The so-called supply-side reform refers to the reform starting from the supply side. Compared with demand management policy, supply-side reform has the following three characteristics:
1. Supply-side reform emphasizes the role of enterprises and entrepreneurs as market players, and demand management policies mainly emphasize the role of government macro-control;
2. Supply-side reform emphasizes solving the problem of long-term health and sustainable development, while demand management policy emphasizes solving the problem of short-term economic fluctuation;
3. The supply-side reform emphasizes the reform and improvement of the system, while the demand management policy mainly emphasizes the short-term policy adjustment.
Two. Key areas involved in the reform:
The essence of supply-side reform is:
One is to form a new subject, that is, to play the decisive role of the market in resource allocation and the leading role of enterprises, entrepreneurs and entrepreneurs in economic development. At the same time, it is necessary to simplify administration and decentralize power, change government functions, restrain the "tangible hand" of the government, and give full play to the role of the government;
The second is to cultivate new impetus, that is, to cultivate new growth impetus through comprehensive reform, to form new economic growth points through comprehensive innovation, and to achieve sustainable economic development by improving total factor productivity;
The third is to develop new industries, that is, on the one hand, we should respect and conform to economic laws and market laws, eliminate overcapacity and zombie enterprises in time, clear the market in time, avoid waste of resources, dissolve the economic bubble in time and avoid systemic risks, on the other hand, we should vigorously develop new industries, new technologies and new formats.
The key areas of supply-side reform are as follows:
We should vigorously promote market-oriented reform, pay more attention to "supply side" adjustment, speed up the elimination of zombie enterprises, effectively resolve excess capacity, enhance the core competitiveness of the industry, and continuously improve the total factor productivity. We should give priority to enhancing the vitality of enterprises, adhere to the basic economic system, guide social psychological expectations, attach importance to the protection of property rights and intellectual property rights, improve the commercial legal system, give full play to the important role of entrepreneurs, and strive to create a good market environment for helping, securing and benefiting businesses. This means that at the industrial level, eliminating zombie enterprises, resolving excess capacity and stimulating enterprise vitality will be the key areas of "supply-side reform".
Three. Determinants of reform effectiveness:
Whether institutional factors and organizational innovation ability can break through the shackles determines the room for improvement of total factor productivity and the effectiveness of "supply-side reform".
In fact, from the perspective of institutional factors, whether the supply can be improved is a major problem now. For example, after the trend of declining demographic dividend is formed, what kind of population policy should be formulated to ensure adequate and higher quality human capital supply; What kind of financial policies should be formulated to provide funds for small and medium-sized enterprises when they naturally lack high-grade credit; Under the expectation of relaxing the regulation of the real estate market, what policies should be formulated to make the real estate industry play a leading role in the economy and avoid forming an excessive price bubble?
These problems have a long history, but there has been no clear solution. The history of regulation shows that to jump out of the strange circle of "one tube is dead, the other tube is chaotic", we must jump out of the thinking field of short-term advantages and disadvantages, consider long-term interests, and make the institutional factors match the long-term goal of economic growth. The innovation of institutional supply is the most important prerequisite for the "supply-side reform" to achieve the expected results.
In addition, the optimization of organizational capacity also plays an important role in supply-side reform. At present, the administrative examination and approval system, commercial system and state-owned enterprise reform, which have been promoted or are being deployed, involve both government organizations and large enterprise organizations dominated by government funds, and all belong to the new exploration of organizational capacity optimization. At present, a large number of micro-organizations are difficult to survive and develop, and it is urgent to optimize their capabilities, provide them with sufficient market access space, and reduce their pressure through measures such as tax reduction. Only in this way can we improve its viability and create an appropriate environment to encourage innovation.
An important reason for the sustained slowdown in China's economic growth is that the supply side has become increasingly unsuitable for the changes in market demand. The purpose of supply-side reform is to focus on the reconstruction of enterprise micro-mechanism, improve the optimal allocation of factors and resources, and then improve economic efficiency. At present, the urgently needed supply-side reform includes three aspects:
1. Establish an effective mechanism for withdrawing excess capacity, reduce "zombie" enterprises and let resource elements flow again.
2. Promote the reform of state-owned enterprises and mixed ownership. In particular, the upstream industries such as steel, petrochemical, nonferrous metals, building materials and coal are mostly state-owned enterprises, and the reform of state-owned enterprises must be promoted in a timely and effective manner;
3. Establish an incentive mechanism for entrepreneurs, strengthen the protection of property rights, and create an incentive mechanism and environment for entrepreneurs with passion for innovation and entrepreneurship.
Supply-side reform is a long-term orientation, and demand-side adjustment is a short-term orientation. Without short-term positioning, long-term positioning will be inaccurate. At the same time of supply-side reform, we cannot relax the adjustment on the demand side. Supply-side reform, especially in the process of stock withdrawal, will produce a large number of spillover effects, leading to insufficient total demand and structural depression. Once these phenomena occur, it is necessary to start demand side management in an all-round way.
To carry out supply-side reform, we must speed up a new round of supporting reforms such as finance, taxation and finance. The continued economic downturn determines that the next cycle will focus on expansionary economic policies, either reducing income or increasing expenditure. Therefore, no matter from the perspective of development or reform, there is a lot of room for tax reduction in this round of adjustment.
Supply-side structural reform should be the overall effort of a series of reform measures, including encouraging innovation and entrepreneurship, promoting urbanization with citizenization as the core, promoting the upgrading and optimization of industrial structure, reducing taxes and fees, reducing administrative examination and approval on a large scale, and actively promoting a new round of supporting reforms such as taxation and finance.