Economist: Don't overstate pessimism on China
- By Guo Yiming
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E-mail China.org.cn, March 4, 2016
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"Supply-side Reform: China's New Supply-side Economics," Jia's latest book on China's buzzword. [Photo provided to China.org.cn] |
Economic bottoming out likely in 2016
As China's supply-side reform becomes more targeted and systematic, without any major policy errors, the country's economy may bottom out and later stabilize against the major downward pressure, Jia suggested.
Supply-side reform has been the latest buzzword among Chinese leaders and economists as the country moves to address issues like excess capacity, housing overhang, and unprofitable "zombie" state-owned enterprises.
As the pioneer of "new supply-side economics," Jia pointed out in his latest book "Supply-side Reform: China New Supply-side Economics" that the powerhouse's "new normal" of economic development has yet to come.
"We have entered a ‘new' phase shifting from high-speed growth to a medium-speed one," he said. "However, the ‘normal' pattern featuring structural optimization and quality improvement that supports the economic bottoming out is yet to come."
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