Take Measures To Promote The Trend Of Supply Side Reform

A number of experts said at the 2016 China Development Summit Forum that the next step is to push ahead.

We should grasp the focus of supply side reform and pay attention to the difference between supply side and demand side.

We should combine production capacity with structural adjustment, government pformation and industrial upgrading.

Monetary policy is a necessary condition to push forward the reform and development of demand side and supply side.

Reform should be comprehensive

Experts believe that the key to the structural reform of the supply side is to make the market play a decisive role in the allocation of resources and better play the role of the government.

Li Yang, the former vice president of the Chinese Academy of Social Sciences and the director of the national finance and development laboratory, said that the government should take the following measures to push forward the supply side reform: first, deepen the reform, promote the gradual improvement of the market, create a system environment to make the enterprise and the market play a role; two, stabilize the macro-economy and make a difference on the demand side; three, strengthen and optimize public services; four, strengthen market supervision, safeguard public competition and maintain market order; five, promote common prosperity; six, make up for market failure, and solve the problem when the market is in trouble.

Zhou Qiren, a professor at the University's National Development Research Institute, believes that after years of rapid economic growth, the next step is to put the cumulative problem in a prominent position, but dealing with accumulated problems will inevitably lead to pressure on growth.

Therefore, on the one hand, we need to develop new demand and supply to support economic growth, and on the other hand we can take the initiative to "

"In the previous few years, the growth rate of the plan has been reduced accordingly.

Cai Fang, vice president of the Chinese Academy of Social Sciences, believes that the structural reform of supply side is to solve the problem from the perspective of economic growth and production function.

The first point is to adjust the labor participation rate; the second is to adjust the family planning policy and raise the fertility level; the third is to increase education and training, and to cultivate human capital; the fourth is to increase total factor productivity, such as the household registration system reform, which can increase the participation rate of migrant workers and continue to allow them to deploy their resources.

Lu Lei, director of the people's Bank of China Research Bureau, believes that monetary policy is a necessary condition to push forward the reform and development of demand side and supply side.

We should strengthen the construction of macro Prudential Management System and promote the reform of financial regulatory system, especially when the demand is down or fluctuating, and the supply side reform may bring economic instability or relatively unstable state, we must ensure that there is no regional or systemic financial risk baseline.

At the same time, we must continue to promote market-oriented reform of financial institutions and markets, implement two-way opening up, and use the next period of time to cultivate internationally competitive financial institutions and highly open financial markets.

We must effectively rectify the financial order and maintain financial stability.

Attention should be paid to demand management.

Chen Changsheng, Vice Minister of macroeconomic research of the State Council Development Research Center, said that in the process of promoting structural reform, we should still attach importance to the management of aggregate demand, the role of state owned enterprises reform and the importance of government pformation.

The government should become the creator of the environment and reconstruct the relationship with the market.

There should be four combinations in the process of capacity development: first, combining with the structure; two, combining with the pformation of the government itself; three, combining with the upgrading of the industry; four, combining the demand with the potential.

Cai Fang said that there may be conflict of objectives in the specific operation between the four parties in terms of growth, reform, adjustment and stability, but there is no fundamental contradiction.

The most typical is the relationship between growth and reform. The core of productivity is not the government's pressure to produce capacity, but rather the creation of an environment that allows uncompetitive enterprises and capacity to withdraw and make them competitive.

This is in itself a reform and a way of achieving TFP.

In the structural adjustment of supply side, we need to pay attention to the difference between supply side and demand side.

The adjustment of the "three carriages" in the side structure adjustment should focus on labor supply, capital, land and technology, and the two is about policy regulation and control. If the emphasis is on demand side regulation, it is mainly to adjust the fluctuation. If we consider the long-term economic development potential, we should strengthen the foundation. Three, if we emphasize the regulation of the demand side to the economy, we will focus on the demand and take measures according to the change of demand. Four, the demand side management pays more attention to the quality, efficiency and total factor productivity when adjusting the supply side; five, the demand side regulation is characterized by the emphasis on the continuous expansion of the economy, while the supply side management is to squeeze out the "water" in the economy. Li Yang believes that one is demand side management or demand.