Research On Economic Policy Collaboration Under Supply-side Structural Reform

China's economic growth has been more volatile since 2010,and it has been at the bottom of the consolidation nearly 9 years.At present,China's economy is in transition period which feature are slowing GDP growth,structural reform and industrial transformation and upgrading,and fluctuation of inflation system.China's demand structure has been changed dramatically.It is no longer appropriate to the current state of the China's economy that speed up the economy by stimulating demand.Supplyside structural reform takes advantage of a turn of the situation and gets on.Fiscal policy and monetary policy are two important means to control macro-economy.They have played an important role in promoting the sustained growth of economic output,optimizing the industrial structure and ensuring the stability of the inflation system.However,as China's economic development has entered the "new normal",economic uncertainty has increased,the scale of social capital has expanded,and the marginal regulation role of policy tools has been challenged.Therefore,it is a key measure to ensure China's economy walking steady to reach the distance,and transformed from medium-high speed development into high-quality development that continue to deepen supply-side structural reform and give full play to the synergies of policy tools in a scientific way.Its effect evaluation is a prerequisite for further accurate policy implementation.Based on the TVP-VAR model,this paper quantitatively measures the timevarying trend of the synergistic effects of fiscal policy and monetary policy tools based on empirical analysis of changes in the effects of fiscal and monetary policy tools before and after supply-side structural reforms.The study found that supply-side structural reforms have effectively improved the effects of fiscal and monetary policy tools,but in the long run,the implementation of supply-side structural reforms has weakened,quantitative monetary policy tools have gradually become ineffective,and even the direction of control has changed.Further research finds that in the process of coordination,the regulatory effects of policy tools have been significantly enhanced.Monetary policy will offset the crowding out effect of fiscal policy on macroeconomics to a certain extent.Fiscal policy can improve the effectiveness of monetary policy and correct the direction of regulation.Therefore,basing on ensuring the supply-side structural reform to improve quality and efficiency,strengthening coordination and coordination of fiscal and monetary policies is a reasonable choice for China to achieve high-quality development.Undoubtedly,the supply-side structural reform has effectively improved the effect of policy tools.However,the reform effect and the effectiveness of some policy tools have shown a weakening trend.The direction of quantitative monetary policy tools has deviated.Therefore,in the process of further reform,it is necessary to improve the effectiveness of fiscal policies and monetary policies,and accurately grasp the synergies between them,so as to further stabilize growth,optimize the industrial structure and stabilize the inflation system on the basis of the existing reform achievements,and achieve the goal of high-quality development of China's economy.