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Supply-side Structural Reform Ushers In China’s New Normal

Supply Side Reforms cover

By: People’s Daily
Retail Price: £8.00/$12.00
Pages: 56
Size: 156mm (W) x 234mm (H)

China’s GDP growth in 2015 was 6.9% year-on-year, indicating that China has entered the new normal period of mid-to-high-speed economic growth, marking the end of the previous period of rapid economic development characterised by years of double-digit GDP growth. This led to a decision by China’s Central Economic Work Conference at the end of 2015 to propose advancing supply-side structural reform in a quest for sustained, healthy economic development.

This very topical book – Supply-side Structural Reform Ushers in China’s New Normal – is compiled from exclusive interviews with the authorities conducted by People’s Daily journalists. While China’s falling GDP growth rate and the country’s need to adapt to a period of lower growth after decades of double-digit growth has been a hot topic of discussion among Chinese and international economists for some time now,  the top Chinese authorities’ decision at the end of 2015 to push ahead with supply-side structural reform is brand new (as of January 2016).

This book is filled with information pertinent to the current Chinese economy and its future as it delves deeply into the plans of the authorities to reform the supply-side structure after exhausting the demand-side tweaks they have administered since the global economic crisis of 2008.

The reason this is an absolute must read for any company or government decisionmaker is that it reveals the innermost thinking of the movers and shakers right at the top of the Chinese establishment as they wrestle with the pros and cons of how to apply bold and decisive supply-side structural reform to steer China’s huge economy through the trials and tribulations of the new normal period of slower economic growth to come.

The book takes socialism with Chinese characteristics to the next level (economically speaking) of socialist political economics with Chinese characteristics. The argument goes that the limits of tinkering with stimulus measures on the demand side to boost economic growth have been pretty much exhausted already and that only decisive supply-side measures can make a real difference going forward.

While the English version of this book previewed here aims to get this message across to an international audience, this message of new economic orthodoxy centred around supply-side reform and delegating more economic decisionmaking power to non-government entities is geared as much to China’s domestic audience of senior party and government officials and enterprise management as to foreigners.

Prepare to be shocked and amazed by the frankness of this book’s revelations about how far China’s authorities are prepared to go to transform the current socialist economy into a more market-oriented, less government-led structure.

'Supply-side Structural Reforms'

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