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Lighting manufacturers have provided structural reforms on the supply side
On February 19th, Building 5 of Diaoyutai State Guesthouse in Beijing was very lively. The 2016 Annual Meeting of the China Economic 50 People Forum was held here. The theme of this annual meeting is to deepen the structural reform of the supply side and comprehensively improve the quality of development. Zhou Xiaochuan, the governor of the central bank, Yang Weimin, deputy director of the China Finance Office, Lou Jiwei, minister of the Ministry of Finance, Qian Yingyi, dean of the Tsinghua School of Economics and Management, and deputy director of the China Finance Office Yi Gang, deputy governor of the central bank, and famous economist Wu Jinglian attended and spoke, covering international practices and key tasks of supply-side structural reform, improving labor market flexibility and total factor productivity, corporate vitality and entrepreneurship, and promoting supply. The overall demand management of the side structural reforms, and the acceleration of the transformation of economic development methods. The task of determining the structural reform of the supply side should be clear and the measures should be strong. If you miss this time window, the consequences will be very serious. In the speech, Yang Weimin said that all regions and departments should proceed from the premise, and the ministry obeys the principle. The whole society took action and waged a tough battle for supply-side structural reform. The five tasks of the supply-side structural reform on the task of supply-side structural reform, Yang Weimin said that in accordance with the speech of General Secretary Xi Jinping at the twelfth meeting of the Central Finance and Economics Leading Group, the first thing is to find out the situation and figure out the problem. It is important to find the cause of the problem. Second, the purpose must be clear to prevent the cart before the horse. If the company is shut down, but the excess capacity has not been substantially reduced, it has not achieved its goal. Third, the task should be specific and determine the red line for good operation. For example, to reduce the burden of corporate taxes and fees, the list should be listed one by one and completed within a time limit. Fourth, we must deal with the relationship between the government and the market, the government and the enterprise. The role of the government and the market is different from that of the central and local governments. The effects of the three methods of law, economy and administration are different. Yang Weimin said that, for example, the disposal of zombie enterprises, the central government to do top-level design, financial subsidies, local governments to stop financial subsidies for zombie enterprises, but to be responsible for the basic life of laid-off workers, central enterprises should be supplemented by administrative measures. Fifth, the measures should be strong, and we must understand what to do and what policy measures to use. The general principle must be effective, powerful, and operational. Many of the tasks of the supply-side reform are sequelae with individuality and pre-digestive stimulus policies. The current international economic situation is increasing in uncertainty, so the time window for de-capacity, destocking, and capacity reduction is very short. The 13th, 15th, and 23rd years are crucial. If there is no obvious progress and the fluctuation of the international economic situation, we will face it in the future. The difficulty may be more. Yang Weimin said. The supply side and the demand side should cooperate with each other. Structural reform is also price reform and adjustment. However, in the process of market failure, there are some administrative-oriented structural problems and structural adjustments. Zhou Xiaochuan said that since China is transitioning from a traditional centrally planned economy to a market economy, the government should play a bigger and better role in the market failure. Zhou Xiaochuan said that since the global financial crisis, due to the relatively small fiscal policy space of many countries and the high proportion of past debts, they have relied too much on monetary policy. This issue has been discussed in many international conferences in the past two years. In fact, more emphasis should be placed on policy considerations on the supply side, with the supply side and the demand side cooperating. The current supply-side structural reform is inseparable from the management of appropriate aggregate demand, Yi Gang said at the meeting. In the current and future period, the main aspects of the contradiction are structural reforms on the supply side. The management of aggregate demand is in an auxiliary position and is a coordination policy. Although the management of aggregate demand is a total policy, it should emphasize targeted and precise efforts. Yi Gang believes that fiscal policy is a natural structural policy. Therefore, when fiscal policy is reformed on the supply side, it should be the main battlefield of demand management. There are many structural considerations in fiscal policy, such as poverty alleviation and structural adjustment. In terms of monetary policy, it should be stable, and monetary policy should avoid excessive easing. Otherwise, asset price bubbles and RMB depreciation pressure may occur.