Research On China’s Economic Structural Reform In The New Normal

Since China has marched into the New Normal stage with the features of growth change,structure optimization and power transformation,the economic growth began to decline sharply.Superficially,China’s economic growth decline is caused by insufficient effective demand,but as a matter of fact,economic growth is underpowered,and supply-side hasn’t adapted to changes of demand-side,thus forming mismatch between supply and demand and imbalance of economic structure.Structural problems have become principal contradiction in China’s economic development nowadays.In November 2015,the Party Central Committee mentioned the reform on supply-side four times on some occasions,such as Central finance leading group meeting,and General Sectary Xi Jinping clearly pointed out that it’s not enough to merely use monetary stimulus policy to cope with underlying problems of global economy,we should determined to make greater efforts in economic structural reform,and put in efforts in strengthening structural reform on supply-side,meanwhile appropriately expanding aggregate demand,and try hard to improve the quality and efficiency of the supply system,so as to strengthen sustained economic growth.Under the instruction of Marxist Theory of Social and Economic Structure,in such a historical background of China’s economic transformation and upgrading under the New Normal,under the guidance of innovative theory of supply-side structural reform and a series of reform measures made by the Party Central Committee,and based on thorough analysis on China’s economic structural reform course,reform development,reform problems and obstacles,the dissertation puts forward that promoting supply-demand both sides structural reform is essential for breaking those deep layer obstacles in China’s economic development under the New Normal.According to above-mentioned research ideas,there are six main chapters of the dissertation,which respectively discuss research background,theoretical basis,reform course and status quo,obstacle factors of reform,foreign experiences and countermeasures and suggestions to promote structural reform.The introduction chapter introduces the dissertation’s research background and significance,and reviews existing research results at home and abroad,and summarizes research ideas and methods,and finally puts forward innovation points and shortcomings of the research.The second chapter discusses the theoretical basis of this dissertation,Marxist theory of social and economic structure.At first,based on Marxist theory of social and economic structure,this part mainly explains conception formation of structural reform concept discrimination between structural reform and other relative terms and definition of structural reform,and then deeply analyses the original Marxist theory of social and economic structure and the developed Marxist ideas of social and economic structure.According to Marxist theory of social and economic structure,economic structure is summation of relations of production,and is the relationship of contradictions which exists contradictory relation between forces of production and relations of production,and contradictory relation between economic base and superstructure,and so the reason caused economic structural problems is form contradictory movement between forces of production and relations of production.Therefore,the internal logic of economic structural reform lies in revolution of mode of production.By adjusting relations of production to adapt to development of forces of production,and reform institutions that caused mismatch between supply-demand structure,and establish new institutions which can promote balance between supplydemand structure,so as to provide institutional guarantee for optimization of economic structure,and then consolidate institutional basis of China’s economic development.The third chapter analyses the development process and status quo of China’s economic structural reform.Since reform and opening-up,in order to cope with significant issues in the economical operation,there have been four times supply-side and demand-side structural reform and relevant policy regulation.In the stage of New Normal,structural reform aims at prominent problems of the principal aspect of contradictions,supply-side,and takes supply-side institutions reform as main part,and strengthen innovation of demand management at the same time,and makes the effective combination between supply-side policies and demand-side policies,so it has been made some progress.Meanwhile,there have been some key problems to be solved in the process of promoting economic structural reform,which include the inertia of the planned economy,the imperfect market mechanism,the bottleneck of institutions and incorrect guidance of economic policies.The fourth chapter analyses obstacle factors in promoting China’s economic structural reform under the New Normal.Imperfect,defective institution,system and mechanism are the biggest obstacle in promoting China’s economic structural reform.Firstly,institutional obstacles in demand-side include unreasonable distribution institution that expands income gap and so that homogeneous demand is difficult to release,and the long-term incorrect population and fertility policy which causes low birth rates and population aging and so that the release of natural demand has been restrained,and hysteretic urbanization system reform which was hard to adapt to urbanization process and so that the huge domestic demand potential need to deeply dig.Secondly,institutional obstacles in supply-side include institutional obstacles in industrial upgrading,element innovation and state-owned enterprise and state-owned assets reform.The fifth chapter discussed foreign experiences and inspirations of economic structural reform.America,Japan and Britain carried out structural reform in history.Especially since the outbreak of financial crisis,the developed nations and international economic organizations generally took economic structural reform as significant measures coping with financial crisis.Through studying on measures and results of typical nations’ economic structural reform,we get some inspirations for our reform.It would be helpful for our nation’s reform if we carry out dialectical absorption of abroad successful experiences and combination of China’s practice with abroad experiences.The sixth chapter puts forward countermeasures and suggestions of promoting economic structural reform in the instruction of Marxist theory of social and economic structure.Based on analysis on institutional obstacles of promoting economic structural reform,this part provides some countermeasures and suggestions of promoting economic structural reform under the New Normal as follows,firstly,properly balance major contradictory relations;secondly,improve institution guarantee system of boosting demand;thirdly,adjust industrial policy system framework;fourthly,optimize policy supply of innovation-driven development,and lastly,deepen institutional reform of state-owned enterprise.