-Year Plan [J]. Journal of Chinese Academy of Governance. 2015 (6).
[10]
Jia Kang, Feng Qiaobin. On the Time-lag and Activity of the Institution Supply [J]. Finance & Trade Economics. 2004 (2).
[11]
Jia Kang. Income Distribution: Policy Optimization & Institutional Reform [M]. Economic Science Press. 2012.
[12]
Jia Kang, Su Jingchun. New Supply-Side Economics [M]. Shanxi Economic Publishing House. 2015.
[13]
Jia Kang, Su Jingchun. Supply-Side Reform - China New Supply-Side Economics [M]. CITIC Press Group. 2016.
[14]
Jia Kang, Su Jingchun. Crucial Challenge in front of China: How to Escape Mid-income Trap [M]. CITIC Press Group. 2016.
[15]
Jia Kang. Ten Topics on Supply-side Reform [M]. Shanghai: Orient Publishing Center of China Publishing Group Corporation. 2016.
[16]
Jia Kang, Su Jingchun. On the Top Level Planning and the Optimization and Efficiency of the Supply System [J]. Globalization. 2016 (8).
[17]
Peng Peng, Jia Kang. Revision on Total Factor Productivity: Reorganization and Interpretation Based on New Supply-side Economics [J]. Fiscal Science. 2016 (8).
[18]
Zhou Jintao, Zheng Liansheng. Torches of Structuralism: Cycle Fluctuation, Structural Evolution and Institutional Changes [J]. Capital Markets. 2010 (11).
ADDRESS
Science Publishing Group
548 FASHION AVENUE
NEW YORK, NY 10018
U.S.A.
Tel: (001)347-688-8931