凯时尊龙·旗舰厅

On March 5, 2017, Premier Li Kejiang of the State Council on behalf of the State Council at the Twelfth National People's Congress at the fifth meeting of the "government work report." Premier Li Keqiang, in reviewing the work in 2016, made it clear that it would be necessary to insist on the structural reform of the supply side in 2017. It is necessary to improve the supply side structure as the main direction, reduce taxes, reduce access, encourage innovation, Continue to stimulate the micro-main vitality, reduce the inefficient supply, expand the effective supply, better adapt and guide the demand. This is a pupa into the butterfly transformation and upgrading process, both full of hope and accompanied by pain, both very urgent and arduous complex. To go forward, firmly through the gateway.

As the future for a period of time throughout the main line of economic work, "supply side of the structural reform" What is it? Why is it so important? Change the development of the way to mention twenty or thirty years, has not yet effective reason where?

Wu Jinglian, a researcher at the Development Research Center of the State Council, gave a detailed explanation of the "structural reform of the supply side" in the book "Three Decrees: Deepening the Structural Reform of the Supply Side". This article abstracts some of the views, help readers understand the strategic intentions of the party and state leaders to clear the development trend, master the pace of reform.

Focusing on the structural reform of the supply side is a major move identified by the Central Financial Leadership Group in November 2015 and the Central Economic Work Conference in December, and is the main line for the whole period of economic work.

However, there is still a lot of debate about structural reforms around the supply side. For example, China's economic development into the downstream channel, fundamentally because the demand side is not enough strength or supply side of the inefficient? For example, what is structural reform? It is in the end is to change the structure, or to change the system? There are different opinions on these issues, both in theory and in practical work.

I want to talk about my future understanding of the latter issue, that is what is the structural reform? Why is it extremely important?

"Supply side of the structural reform" of the formulation, in fact, contains two different meaning "structure".

The first meaning of the "structure" refers to the economic structure, that is, the structure of resource al;

The "structure" of the second layer is the structure of the institutional mechanism.

"Structural reform" speaks, it is this latter structure of the reform. These two "structures" can not be confused.

If they are confused, they will use the economic structure of the adjustment to replace the institutional structure of the reform. Our historical experience shows that doing so can have very negative consequences.

The government directly "adjust the structure" is not only ineffective, but also produce counter-effect

In view of China's economic problems, no doubt the need for re-al of resources in order to improve the economic structure and improve efficiency. The focus of improving the economic structure is to achieve the "three to one down one" (to production, to inventory, to leverage, lower costs, make up short board).

The question is how can we optimize the al of resources?

 There are two different ways to adjust the economic structure:

 One is in accordance with national plans and planning, government policy requirements, through administrative orders to adjust the national economy of the enterprise structure, industrial structure, regional structure and so on;

The other is reflected in the relative scarcity of resources under the guidance of the price signal, through the market's award-winning and survival of the fittest to achieve the optimal al of resources.

In the past a long period of time, China is accustomed to follow the government in the al of resources in the decisive role of the traditional, with the first way to "adjust the structure." However, historical experience shows that this method is usually ineffective, and even has the opposite effect.

 As early as the beginning of reform and opening up, many people have realized that China's industrial structure is seriously distorted, the benefits are damaged, need to be adjusted. So, in the late 1970s and early 1980s, there have been two major economic adjustments.

At the time, under the conditions of government-led resource al, such adjustments were made through administrative means, such as which industries or sectors should be reduced, which industries or sectors should be strengthened, and then implemented with administrative or induced policies. The fundamental problem with this approach is that the government has no way to determine what kind of structure is a good structure. And structural distortions are often caused by institutional defects and policy deviations.

Therefore, the adjustment itself also has two problems:

One is because the government does not know what a good structure, even if the adjustment in place, it does not allow us to get a good structure;

The other is when the economic structure caused by distorting the various institutions, the policy factors did not change, after an adjustment after long, the old structure to return, but also need to make another adjustment.

In general, the use of administrative command method to solve the problem of structural distortions, the effect is very poor, and often counterproductive, excess capacity more and more, the structure becomes more and more distorted.

Until now, living in the structural adjustment of the first or to the excess capacity. This reflects the use of administrative methods to adjust the structure of the fatal weakness.

In fact, to improve the quality of supply, optimize the economic structure, to achieve the transformation of the development requirements, not the early 21st century put forward. This task was officially put forward for decades, but has not been resolved. The crux of the matter is a question worth exploring.

As early as 1981, the National People's Congress approved the State Council's "top ten principles for future economic construction."

In 1995, the "Ninth Five-Year Plan" and formally proposed to change the economic growth requirements. Which is very important content is to improve the economic structure.

To the 16th Congress in 2002, put forward the "take a new road to industrialization."

2007 seventeen called "change the mode of economic development."