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China has stressed that it will continue with reforms and strengthen the structure of its supply front to increase the quality and efficiency of the supply system and provide a growth impetus for sustainable economic development. Tan Haojun， a financial commentator for Securities Times， the only official newspaper to release news on chinese listed companies， says china should strike a balance between reforming both supply and demand sides. excerpts of his thoughts follow：
LATEST studies and discussions regarding the reform of the supply front have focused on a trend where management of the supply front will become the main economic focus， rather than the previous emphasis on demand.
The reform of the supply front indicates that there are problems on the supply side， which therefore demonstrates a natural shift in focus toward resolving those issues. However， the demand side is not yet perfect. Reforming the supply front does not mean that we can ignore the demand front. Instead， we should strike a balance between reforming both supply and demand sides.
Since the opening up and reform policies took hold in the late 1970s， China has adopted a development strategy where demand guides supply and therefore supply improves demand conditions.
The logic behind this is that for a long time， there simply weren’t enough supplies to meet both production and consumption demands.
As productivity was increasingly improved， the problem of short supply has been alleviated. In some areas， supply even exceeds demand， forming new problems. Especially after the 2008 global financial crisis， such imbalances have become serious.
So how did China handle the 1997 Asian financial crisis and even rescue the entire regional economy with an export-oriented development pattern？
This was due to the fact that at the time the Chinese market was balanced and the demand for Chinese products at home and abroad was vibrant. Even though there were problems on the supply front， they were effectively covered up by vigorous demand.
However， problems regarding high production capacity， low efficiency， low quality and low benefits on the supply front have imposed too many requirements on the demand front.
Moreover， after continued growth， the demand front has also entered a bottleneck， unable to digest the excessive stockpiles from the supply front. Therefore， a reform of the supply front is necessary and conforms to the current conditions of the Chinese economy. The focus of the reform should be to address excessive production capacity， structural imbalance， inadequate independent innovation capacity， low product quality and brand value， and a lack of core competitiveness. As for the government， their tasks should focus on how to create a sound market environment， how to formulate good reform rules， and how to build a fair and just market order.
Based on these proposals， the government should give full play to the role of enterprises as major market players， making them act more in accordance with market rules.
Should the government still use administrative methods to advance reforms， it may arouse conflicts of interests between the central and local governments， between different local governments and between local governments and companies. In particular， local authorities are likely to impede the implementation of various reform measures in order to protect their own interests.
Therefore， the success of the reform initiatives largely depends on whether the government can find a way to balance various interests and improve the industrial structure.
It is only when both the markets and the companies play a major role in the reform that it can achieve maximum efficiency.
The government must also make overall plans by taking all economic factors into consideration and coordinate between supply and demand.
In addition， the government should focus on improving distribution networks， removing barriers and raising service levels in order to achieve a state of equilibrium between supply and demand. CA
LATEST studies and discussions regarding the reform of the supply front have focused on a trend where management of the supply front will become the main economic focus， rather than the previous emphasis on demand.
The reform of the supply front indicates that there are problems on the supply side， which therefore demonstrates a natural shift in focus toward resolving those issues. However， the demand side is not yet perfect. Reforming the supply front does not mean that we can ignore the demand front. Instead， we should strike a balance between reforming both supply and demand sides.
Since the opening up and reform policies took hold in the late 1970s， China has adopted a development strategy where demand guides supply and therefore supply improves demand conditions.
The logic behind this is that for a long time， there simply weren’t enough supplies to meet both production and consumption demands.
As productivity was increasingly improved， the problem of short supply has been alleviated. In some areas， supply even exceeds demand， forming new problems. Especially after the 2008 global financial crisis， such imbalances have become serious.
So how did China handle the 1997 Asian financial crisis and even rescue the entire regional economy with an export-oriented development pattern？
This was due to the fact that at the time the Chinese market was balanced and the demand for Chinese products at home and abroad was vibrant. Even though there were problems on the supply front， they were effectively covered up by vigorous demand.
However， problems regarding high production capacity， low efficiency， low quality and low benefits on the supply front have imposed too many requirements on the demand front.
Moreover， after continued growth， the demand front has also entered a bottleneck， unable to digest the excessive stockpiles from the supply front. Therefore， a reform of the supply front is necessary and conforms to the current conditions of the Chinese economy. The focus of the reform should be to address excessive production capacity， structural imbalance， inadequate independent innovation capacity， low product quality and brand value， and a lack of core competitiveness. As for the government， their tasks should focus on how to create a sound market environment， how to formulate good reform rules， and how to build a fair and just market order.
Based on these proposals， the government should give full play to the role of enterprises as major market players， making them act more in accordance with market rules.
Should the government still use administrative methods to advance reforms， it may arouse conflicts of interests between the central and local governments， between different local governments and between local governments and companies. In particular， local authorities are likely to impede the implementation of various reform measures in order to protect their own interests.
Therefore， the success of the reform initiatives largely depends on whether the government can find a way to balance various interests and improve the industrial structure.
It is only when both the markets and the companies play a major role in the reform that it can achieve maximum efficiency.
The government must also make overall plans by taking all economic factors into consideration and coordinate between supply and demand.
In addition， the government should focus on improving distribution networks， removing barriers and raising service levels in order to achieve a state of equilibrium between supply and demand. CA