The Supply-side Revolution with Chinese Characteristics
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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.
Table of Contents
1. Introduction Part I Cause 2. Great Transformation of China's Economy: From Supply Shortage to Supply Surplus 3. Cause of Excess Capacity: Demand Analysis 4. Cause of Excess Capacity: Supply Analysis 5. Cause of Excess Capacity: System Analysis Part II General Plan and Results 6. Effective Handling of Two Relations 7. Three-step Strategy of Supply-side Reform (1): Symptomatic Treatment 8. Three-step Strategy of Supply-side Reform (2): Consolidation Treatment 9. Three-step Strategy of Supply-side Reform (3): Radical Treatment 10. Initial Results Achieved by Supply-side Structural Reform Part III Theories 11. Theoretical Origin and Development of Supply-side Structural Reform 12. Dual Path of Supply-side Structural Reform: Market-oriented Reform and Government Reform 13.Conclusion
Fang Fuqian is Chair Professor at School of Economics, Renmin University of China. His research interests include macroeconomic theory and policy and China's economic system reform and economic development.