중국 공급측 구조개혁 평가와 시사점 (A Study on China’s Supply-Side Structural Reform)

266 Pages Posted: 29 Jul 2019

See all articles by Sangbaek Hyun

Sangbaek Hyun

Korea Institute for International Economic Policy

Min Suk Park

Korea Institute for International Economic Policy

Jinhee Pak

Korea Institute for International Economic Policy

Koun Cho

Korea Institute for International Economic Policy

Furong Jin

Incheon National University

Date Written: December 31, 2018

Abstract

Korean Abstract: 본 보고서는 중국정부가 양적 성장에서 질적 성장으로 전환하기 위해 추진 중인 공급측 구조개혁의 추진 배경과 특징을 분석하였다. 중국 공급측 구조개혁의 중점과제로 추진 중인 설비과잉 해소, 기업부채 축소, 기업원가 절감, 신성장동력 창출에 대해 과제별로 현황, 정책, 사례를 심층 분석하였다. 분석 결과를 토대로 중국의 공급측 구조개혁에 대해 평가하면서 한국에 주는 정책적 시사점을 제시하고 기회와 위협 요인을 논의하였다.

English Abstract: Starting from 2012, the Chinese economy has slowed down to enter the era of “New Normal,” where medium-paced growth is the new norm. This means that the Chinese economy has reached the limits of its quantitative growth driven by investment and exports over the last 30 years, and now needs to transition toward a new growth model. In response, the Chinese government has proposed “Supply-side Structural Reform” (SSSR) as a new economic development strategy in the era of New Normal.

SSSR signifies a shift away from demand-side quantitative growth toward supply-side qualitative development by upgrading the economy and industry. It means to transform into an innovative economic growth method by raising total factor productivity (TFP) through improvements in the technology level, forsaking the previous economic growth method dependent on large-scale input of labor and capital which the Chinese economy has engaged in for 30 years since its reform and opening. The Chinese government plans to overcome the so-called middle income trap through supply-side reforms and lay the foundations for China to rise as a superpower by 2050. SSSR was proposed by President Xi JinPing of China in November 2015 and the year of 2018 is the third year of its implementation. In this report, we analyze the background and characteristics of China’s SSSR, and examine in detail the issues of cutting industrial overcapacity, deleveraging corporate debts, lowering corporate costs, and promoting new growth engines. Based on the results of the analysis, we evaluate China’s SSSR and draw implications for Korea.

Note: Downloadable document is in Korean.

Keywords: China, Supply-side, Structural Reform

Suggested Citation

Hyun, Sangbaek and Park, Min Suk and Pak, Jinhee and Cho, Koun and Jin, Furong, 중국 공급측 구조개혁 평가와 시사점 (A Study on China’s Supply-Side Structural Reform) (December 31, 2018). KIEP Research Paper. Policy Analyses 18-16. Available at SSRN: https://ssrn.com/abstract=3422604 or http://dx.doi.org/10.2139/ssrn.3422604

Sangbaek Hyun (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Min Suk Park

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Jinhee Pak

Korea Institute for International Economic Policy ( email )

Seoul 137-602

Koun Cho

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Furong Jin

Incheon National University ( email )

119 Academy-ro
Yeonsu-gu
Incheon
Korea, Republic of (South Korea)

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