To smooth the domestic cycle, we must break through the supply restriction blockade


   Jin Guanping

  Supply-side structural reforms have been a main line of my country's economic development in recent years.

The Central Economic Work Conference pointed out that next year's economic work will deepen the supply-side structural reform, and focus on unblocking the domestic cycle, breaking through the supply constraints, and opening up production, distribution, circulation, and consumption.

  This is a scientific research and judgment based on the current internal and external environmental changes.

Since the beginning of this year, the policies of some major economies have changed frequently, and the spillover effect brought about by this has increased significantly.

Under this circumstance, by deepening the supply-side structural reform, speeding up the elimination of supply-side constraints and blockages, releasing suppressed domestic demand, and promoting the restoration of balance between supply and demand, it is not only an objective need to ensure the stable operation of the economy next year, but also a new development pattern. , To promote the inherent requirements of high-quality development.

  To smooth the circulation of the national economy, the adaptation of supply and demand is the prerequisite.

In recent years, my country has achieved positive results in deepening supply-side structural reforms. The goal of "three removals, one reduction and one supplement" has been basically completed. However, overall, the supply-side upgrade still cannot keep up with the demand-side changes. There is a surplus of low-end products and mid- to high-end Problems such as insufficient product supply are still prominent, and supply constraints such as "lack of electricity", "lack of cores", "lack of cabinets" and "lack of labor" are still relatively large.

At present, to break through the supply constraints, it is necessary to further improve the adaptability of supply and demand. The key is to improve the quality and efficiency of supply.

  To break through the supply constraints, we must effectively break through the impact of raw material shortages or high costs in the short term, and in the medium and long term, we must break through the "stuck neck" problem of key core technologies.

At present, the constraining points in the national economic cycle are mainly reflected in the fact that key areas cannot meet the needs of the domestic cycle and industrial upgrading. In particular, the supply capacity and level of key technologies and core components need to be further improved.

On the basis of alleviating the constraints of upstream energy and raw materials, a large number of "specialized and special new" enterprises should be stimulated to realize the improvement of supply capacity in key areas through the improvement of the core competitiveness of the manufacturing industry.

  To break through the supply constraints, it is necessary to accelerate the formation of a safe and efficient logistics network with internal and external connections, accelerate digital transformation, and promote the upgrading of traditional industries.

An efficient modern circulation system is an important foundation for enabling the adaptation of supply and demand, and can significantly improve the efficiency of resource allocation.

After the outbreak of the new crown pneumonia epidemic, the problem of poor supply chains has become particularly prominent. It is necessary to further make up for the shortcomings of infrastructure, unblock the channel operation network, and speed up the big cycle of the national economy.

Through the digital, intelligent, and green transformation of the traditional circulation system, it is necessary to better connect the two ends of production and consumption.

  To break through the supply constraints, it is necessary to further optimize the system supply and stimulate the vitality of innovation.

We must not only emphasize technological breakthroughs and innovations, but more importantly, institutional innovations. On the basis of promoting the free flow of factor resources and market-oriented allocation, we must provide a more effective market mechanism for the direct connection of supply and demand.

New demand can give birth to new supply, and new supply can create new demand. I believe that our institutional supply is still promising in this regard and can be more precise and efficient.

Jin Guanping