China's Economy Is In A Critical Stage Of Restructuring And Rebalancing In 2016.

Li Wei, director of the development research center of the State Council, said 25, in 2016, China's economy is in a critical period of restructuring and rebalancing. If there is no big risk in the international economy, if we can firmly grasp the main contradiction of economic operation, while maintaining moderate expansion of aggregate demand, we will strive to push forward the structural reform of the supply side, and strive to achieve economic growth of 6.5% to 7%.

He made the above remarks at the national policy consultation conference held in 2016.

On the international economic trend, he analyzed that the United States and

The economic recovery is not stable enough, the capital outflow caused by the appreciation of the US dollar and the decline in export earnings caused by the oil price downturn may create a double blow to the emerging economies. In general, the risk of global economic development is increasing and the variables are increasing this year.

Li Wei said that in recent years our country

The operation shows different characteristics of the past. Investment, export and industrial driven growth mode are getting farther and farther away, and the mode of support based on service and consumption growth is getting closer and closer.

But the productivity growth of the service industry is generally lower than that of the manufacturing industry, and the economic slowdown is inevitable.

Upgrading is imperative.

"The dynamic balance between supply and demand in aggregate and structure is an important condition for promoting sustained economic growth."

Li Wei said that the supply side policy tends to advocate opening to the outside world, giving full play to the role of the market, reducing intervention and reducing taxes, paying attention to structural adjustment and paying attention to the medium and long term goals. The demand side policy tendency advocates the implementation of fiscal and monetary policies, increasing public goods supply, expanding demand, and government intervention, paying more attention to total adjustment and focusing on short and medium term goals.

He believes that the main contradiction of China's current economy is that supply and demand do not match, unbalance and imbalance, and the main aspect of the contradiction is supply side, which mainly shows that supply can not adapt to the major changes in demand and make timely adjustments.

"In this context, the structural reform of the supply side put forward by the Central Committee is not only a major innovation to adapt and lead the new normal development of the economy, but also a pragmatic choice for the diminishing marginal effect of demand management policy in recent years."

Li Wei stressed that the supply side structural reform is an important starting point to solve the current economic contradiction between supply and demand and structural imbalance. But we should also pay attention not to generalize the supply side reform. We should distinguish the focus of the supply side institutional reform from the corresponding policy adjustment, and distinguish the connotation of industrial pformation and upgrading from the upgrading of specific products.