Supply-side reform
The importance of "supply-side reform" was emphasized by Xi Jinping at the 11th meeting of the CPC Central Leading Group for Financial and Economic Affairs on November 10, 2015. Supply-side policies, which focus on supply and production,areoften discussed in contrast to a demand-side approach. To improve supply-side performance is to unleash productivity and maintain a competitive edge, with greater innovation, decommissioning of obsolete manufacturing, less overcapacity, and lower tax rates, so as to boost economic growth.
This reform is placing greater emphasis on optimizing the economic structure and enhancing the efficiency of all contributing factors. To this end, measures will be implemented to streamline government and delegate powers, relax macro-regulation, spur innovation, and reform the financial sector, land use rights, and SOEs.The reform plan is designed toaccelerate structural change, fuel domestic demand and expand supply. Innovation will be encouraged to generate greater demand, which will in return lead to improvements in supply. Steady growth and structural adjustment should be mutually supportive and proceed in parallel.
"供给侧改革"
2015年11月20日，在中央财经领导小组第十一次会议上，习近平首次提出了"供给侧改革"这一重要理念。"供给侧"是相对于"需求侧"而言的，它是从供给和生产端入手，通过鼓励企业创新、促进淘汰落后、化解过剩产能、降低税费负担等方式，解放生产力、提升竞争力，从而促进经济发展。"供给侧改革"更加注重经济结构的优化，核心在于提高全要素生产率，政策手段包括简政放权、放松管制、金融改革、国企改革、土地改革、提高创新能力等。"供给侧改革"的提出，旨在加大结构性改革力度，进一步释放内需潜力、激发供给活力，以创新供给带动需求扩展，以扩大有效需求倒逼供给升级，实现稳增长和调结构互为支撑、互促共进。