Research On China's Supply-side Structural Reform From The Perspective On Marx's Supply-Demand Theory

Supply and demand are the primary tool to analyze the mechanism of commodity price and output on the market.Supply and demand are also important factors which affect the healthy and sustainable development of the economy.If relation of supply and demand is unbalanced,it will inevitably lead to a decline in economic growth rate,which will cause many negative effects on the quality and efficiency of economic growth.If the imbalance cannot be corrected in a timely and effective manner,severe imbalance may evoke economic crisis.Therefore,how to keep the total supply and demand to match the structure and avoid serious imbalance is a major issue that is facing the economic development.At present,there is a structural imbalance between supply and demand in many fields of China's economy.The government has resolutely implemented the economic policy of supply-side structural reform.Based on Marx's economic theory,this paper analyzes the structural imbalance of supply and demand in China's economy,and studies the policy implications of Marx's supply-demand theory for China's supply-side structural reform.The research literature on Marx's economic theory is rarely saw in the academic circles abroad,and the research is only limited to the discussion of supply-demand issues within the framework of Marx's reproduction theory and economic crisis theory.Domestic scholars have done extensive research on which involves Marx's effective demand and Marx's effective supply theory.Through a review of relevant research literature at home and abroad,there is a lack of systematic research on Marx's supply-demand theory and there is a lack of research on supply-side structural reform from the perspective of Marx's supply-demand theory.In combing the issues discussed on the basis of the Marx's demand and supply theory,the paper refines implication in the core content of the theory of demand and supply,clarifies the internal logic among these theories,combines with the new normal by supply and demand of China's economic structural imbalances,and use Marx's demand-supply theory explaining the essential and root of the imbalance,in order to provide some reference for the reform practice.This paper includes four aspects :(1)The core content of Marx's supply-demand theory.It mainly embodies Marx's analysis on the institutional root of the imbalance of supply and demand,which originated from the perspective of the mutual relationship between productive forces and production relations and the basic economic system.(2)Structural imbalance of supply and demand and its measurement.The essence of structural imbalance of supply and demand in China is a combination of excess supply,mismatches between supply and demand and multiple factors of internal imbalance of supply and demand.Based on the analysis of the evolution process and imbalance of the structural imbalance of supply and demand in China,an indicator system is constructed and measured.(3)Through analyzing the root cause of China's supply-side structural imbalance with the help of Marx's supply and demand theory.For a long time,the social production is mainly focused on the pursuit of economic growth,which leads to the imbalance of social production proportion,insufficient and unbalanced development of social productive forces,and the decline of profit margins of industrial enterprises and the contraction of real economy.In the initial distribution,the proportion of labor distribution is unbalanced,and the unfair income distribution leads to insufficient domestic demand.(4)The policy implications of Marx's supply and demand theory for China's supply-side structural reform.Supply-side structural reform should attach importance to the guiding significance of Marx's supply-demand theory and solve the practical problems of China's economic development.Supply-side structural reform is a product of the combination of Marxist economic theory and Chinese practice.It is not only a policy measure to solve China's economic development problems,but also a reference for solving similar economic problems in other countries.The innovation of this paper is mainly reflected in three aspects:First of all,it more systematically analysis the theoretical origin,core content,historical contribution and contemporary value of Marx's supply and demand theory.Marx's theory of supply and demand is an important part of his theory of market economy operation,and a clue to the main line of axiological scientism.The core content of Marx's theory of supply and demand includes Marx's theory of social reproduction,the theory of economic fluctuation determined by supply and demand operation,and the theory of planned regulation of supply and demand imbalance.Furthermore,this paper has both normative analysis of Marx's supply and demand theory and empirical research combined with economic reality.Based on Marx's theory of supply and demand,this paper analyzes the mechanism of structural imbalance of supply and demand in China and the regulation direction of rebalancing of supply and demand structure.The index system of structural imbalance of supply and demand in China is constructed,and the index of structural imbalance of supply and demand in China is calculated by using factor analysis method.The dynamic change and degree of structural imbalance of supply and demand are investigated from an objective perspective,thus providing empirical evidence for exploring the root cause of structural imbalance of supply and demand.Last but not least,enlightens the policy of supply-side structural reform.In the process of China's supply-side structural reform,there are two major problems: how to improve the quality and efficiency of the supply system and how to achieve fairness in the field of distribution.Establish the basis of socialist public ownership status,supply-side structural reform must be guided by the Marx's supply-demand theory,correctly handles the relationship between government and market.The liberation and development of the productive force to promote effective supply system to improve the establishment of the supply of quality work,solve the problem of unfair income distribution,improve the ratio of consumption to expand demand,and promote the sustainable and healthy development of China's economy.Therefore,in order to improve the supply efficiency,we should establish a reasonable industrial structure,develop producer services,and implement an innovation-driven development model.In terms of demand improvement,efforts should be made to increase the income growth rate of middle and low income earners,improve the individual income tax policy that effectively regulates high income,and introduced capital income tax,and innovate the social security system based on anti-poverty.