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Supply-Side Structural Reforms and China’s Potential Economic * Growth Rate
Li Ping and Lou Feng
Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences, Beijing, China
Abstract: This paper examines the effect of supply-side structural reforms on China’s
potential economic growth rate in the coming decade according to the data the authors
have gathered. Under the rapid growth scenario with the implementation of supply-side
structural reforms, China’s potential economic growth rate will reach an average of 6.5%
and 5.8% respectively in the 13th Five-year Plan (2016-2020) and 14th Five-year Plan
(2021-2025) periods. These rates are 0.2 and 0.3 percentage points higher, respectively,
than that under the baseline scenario with the inertia of historic trends. In implementing
supply-side structural reforms, China must transform governmental functions, break
monopolies, create a comprehensive competitive market environment, foster the creation of
pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization
and labor productivity.
Keceoynowmoyrds: supply-side structural reforms, potential economic growth rate, TFP, China’s
JEL classification: E00,O10,P00
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