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Reshaping a New Balance: Prospect of Macroeconomic Performance and Supply-Side Structural Reform

2017-10-09

Research Group on Macro-economic Performance, DRC

2017-6-12

One of the major functions of the Development Research Center of the State Council (DRC) is to follow up and analyze the macroeconomic performance and its operating trend, and put forward policy options for economic regulation. Focusing on the theme of “reshaping a new balance”, this book contains some of the research findings turned out by the research group of DRC on macroeconomic performance. The publication of this book is to strengthen academic exchanges with relevant institutions and provide references for policy-making departments. This book “Reshaping a New Balance” has three parts. Part one focuses on the macroeconomic performance, including an analysis on economic operation in 2015 and an overview of economic operating trend in 2016. It touches upon some major issues such as the fiscal deficit rate, the overall leverage rate, the impact exerted by Federal Reserve’s Endeavour in raising interest rate and the opening up of service industry. Part two centers on the supply-side structural reform. Based on relevant theories and experience both from home and abroad, it illustrates why supply-side reform is necessary, what are the major issues to be addressed in supply-side reform, and how to promote the supply-side reform. Part three gives an analysis of economic performance in 16 different sectors including investment, consumption, export, price, currency, taxation and regional economy. On the basis of analyzing the operation of these sectors in 2015, this part narrows down to some judgments on present and future economic development trends. Before conclusion, it gives an outlook on economic operation in 2016.

Most of the research papers in the book are published for the first time. The publication of this book has received kind support from leading members of DRC and various research departments. Member of the research group would like to express sincere thanks to all those who have given kind assistance for the publication of the book. Due to limited professional knowledge and some uncertain factors in economic performance, some of the analysis and judgments in the book may not be to the point and all criticisms and comments are sincerely welcome.