Policy Advice on How to Adapt to, Grasp and Steer the New Normal of Economic Development, Promote Supply-Side Structural Reform, and Foster New Economic Growth Drivers

2021 ◽  
pp. 191-221
Author(s):  
Jun Wang
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Policy Advice ◽  
Structural Reform ◽  
Supply Side ◽  
New Normal

scholarly journals Research on the construction of smart supply chain system under the background of supply side reform

2021 ◽  
Vol 235 ◽  
pp. 03027
Author(s):  
Yonghui Cao ◽  
He Jiang
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Supply Chain ◽  
High Speed ◽  
Structural Reform ◽  
Supply Side ◽  
Quality Development ◽  
High Quality ◽  
Supply Chain System ◽  
Chain System

At present, China’s economy has entered a new period of high-quality development from the stage of high-speed growth. The supply side structural reform focusing on removing production capacity, inventory, deleveraging, cost reduction and making up for weaknesses is a major strategic measure to enhance the driving force of sustained economic growth, solve the deep-seated problems of economic development and improve the quality of economic development. Accelerating the innovation and application of smart supply chain has become an important part of promoting supply side structural reform, cultivating new economic growth points and building a modern economic system. This paper mainly analyzes the emergence and research status of smart supply chain and the construction of smart supply chain system under the background of supply side reform, so as to promote the high-quality development of economy.

scholarly journals Analysis of Factors Influencing Coal Prices Under the New Normal of China's Economy

2020 ◽  
Author(s):  
Yang LI ◽  
Haozhou CHENG ◽  
Yuqi REN ◽  
Kunpeng YANG
Keyword(s):  
Coal Industry ◽  
Structural Reform ◽  
Energy Structure ◽  
Supply Side ◽  
New Normal ◽  
Fossil Energy ◽  
Coal Price ◽  
Empirical Results ◽  
Factors Influencing ◽  
China’S Economy

Abstract Background: After China's economy entered a new normal, the economic growth slowed down, energy market demand shrank, and the coal industry suffered from serious overcapacity. In this context, the Chinese government carried out supply-side structural reform and implemented a series of policies to cut overcapacity and destocking.Methods: By using time series data, this paper establishes vector error correction model, combined with Granger causality test and variance decomposition, to study the factors influencing coal prices under the new normal of economy. Results: The empirical results show that under the new normal of the economy, coal social inventory, oil production and natural gas production have a greater impact on the coal price, while coal consumption and raw coal production have a smaller impact on the coal price. According to the analysis, at the present stage, fossil energy, especially coal, occupies too high proportion in China's energy structure, which can no longer meet the requirements of energy use under the new normal of economy. Conclusion: According to the empirical results and analysis, the Chinese energy structure must be adjusted. In the short term, supply-side structural reform policies must be deepened to change the status quo of China's coal industry as soon as possible. In the long run, non-fossil energy technologies should be vigorously developed to provide stable and cheap non-fossil energy, thus reducing the use of fossil energy and increasing the use of non-fossil energy.

scholarly journals Reflections on neo-Kaleckian growth regimes: a Marxian reproduction perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Feng Zhao ◽  
Jiahe Tian ◽  
Yuchen Duan
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Income Distribution ◽  
Technological Progress ◽  
Supply Side ◽  
Demand Side ◽  
Content Type ◽  
The Impact ◽  
Kaleckian Model

PurposeThe neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through the discussion of different forms of investment decision function, this paper constructs the analysis framework of wage-led and profit-led economic growth regimes.Design/methodology/approachThe model has become an important theoretical paradigm for current Western heterodox economists regarding the research on the impact of functional income distribution on economic growth, and it has a very large impact on both theoretical and empirical research. Starting from Marx's reproduction theory, this article discusses the theoretical shortcomings of the neo-Kaleckian growth regime model.FindingsThis paper mainly focuses on three aspects: (1) the ideological legacy of “Smith's Dogma”; (2) neglecting the restrictions on income distribution from the organic composition of capital and the surplus value rate; (3) technological progress and the formation of a new long economic wave.Originality/valueThe authors believe that the neo-Kaleckian model unilaterally emphasizes the demand-side factors in the economy and, unconsciously or not, ignores the role of the supply-side, which makes it encounter certain limitations in explaining long-term growth. Even if some empirical conclusions are employed to bridge functional income distribution and technological progress, there is still a lack of a theoretical basis for accurately describing long-term economic changes using this model. In order to better promote high-quality economic development and accelerate the formation of a new pattern of economic development in which the domestic large-scale cycle is the mainstay and the domestic and international double cycles promote each other, the authors need to adopt a policy combination with the supply-side as the main and the demand-side as the supplement, and to work from both sides.

Technology and Economic Development: The Schumpeterian Legacy

2017 ◽  
Vol 50 (1) ◽  
pp. 136-153 ◽  
Author(s):  
Rinaldo Evangelista
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Social Welfare ◽  
Jel Classification ◽  
Supply Side ◽  
Main Argument ◽  
Optimistic Bias ◽  
The Relationship

The main argument put forward in the paper is that the recent neo-Schumpeterian literature, while providing fundamental contributions to our understanding of innovation, has contributed to the emergence of an optimistic reading of the relationship between technology, economy, and society, with technology able to guarantee strong economic growth and social welfare. It is also argued that such an “optimistic bias” has been associated with a dominant supply-side and micro-based view of the technology–economy relationships. JEL Classification: B52; O10; O30

scholarly journals An empirical study on the returns to scale of supply structure in China’s economic growth: 1993–2015

2019 ◽  
Vol 2 (2) ◽  
pp. 354-372
Author(s):  
Baoping Ren ◽  
Wei Jie
Keyword(s):  
Economic Growth ◽  
Developing Economies ◽  
Returns To Scale ◽  
Economic Structure ◽  
Structural Reform ◽  
Increasing Returns ◽  
Supply Side ◽  
Content Type ◽  
Increasing Returns To Scale ◽  
Industrial Sectors

Purpose Constant or decreasing returns and increasing returns to scale are two kinds of mechanism in economic growth. The goal of supply-side structural reform is to promote the establishment of the mechanism with increasing returns to scale. The paper aims to discuss this issue. Design/methodology/approach This paper argues that the overall economic structure of the developing economy has been divided into the sector of constant or decreasing returns to scale and the sector of increasing returns to scale due to the dual economic structure. Among them, the supply-side structural reform is mainly to reduce the sector of decreasing returns to scale and increase the sector of increasing returns to scale. Based on the hypothesis of such two-sector economic structure in the supply side of developing economies and on the industrial data, this paper empirically tests the returns to scale of China’s supply structure. The result suggests that so far the sector of constant or decreasing returns to scale dominates the supply structure of China’s economic growth, which results in the state of decreasing returns to scale in China’s overall economy. Findings Therefore, to realize the long-term sustained growth and transformation of the development pattern of China’s economy, the authors must carry out the supply-side structural reform, vigorously develop the modern industrial sectors characterized by modern knowledge and technology, and promote the development of an innovation-driven economy. Originality/value Besides, the authors must accelerate the transformation from traditional industrial sectors to modern industrial sectors, actively promote China’s industrial structure toward rationalization and high gradation, as well as build a modern industrial system so as to facilitate the formation of the mechanism of increasing returns to scale and accelerate the transformation of the driving force of China’s economic growth.

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