Analysis On The Causes Of China's Economic Slowdown

Since the reform and opening up,China's economy has achieved an amazing growth.However,in the new period,China's economy has entered a new normal,and the economic growth rate has shifted to a lower gear,and the high speed growth has been transformed into medium speed growth.During this period,some deceleration phenomenon has occurred.Digging out the causes behind the deceleration is of great significance to China's transformation of economic growth mode and smooth transition to high-quality development stage.The supply side and the demand side are two aspects that affect the economic operation.This paper will analyze the deceleration of China's economic growth from these two perspectives.Based on the supply-side perspective,this paper constructs a three-stage growth accounting model.In this paper,demographic structure,labor mobility and labor productivity are included in the analysis framework to analyze the reasons for China's economic slowdown in recent years,and to find a way to replace old drivers with new ones.The study found that for a long time,China mainly relied on increasing capital input to drive economic growth.The main reasons for China's economic growth slowdown in recent years are the aging population,the blocking of labor force movement between regions,the weak growth of total factor productivity and the implementation of strict constraints on energy conservation and emission reduction.Based on the demand side perspective,this paper makes use of induced dependence to investigate the extent to which consumption,investment and export contribute to China's economic growth.The results of model decomposition were used to calculate the economic growth of China from 2002 to 2017.To investigate the mechanism of value added rate,inputoutput structure,final demand structure and final demand quantity on China's economy.The study found that the three stages of 2002-2007,2007-2012 and 2012-2017 showed a stepped downward trend.After decomposition,the economic slowdown in China from 2007 to 2012 was mainly related to the decline in export growth after external shocks,while the economic slowdown from 2012 to 2017 was mainly related to the decline in investment growth.Finally,combined with the analysis of this paper to summarize and put forward some Suggestions.