China Economic Structure Rebalancing and Long Term Economic Growth

China Economic Structure Rebalancing and Long Term Economic Growth


出版:Trajectory.Inc / Journal of Zhejiang University (Humanities and Social Scienc
作者:Wang Zhikai




In the New Normal Economy,China is pursuing quality growth of economy instead of the original high speed growth,which is inevitable in terms of China's economic restructuring and industrial upgrading.Resolving the prominent structural problems of China's economy,and rebalancing/restructuring national economy,it is a guarantee of the long-term sustained economic growth in China. China's economic rebalancing is to achieve economic restructuring and upgrading,which has long been Chinese government's commitment over the past years.It is a long-term goal,and the efforts to rebalance economy are always ongoing but will never be ended. Transition and upgrading of economic structure,plus industrial upgrading,is the content of economic structure rebalancing.Transition has to be depending on the longer-term economic growth and development.China has to create the situation of a longer-term economic growth and prolong the economic growth cycle,could then China be able to provide enough time and essential space for economic restructuring and industrial upgrading.Chinese government of all levels and whole Chinese society should firmly catch hold of the chance of the implementation of the national policy of?the new urbanization?and the globalizing strategy of?the Belt and Road,?supporting private enterprises to participate in the spatial balance of China's economy in accordance with the requirements of the strategic layout of?Four Completion,?comprehensively promoting Chinese economic structure rebalancing/restructuring according to the rule of law,stimulating long-term economic growth in China.The paper firstly examined the related theories of economic growth mechanism,mainly Lewis's?dual economics theory?and the?two stages theory?of economic development,matched proposed strategies with China's relevant development stages,then further clarified the fact that China has to balance the mechanism of scale expansion and technological progressing so as to maintain sustained economic growth.Secondly,the present study explored the five fundamentally structural problems of China's economy, and made conclusion that the five fundamentally structural problems were/are bottlenecks of China's long-term economic growth,and defined the rooted reasons for why the economic structural problems have been increasingly accumulated. Thirdly the paper suggested that China has to rely on the support of sustained economic growth to achieve the goal of restructuring Chinese economy.Rebalancing of China's economic structure cannot be achieved merely via unilateral policy of?structural adj ustment?or?promotion of transformation.?The room for structural adj ustment of economy during a period of recession is very limited.The currently existing level of China's economic development and per capita GDP growth is far lagging behind that of western countries.China wants to build a well-off society in the 13th Five-Year Plan;it needs the support of longer term economic growth.Fourthly the paper emphasized that China should help the private economy participate in rebalancing Chinese economy;this would be the guarantee for pushing forward the strategy of new urbanization and the strategy of?the Belt and Road.?Finally the paper argued the importance and drew an outline of rebalancing Chinese economy and pursuing long-term economic growth by rule of law.


Centre for Research of Private Economy, Zhejiang University, Hangzhou 310027, China

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