International Experience of Supply-side Reform and Its Enlightenment to China

In recent years, the sustained downturn of China's economic growth has brought about structural contradictions, and the way to continue stimulating demand cannot effectively promote the economy. In 2015, the central government formally put forward a new policy of supply-side reform. In this paper, by analyzing and comparing the specific measures, effects and key factors of success or failure in the process of supply-side reform in the United States, Germany, Argentina and Japan, and considering the problems arising in the earlier stage of supply-side reform in China, it is put forward that from the perspective of combining supply side and demand side, market-oriented measures should be replaced by administrative measures, and long-term planning and short-term regulation should be adopted to promote the smooth development of supply-side reform in China. Keywords—Supply-side reform; demand side; industrial structure; tax reduction and burden reduction; human capital