ZHENG Xin-ye1, ZHANG Yang-yang1, HUANG Yang-hua2
Journal of Renmin University of China.
Chinas current economic problems, including insufficient growth momentum, mismatch between supply and demand, widening income gap, environmental pollution, resource depletion and so forth, are structural in nature. According to the comparison and analysis of the two policy instruments of supplyside structural reform and macroeconomic policy, we find that centralized, anticyclical, and aggregate macroeconomic policy tools cannot address or even exacerbate these issues. Therefore, to promote a sustainable and highquality economic growth, macroeconomic policy tools need to guarantee economic stability, while the supplyside structural reform should be responsible for rebalancing economic structural and improving quality and efficiency of growth. It is necessary to develop the divisions of labor and complementary between supplyside structural reform and macroeconomic control tools.