Political Economy Of The Policy Change In National Economic Governance

Since the 18th National Congress of the Communist Party of China,faced with the complicated and ever-changing international external environment and the difficult domestic economic situation,the new party Central Committee with Comrade Xi Jinping as the core has made an important judgment on the new normal of economic development,and formed a new policy of national economic governance with the new development concept as the guide and the supply-side structural reform as the main line.Compared with the past demand-side management,the supply-side structural reform is essentially a important adjustment in concept and methods of the national economic governance,and a major policy change.This paper base on the latest theoretical results of new political economy,integrating the existing theory of policy change,constructing a more comprehensive and explanatory theory framework on policy change of new political economic,and deeply analyzing the logical starting point,core driving force,process essence,realization process and restriction factors of the national economic governance policy from the demand-side management to the supply-side structural reform.This paper believes that the historical process of policy change of national economic governance in the 40 years of reform and opening-up,as well as the political and economic environment at home and abroad and the personal characteristics of policy elites constitute the historical background and realistic logical starting point of current policy choice of the supply-side siructural reform;the core driving force of policy change is the mainstream concept formed by internal and external mutual learning mechanisms among policy stakeholders;the essence of the process in policy change of national economic governance is concentrated on the conflicts of interests of inter-governmental in political process,between government and enterprises in economics process,and between different social strata in society process;the realization process of policy change in national economic governance is also governed by the path-dependence in the policy concept of planned economic management,the policy model of driving economy development only by single-wheel of government-invested,and the policy implementation of supply-side structural reforms,and faced with the risks of potential political and economic,such as debt of government corporate,economic growth and employment,and social stability.In order to promote the supply-side structural reform in depth,advance the policy change of the national economic governance and achieve high-quality economic development.We must deepen reform comprehensively,adhere to develop and improve of the socialist market economic system,construct modern system of market economy,build a positive interactive relation between government and market,give better play the role of the government,make the market play a decisive role in resource allocation and enhance the intrinsic motivation of economic development;establish and improve the incentive and restraint mechanism to promote the policy change of national economic governance,explore and construct a reasonable mechanism of integration of interest,sharing of reform cost,compensation of interest,and the executive oversight and scientific assessment for supply-side structural reform,aimed at effectively resolving the conflicts of interest and reducing the transaction costs of policy changes.