2015年CRI Supply-Side Reform Becomes Top Priority of Economic Development

 

Jiang Wan¹ is a young mother living in Beijing.

Like many in her age demographic, she prefers to shop online, and gravitates toward foreign products for her baby girl.

"I usually choose to buy well-known brands in bulk. I think when it comes to children's products, foreign companies are a step ahead. I know a lot of things that have foreign labels are often produced in China, which shows we here in China have the ability to produce quality products. So, one has to think that it's a lack of motivation from a business perspective that prevents Chinese firms from manufacturing quality products."

Jiang Wan's attitude reflects a prevailing² attitude among many consumers in China.

While many products on the shelves are labeled "Made in China," many people still don't trust the items being put out by Chinese firms.

Niu Li, head of Macroeconomic Research with the State Council, says part of the problem is many manufacturers in China are still not willing to innovate³ and adapt to today's consumer demands in China.

"Many traditional manufacturing industries in China face problems, which includes excess production capacity. But even though we are pumping out a lot of products, many people are still looking toward foreign products. The demand for Japanese toilet seat covers is a good example. There is real demand for these types of advanced products, but our manufacturers are unwilling⁴ to make the switch to more value-added products. This is why we urgently need to strengthen our supply-side reform policies to promote innovation and improve product quality."

At the annual Central Economic Work Conference which began on Friday, "supply-side reform" is one of the major topics up for discussion.

A series of new policies are reportedly being discussed to tackle issues which have dogged Chinese consumers for years.

They're said to include ways to improve production quality, as well as customer service.

Broader-based issues such as environmental protection and opening-up further to the global economic system are also said to be part of the plans.

The reforms also include ways to shed excess production capacity, particularly aimed at weeding-out companies which continue to pump-out cheap, low quality products.

Former London School of Economics and Political Science Professor Roger Tucci says the planned reforms should help streamline⁵ the Chinese economic structure.

What we see in the new five-year plan is a move what we call supply side economic management, where the condition of maximizing supply abilities, prices availability, logistics' transportation etc. becomes top priority. The key to all these is not that other elements are being downgraded or less important, but about the focus of achieving levels of economic efficiency within the Chinese economy.

The Central Economic Work Conference is held every December.

It's meant to not only review the economic performance in China over the course of the year, but also map out a strategy for the coming year.

The underlying⁶ policy direction of the government should be made clear when the official economic policy document is released, which will come a few days after the annual session comes to an end.

For CRI, I'm Niu Honglin.

1 wan   

(wide area network)广域网

参考例句：

• The shared connection can be an Ethernet,wireless LAN,or wireless WAN connection.提供共享的网络连接可以是以太网、无线局域网或无线广域网。

2 prevailing   

adj.盛行的；占优势的；主要的

参考例句：

• She wears a fashionable hair style prevailing in the city.她的发型是这个城市流行的款式。
• This reflects attitudes and values prevailing in society.这反映了社会上盛行的态度和价值观。

3 innovate   

v.革新，变革，创始

参考例句：

• We must innovate in order to make progress.我们必须改革以便取得进步。
• It is necessary to innovate and develop military theories.创新和发展军事理论是必要的。

4 unwilling   

adj.不情愿的

参考例句：

• The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
• His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。

5 streamline   

vt.使成流线型；使简化；使现代化

参考例句：

• We must streamline our methods.我们必须简化方法。
• Any liquid or gas passing it will have streamline flow.任何通过它的液体或气体将呈流线型的流动。

6 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。