Supply-Side Structural Reform

Based on an in-depth analysis of the long cycle of the world economy and the new normal of China's economy, supply-side structural reform is one of the major strategies of the CPC and the Chinese government. It will guide the country's economic development and economic work now and in the future.

Xi Jinping emphasized the importance of supply-side structural reform at the 11th meeting of the Leading Group for Financial and Economic Affairs under the CPC Central Committee in November 2015. In his report to the Party's 19th National Congress, he pointed out that it is imperative to put quality first and give priority to performance, pursue supply-side structural reform as the main task, work hard toward better quality, higher efficiency and more robust drivers of economic growth through reform, and raise total factor productivity. He called for efforts to cut overcapacity, eliminate excess inventory, deleverage, reduce costs, strengthen areas of weakness, and achieve a dynamic balance between supply and demand by improving the allocation of available resources and increasing high-quality supply.

The Central Conference on Economic Work held in December 2018 pointed out that the focus of supply-side structural reform should be placed on "consolidating the progress already made, strengthening the vigor of market entities, upgrading industrial chains, and ensuring unimpeded flows."

The ultimate goal of supply-side structural reform is to meet demand. In order to meet demand, China must have a clear sense of market changes and understand current and potential demand, so that products can be made available through increased productivity to meet the growing material and cultural needs of the population.

In order to improve the quality of supply, China must weed out ineffective supply and ensure that supply is structured in a way that can effectively meet demand.

The fundamental approach to achieving this is in-depth reform. Institutions must be put in place to allow the market to play a decisive role in the allocation of resources. Further reform is also needed in administrative systems in order to break up monopolies and maintain a healthy factor market, so that the price mechanism can truly serve as a guide for resource allocation.

China's supply-side structural reform over the past few years has helped tackle structural problems in the economy, hold key economic indicators within an appropriate range, steadily enhance quality and performance, and promote a transition from made-in-China to created-in-China, from high speed to high quality, and from a big manufacturing country to a strong manufacturing country.

供給側結構性改革

推進供給側結構性改革，是中國共產黨和中國政府在綜合分析世界經濟長周期和中國經濟發展新常態的基礎上作出的重大決策，是當前和今后一個時期經濟發展和經濟工作的主線。

2015年11月，習近平在中央財經領導小組第十一次會議上提出推進“供給側結構性改革”這一重要戰略決策。2017年10月，中共十九大報告提出，堅持質量第一、效益優先，以供給側結構性改革為主線，推動經濟發展質量變革、效率變革、動力變革，提高全要素生產率。堅持去產能、去庫存、去杠桿、降成本、補短板，優化存量資源配置，擴大優質增量供給，實現供需動態平衡。2018年12月，中央經濟工作會議提出深化供給側結構性改革的方針，即在“鞏固、增強、提升、暢通”上下功夫。

供給側結構性改革，最終目的是滿足需求，就是深入研究市場變化，理解現實需求和潛在需求，在解放和發展社會生產力中更好滿足人民日益增長的物質文化需要。主攻方向是提高供給質量，就是減少無效供給、擴大有效供給，著力提升整個供給體系質量，提高供給結構對需求結構的適應性和靈活性。根本途徑是深化改革，就是完善市場在資源配置中起決定性作用的體制機制，深化行政管理體制改革，打破壟斷，健全要素市場，使價格機制真正引導資源配置。

幾年來，中國堅持供給側結構性改革的戰略方向，著力破解經濟運行中的結構性矛盾和問題，促進宏觀經濟運行始終保持在合理區間，推動經濟發展質量效益的穩步提升，推進中國制造向中國創造、中國速度向中國質量、制造大國向制造強國的轉變。