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Qian Yingyi: Structural Reform not Equal to Structural Adjustment

Source: Economic Daily Date: 2016-05-03
The coming ten years are crucial for China as it restructures its economy, upgrade consumption, enhances services and transform the manufacturing sector. The key to economic restructuring is supply-side reform. Some people regard structural reform as structural adjustment. This is not correct. The essence of structural reform is to reduce production and transaction costs through reform, modify market distortions and promote innovation. Structural changes will emerge in the market after the structural reform. Structural reform is therefore not equal to structural adjustment. It is reform at the deeper level.