Addressing Economic Efficiency Deceleration:Inventory Reform and Policy Incentives  

作　　者：张平 

机构地区：[1]Institute of Economics,Chinese Academy of Social Sciences(CASS)

出　　处：《China Economist》2015年第6期16-27,共12页中国经济学人（英文版）

摘　　要：Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index （PPI） for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China＇s economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.

关 键 词：efficiency deceleration inventory reform 

分 类 号：F120[经济管理—世界经济]