Welcome to visit ACADEMIC MONTHLY,Today is

Volume 52 Issue 10
November 2020
Article Contents

Citation: Yonggang HU and Xudong CHEN. The New Period of China’s Economic Growth and the Shifts in Policy Focus[J]. Academic Monthly, 2020, 52(10): 53-61. shu

The New Period of China’s Economic Growth and the Shifts in Policy Focus

  • With its per capita income reaching the middle level in the world and the momentum of reform gradually declining, the economy of China has entered a new period of development, showing three basic characteristics: the capital has changed from very short to relatively abundant leading to a consistent declining rate of return on capital; the long-term economic growth rate has turned downward. the economic growth has gone from investment driven alone to both investment and innovation driven. The current longest round of economic downward adjustment since 2008 stemming from both the in the long-term growth rate and the short term deviations from the trend implicates that in the new period the heart of China’s macroeconomic policy should turn from fiscal to monetary policy. The focus of fiscal policy should shift from government spending to tax cuts and that of monetary policy should shift from quantity of money to interest rates.
  • 加载中
    1. [1]

      Jing GERuiming LIU . China’s Economic Growth, Fluctuation and Regional Disparities. Academic Monthly, 2022, 54(2): 63-78.

    2. [2]

      Zhiqing DONGHui WANG . Urbanization, Economic Agglomeration and Heterogeneity of Regional Economic Growth. Academic Monthly, 2019, 51(10): 54-66.

    3. [3]

      Dapeng ZHOU . Entrepreneurship and Schumpeterian Growth and Transformation of China’s Economy. Academic Monthly, 2020, 52(7): 57-68.

    4. [4]

      Wei WANGYufei LIUQing SHI . Population Aging、Urbanization and China’s Economic Growth. Academic Monthly, 2022, 54(1): 68-82.

    5. [5]

      Biliang LUO . Growth, Transformation and Ecological Development. Academic Monthly, 2021, 53(5): 54-64.

    6. [6]

      Wei MAO . Economic Performance of Institutional Change. Academic Monthly, 2020, 52(5): 62-71.

    7. [7]

      Jian WEI . Large-scale Reallocation of Factors and the Lubrication of Public Ownership. Academic Monthly, 2020, 52(4): 45-54.

    8. [8]

      CHEN Shiyi . Economic Growth and Environmental Justice —— Evidence from China's Economic Zone Program. Academic Monthly, 2023, 55(7): 31-45.

    9. [9]

      Xudong CHENLin CHENG . Inheritance and Innovation of Traditional Chinese Economic Thought and the Construction of Chinese Economics in New Era. Academic Monthly, 2023, 55(1): 56-68.

    10. [10]

      ZHANG Xinyu . Policy Dividends, Geographical Endowments and Regional Disparity of Economic Growth —— Evidence from Development Strategy of Yangtze River Economic Belt. Academic Monthly, 2023, 55(7): 46-60.

    11. [11]

      Yanjing ZHAO . Modern Growth and Credit Money. Academic Monthly, 2020, 52(8): 83-98.

    12. [12]

      . The Internal Logic of “Sharing Economy” and Public Policy. Academic Monthly, 2018, 50(04): 86-97.

    13. [13]

      . . Academic Monthly, 2016, 48(11): 128-139.

    14. [14]

      YAO Xiaolei . On the Theme Evolution of Shaping the Image of China in the Narrative of Rural Changes Since the Reform and Opening Up. Academic Monthly, 2024, 56(4): 148-158.

    15. [15]

      ZHAO Yanjing . . Academic Monthly, 2018, 50(9): 56-73.

    16. [16]

      Fuqiang ZHU . How to Beware and Deal with Economic Crisis: Two Examinations of the Austrian School’s Policy. Academic Monthly, 2020, 52(1): 52-61.

    17. [17]

      Hutao YANG . High Quality Economic Activities: Mechanism, Specificity and Policy Choice. Academic Monthly, 2020, 52(4): 35-44.

    18. [18]

      Xiaoxin LIUJunmin LIU . The Operation Mode, Essence and Policy Implication of Fictitious Economy. Academic Monthly, 2020, 52(12): 42-56.

    19. [19]

      Hutao YANG . Construction of the New Development Paradigm and Development of Digital Economy: Internal Logic and Policy Focus. Academic Monthly, 2021, 53(12): 60-73.

    20. [20]

      Jing JIANGBingyao ZHANG . Deconstruction and Transformation: An Analysis of China’s Industrial Policy in Political Economy Perspective. Academic Monthly, 2022, 54(12): 59-70.

Figures(3)

Article Metrics

Article views: 1444 Times PDF downloads: 10 Times Cited by: 0 Times

Metrics
  • PDF Downloads(10)
  • Abstract views(1444)
  • HTML views(210)
  • Latest
  • Most Read
  • Most Cited
          通讯作者: 陈斌, bchen63@163.com
          • 1. 

            沈阳化工大学材料科学与工程学院 沈阳 110142

          1. 本站搜索
          2. 百度学术搜索
          3. 万方数据库搜索
          4. CNKI搜索

          The New Period of China’s Economic Growth and the Shifts in Policy Focus

          Abstract: With its per capita income reaching the middle level in the world and the momentum of reform gradually declining, the economy of China has entered a new period of development, showing three basic characteristics: the capital has changed from very short to relatively abundant leading to a consistent declining rate of return on capital; the long-term economic growth rate has turned downward. the economic growth has gone from investment driven alone to both investment and innovation driven. The current longest round of economic downward adjustment since 2008 stemming from both the in the long-term growth rate and the short term deviations from the trend implicates that in the new period the heart of China’s macroeconomic policy should turn from fiscal to monetary policy. The focus of fiscal policy should shift from government spending to tax cuts and that of monetary policy should shift from quantity of money to interest rates.

            HTML

          Figure (3)  Relative (20)

          目录

          /

          DownLoad:  Full-Size Img  PowerPoint
          Return