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Structural Reform for Economic Growth
Author(s) -
Cai Fang,
Zhang Xiaojing
Publication year - 2017
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12248
Subject(s) - vision , economics , property rights , economic reform , productivity , work (physics) , economic system , development economics , market economy , economic growth , political science , law , sociology , china , mechanical engineering , engineering , anthropology , microeconomics
Abstract This article examines the role of reform in maintaining economic growth in the circumstances in which work‐age is declining more rapidly than total population. Traditional factor‐driven growth can still contribute if reform increases labour force participation, most significantly through easing restrictions on rural–urban migration through reform of the household registration system and other means. The other potential contributor to growth in the new era is reform to raise productivity. This requires more fundamental institutional change, which depends on clear visions of the framework for a modern market economy, encompassing the rule of law and stronger property rights.