China’s New Normal, Supply-side, and Structural Reform  book cover
1st Edition

China’s New Normal, Supply-side, and Structural Reform

ISBN 9781032118475
Published November 30, 2021 by Routledge
224 Pages 1 B/W Illustrations

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Book Description

China’s continuous, rapid economic growth since the Reform and Opening up of the country in the early 1980s has been praised as a miracle of the world economy. However, since 2012, the rate of growth has slowed down, rendering some people pessimistic about the country’s economic prospects.

This title is a collection of a leading Chinese economists’ views on China’s economic growth and structural reform. The author argues that China’s economy has entered “the new normal”, meaning that slowed growth rate is not a cyclical phenomenon but a change in the stage of economic development. Therefore, there is a need to enact supply-side structural reforms, such as improved efficiency of resource reallocation, while shifting the mode of development from one of inputs to innovation. In addition, the author discusses the five major concepts of development proposed for the “13th Five-Year Plan”, as well as some critical topics related to supply-side structural reform, such as agricultural development, labor employment, and product quality.

Scholars and students of macroeconomics, development economics, and the Chinese economy will find this book to be essential reading.

Table of Contents

Part One: The New Normal of Economic Development. Part Two: Supply-Side Structural Reform. Part Three: Following the Five Major Concepts of Development. Part Four: Miscellaneous Notes on Economic Issues.

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Cai Fang is Vice President of the Chinese Academy of Social Sciences. Professor Cai’s research interests include labor economics, China’s economic growth, income distribution, etc. Professor Cai’s recent publications include Economics of the Pandemic: Weathering the Storm and Restoring Growth, Demographic Perspective of China’s Economic Development, Perceiving Truth and Ceasing Doubts: What Can We Learn from 40 Years of China’s Reform and Opening-Up?, among others.