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A New Era pp 1-30 | Cite as

International Mismatch of Economic Cycle, Supply-Side Reform and Medium- and High-Speed Growth of Chinese Economy

  • Hongju Wang
  • Chuan Wang
Chapter

Abstract

The Chinese economy entered the “new normal” in 2015 and China successfully fended off the financial risks through the flexible use of monetary and financial policies. More effective fiscal policies were adopted, the economic growth slowed down steadily and Chinese economy realized soft landing. In the meantime, commodity price in production sector was low, so deflation in the consumption sector must be avoided, but the economic structure was continuously improved, and innovation and entrepreneurship created new driving forces. In 2016, the global economy is likely to continue to recover slowly, but the mismatch of economic cycle will aggravate the risk of economic decline. In the first year of the 13th five-year period, the Chinese economy still faces downward pressure. We need to step up the supply-side reform and work hard on both the supply end and demand end in order to meet the goal of stabilizing the economy while making progress and keep the economic growth rate in the reasonable medium- and high-speed range.

Keywords

International mismatch of economic cycle Supply-side reform Medium- and high-speed growth 

References

  1. Wang, Hongju. “Prevent the Aggravation of Economic Cycle Mismatch between the New Normal in China and the U.S.” Economic Perspectives 7 (2014).Google Scholar
  2. Wang, Hongju. “Range, Conditions and Policy Selection for Medium and High-speed Economic Growth in China.” Globalization 6 (2015a).Google Scholar
  3. Wang, Hongju. “Long-term Stagnation, Cycle Mismatch and Financial Stability: New Challenge to Monetary Policy.” The Chinese Banker 10 (2015b).Google Scholar
  4. IMF, World Economic Outlook—Adjusting to Lower Commodity Prices, October (2015a).Google Scholar
  5. IMF, Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund. November (2015b).Google Scholar
  6. IMF, Structural Reforms and Macroeconomic Performance: Country Cases. November (2015c).Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Hongju Wang
    • 1
  • Chuan Wang
    • 1
  1. 1.National Academy of Economic StrategyCASSBeijingChina

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