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BEIJING - China's latest efforts in promoting
"supply-side structural reform" is a timely strategy by the
government to adapt to the current situation and open up new ways for economic
development, overseas experts have said.
As the world's second largest economy strives to
sustain growth while the effectiveness of traditional demand-side policy
support wanes, it is turning to the other side, the supply side, for new
vitality.
At a recently concluded key economic meeting in
Beijing, the Chinese government pledged to take steps to push forward
"supply-side structural reform" in 2016 and beyond to support growth
through new demand and productivity.
Overseas experts said that amid a great change of
the global economic situation, the Chinese economy is gaining stream and
unleashing great potential thanks to the new policy and relevant measures.
On the essence of "supply-side structural
reform", Peter Drysdale, economist and editor of the East Asia Forum at
the Australian National University, said that with the decrease of a dividend
in both population and resource, as well as the reduction in investment scale
and marginal efficiency, China should raise productivity so as to improve
economic benefits.
The reform aims to give full play to the role of
the market, adjust the relationship between supply and demand, and lift the
total factor productivity through such measures as fiscal and tax reform,
structural adjustment, streamlining administration and delegating power to
lower levels, and industrial innovation, he said.
Jeremy Rifkin, a renowned American economic
observer, said China's new economy has seen unprecedented opportunity for
development thanks to a series of new policies and measures within the
framework of "supply-side structural reform".
Over the past year, he said, the Chinese government
has put forward the "Internet Plus" action plan and stressed the
construction of "ecological civilization," adding that the Chinese
society has showed great enthusiasm for "sharing economy" as the
country is transforming into a "green digital economy."
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