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Author: Wing Thye Woo Publisher: ISBN: Category : Languages : en Pages : 21
Book Description
President Xi Jinping pronounced in April 2014 that China has entered a New Normal in economic growth, and the common perception was that it meant a new trend growth rate of about 7.0 percent. After growth came in at 6.9 percent in 2015, and the World Bank's projections in January 2016 that China's growth rate would drop to 6.7 percent in 2016 and then to 6.5 percent in 2016, President Xi Jinping announced in May 2016 that comprehensive supply-side structural reforms would be enacted. In this paper we (1) identify some of the major structural reforms that would entrench dynamism into China's economy, and (2) emphasize that China needs to expunge the soft-budget constraint on the demand-side if supply-side structural reforms are to generate the desired outcomes. The existence of the softbudget constraint guarantees the existence excess capacity and zombie firms. A crude but previously effective instrument to curb the over-investment proclivity of local governments and SCEs is to hold the top management of the state-controlled banks (SCBs) accountable for the appearance of NPLs. A much more effective curbing of the soft-budget constraint behavior will require that the career-maximizing practices of the managers of state-controlled enterprises (SCEs) and SCBs become identical to the long-run profit-maximizing practices that owners of private firms in a modern market economy would adopt. Structural-side structural reforms (like more privatization of SCEs and SCBs, and the establishment of social safety nets and job retraining programs) will correct the incentives faced by China's managers and government officials.
Author: Wing Thye Woo Publisher: ISBN: Category : Languages : en Pages : 21
Book Description
President Xi Jinping pronounced in April 2014 that China has entered a New Normal in economic growth, and the common perception was that it meant a new trend growth rate of about 7.0 percent. After growth came in at 6.9 percent in 2015, and the World Bank's projections in January 2016 that China's growth rate would drop to 6.7 percent in 2016 and then to 6.5 percent in 2016, President Xi Jinping announced in May 2016 that comprehensive supply-side structural reforms would be enacted. In this paper we (1) identify some of the major structural reforms that would entrench dynamism into China's economy, and (2) emphasize that China needs to expunge the soft-budget constraint on the demand-side if supply-side structural reforms are to generate the desired outcomes. The existence of the softbudget constraint guarantees the existence excess capacity and zombie firms. A crude but previously effective instrument to curb the over-investment proclivity of local governments and SCEs is to hold the top management of the state-controlled banks (SCBs) accountable for the appearance of NPLs. A much more effective curbing of the soft-budget constraint behavior will require that the career-maximizing practices of the managers of state-controlled enterprises (SCEs) and SCBs become identical to the long-run profit-maximizing practices that owners of private firms in a modern market economy would adopt. Structural-side structural reforms (like more privatization of SCEs and SCBs, and the establishment of social safety nets and job retraining programs) will correct the incentives faced by China's managers and government officials.
Author: Lin Xiao Publisher: Springer ISBN: 9811046395 Category : Business & Economics Languages : en Pages : 334
Book Description
This book investigates the basic theoretical framework and conducts a logical analysis of China’s new supply-side economics, while also providing a strategic path to remedy the plight of China’s economic development. From the perspective of connotation, theory and methods, China’s structural reform differs both from that proposed by the Western supply-side school or supply-side economics, and from that proposed by structural economists. The theoretical basis of supply-side structural reform falls under socialist political economics with Chinese characteristics, and the new supply-side economics represent an important component of socialist political economics with Chinese characteristics.
Author: Xiaohe Ma Publisher: World Scientific Publishing Company ISBN: 9789811209338 Category : Business & Economics Languages : en Pages : 260
Book Description
In recent years, the "supply-side structural reform" has become a popular term in all regions and fields in China. The supply-side structural reform is the key component of the Chinese government's economic policy framework during the "13th Five-Year Plan" period. It is crucial in both theory and practice, to have an accurate understanding of its background, content, essential features, principles, and goals. The theme of the book revolves around the supply-side structural reform and analyses the concept from different perspectives, such as the basic theories and institutional framework, the fiscal taxation system, the financial system reform, and the innovation system. It attempts to address questions such as: how to understand the supply side and the demand side; why the supply-side structural reform is currently proposed; how to implement the reform; what are the changes brought about by the reform; what factors should be taken into consideration in its implementation; what are the policies to be developed in the process, etc.
Author: Fang Fuqian Publisher: Taylor & Francis ISBN: 1000838803 Category : Business & Economics Languages : en Pages : 226
Book Description
Focusing on the supply-side structural reform in China, this book investigates the impetus, implementation strategy, initial results and theoretical underpinnings of the revolution, assessing its significance in perfecting China’s socialist market economic system. The supply-side structural reform launched in China in 2015 aims to thoroughly resolve the cyclical excess capacity and the habitual imbalance of economic structure; and form a long-term mechanism for economic stability, different from the supply-side policies under the Reagan Administration in the 1980s. Based on the analysis framework of aggregate demand and supply, combined with institutional and structural analysis, the title elucidates the reason, theory, measures and results that ground the reform. It explicates the three-step strategy to ensure the successful outcome, countermeasures against current supply-side problems, upgrading the economic structure, and most importantly the institutional reform and innovation. The author emphasizes the importance of reforming both market and government and advances a “double-effect” model combining the effective market and government. This title will appeal to scholars, students and policymakers interested in economics, macroeconomic control, and the Chinese economy and economic system reform.
Author: Cai Fang Publisher: China Perspectives ISBN: 9781032118482 Category : China Languages : en Pages : 0
Book Description
This title dispels people's doubts over China's economic prospects by analyzing the reasons for the slowed rate of the country's economic growth while proposing a range of effective policy recommendations to enact supply-side structural reform.
Author: Jinglian Wu Publisher: Royal Collins Publishing Company ISBN: 9781487804909 Category : Business & Economics Languages : en Pages : 232
Book Description
In A Reader's Guide to Supply-Side Reform, 22 mainstream scholars, experts, and senior think tanks behind the 13th Five-year Plan offer insight into what supply side reform is, why it should be conducted, how to view it, and what to do. This book offers a thorough overview. As a major strategic proposition, the supply side structural reform is a new expression that provides a new perspective and route for China's economic development. It is a new engine driving the 13th Five-year Plan and economic growth, which will determine the direction of China's economic and social reform in the future. What is supply side reform? What role does it play in China's economy? What is at its core? What is its focus? How does it integrate with other current important financial reforms and innovations? What are the possible mistakes that should be avoided? The interpretation and discussion of these issues will help clarify how to view and implement supply-side reform.
Author: 肖林 Publisher: ISBN: 9789811046407 Category : China Languages : en Pages :
Book Description
This book investigates the basic theoretical framework and conducts a logical analysis of China's new supply-side economics, while also providing a strategic path to remedy the plight of China's economic development. From the perspective of connotation, theory and methods, China's structural reform differs both from that proposed by the Western supply-side school or supply-side economics, and from that proposed by structural economists. The theoretical basis of supply-side structural reform falls under socialist political economics with Chinese characteristics, and the new supply-side economics represent an important component of socialist political economics with Chinese characteristics.
Author: Ligang Song Publisher: ANU Press ISBN: 1760460354 Category : Business & Economics Languages : en Pages : 545
Book Description
China’s change to a new model of growth, now called the ‘new normal’, was always going to be hard. Events over the past year show how hard it is. The attempts to moderate the extremes of high investment and low consumption, the correction of overcapacity in the heavy industries that were the mainstays of the old model of growth, the hauling in of the immense debt hangover from the fiscal and monetary expansion that pulled China out of the Great Crash of 2008 would all have been hard at any time. They are harder when changes in economic policy and structure coincide with stagnation in global trade and rising protectionist sentiment in developed countries, extraordinarily rapid demographic change and recognition of the urgency of easing the environmental damage from the old model. China’s economy has slowed and there are worries that the authorities will not be able to contain the slowdown within preferred limits. This year’s Update explores the challenge of the slowdown in growth and the change in economic structure. Leading experts on China’s economy and environment review change within China’s new model of growth, and its interaction with ageing, environmental pressure, new patterns of urbanisation, and debt problems at different levels of government. It illuminates some new developments in China’s economy, including the transformational potential of internet banking, and the dynamics of financial market instability. China’s economic development since 1978 is full of exciting change, and this year’s China Update is again the way to know it as it is happening.
Author: Shell International B.V. Publisher: Springer Nature ISBN: 3030401545 Category : Science Languages : en Pages : 734
Book Description
This open access book is an encyclopaedic analysis of the current and future energy system of the world’s most populous country and second biggest economy. What happens in China impacts the planet. In the past 40 years China has achieved one of the most remarkable economic growth rates in history. Its GDP has risen by a factor of 65, enabling 850,000 people to rise out of poverty. Growth on this scale comes with consequences. China is the world’s biggest consumer of primary energy and the world’s biggest emitter of CO2 emissions. Creating a prosperous and harmonious society that delivers economic growth and a high quality of life for all will require radical change in the energy sector, and a rewiring of the economy more widely. In China’s Energy Revolution in the Context of the Global Energy Transition, a team of researchers from the Development Research Center of the State Council of China and Shell International examine how China can revolutionise its supply and use of energy. They examine the entire energy system: coal, oil, gas, nuclear, renewables and new energies in production, conversion, distribution and consumption. They compare China with case studies and lessons learned in other countries. They ask which technology, policy and market mechanisms are required to support the change and they explore how international cooperation can smooth the way to an energy revolution in China and across the world. And, they create and compare scenarios on possible pathways to a future energy system that is low-carbon, affordable, secure and reliable.
Author: Wing Thye Woo
Author: Wing Thye Woo
Author: Lin Xiao
Author: Xiaohe Ma
Author: Fang Fuqian
Author: Cai Fang
Author: People's Daily
Author: Jinglian Wu
Author: 肖林
Author: Ligang Song
Author: Shell International B.V.