ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /EconomyEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina ExpoChinas supply-side reform right on target as its economy enters new normal: expert(Xinhua)Updated:2016-05-30 10:54Comments Print Mail Large Medium SmallNEW YORK – A US expert lauded Chinas efforts to advance the supply-side structural reform and said it is right on target as the countrys economy is now settling into a “new normal” of lower growth rates.”China is producing a lot, but its people are not buying it. The mismatch of supply and demand is a pain for the economy. However, the supply-side reform is here to solve this problem,” said Zhao Yao, professor and co-director of the Supply Chain Analytics Laboratory at the Business School of Rutgers University.Structural reform on the supply front requires industries to change focus from blind expansion to the actual demands of customers through offering innovative products, analysts say.”Supply-side reform is mainly two things, one is to improve the Chinese companies productivity and the other is to win the competition in a global market,” said Zhao at a Chinese executive training program held at Rutgers Business School on Tuesday.Chinas economy has maintained high growth since its reform and opening-up. However, the country only garnered a 6.9 percent growth rate in 2015.Zhao pointed out that as the countrys economy enters a new normal, it needs to shift its focus from scale and speed toward quality and efficiency, which is just what the supply-side reform is calling for.At a key economic meeting held at the end of 2015, Chinas policy makers pledged to take steps to push forward the supply-side structural reform in 2016 and beyond, supporting growth through new demand and productivity.It is seen as an innovative move to guide the worlds second largest economy and a proactive decision to make it more competitive internationally.To push forward the reform, China needs to build a unified market to reduce marketing expense for companies, said Zhao.The country has to invest in a fast and efficient transportation network to reduce logistic cost for companies and to encourage fine competition and innovation, especially for the small and medium-sized companies, he added.Meanwhile, a continued effort to fight corruption is also important as this can help companies reduce the hidden cost.”With all this done, I am sure Chinas companies will take more than half the space in the Fortune 500,” said Zhao.0Related StoriesXi demands priority on advancing supply-side reformRenewed efforts needed for supply-side reform, says officialChina accelerates supply-side reform following authority urgesKey article signals less policy easing in China: UBSChinas supply-side reform to help sustain growth: UBSPhotoTop 10 Chinese cities with internet plus tourismArtificial Intelligence in real livesChinese factory behind Hillary and Trump face masksTop 10 countries with largest wealth of middle class in 2015VR, robots, mini drones: Highlights of big data expo in GuiyangTop 10 saving countries in the worldChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerChinese buyers circle soccer super agent Stellar Group UK-born businessman heads revolution in Chinas canteensMost ViewedTodays Top NewsT6 offers innovative flexibilityRestaurant business: Competitive market offers opportunities and challengesFans celebrate joy of smart brand in HangzhouShanghai GM hit with biggest recall in Chinese historyBraced for rule amendmentsLocalization isnt always the answerVW launches its crossover Beetle with a bangChinas car market yet to peak, says trade associationHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 10 saving countries in the world Top 5 smart home applications attracting Chinese consumers Top 10 least affordable provincial-level regions in China Top 10 FDI sources for Chinese mainland in Jan-April SpecialsWorld Robot Conference 2015Made in China – fight against counterfeit goods2015 Beijing Forum for Emerging Markets…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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