1. The first economic restructuring: 1979— 1984.
From 1958 to 1978, except for the adjustment period of 196 1- 1965, China made the mistake of blindly pursuing "high production speed and large-scale construction" for many years. At the same time, in the process of construction, one-sided emphasis on the development of heavy industry, ignoring agriculture and light industry; In the construction of heavy industry, one-sided emphasis is placed on "taking steel as the key link", ignoring energy and transportation. In heavy industry, one-sided emphasis is placed on self-sufficiency, ignoring cooperation and service system construction. Over time, an abnormal economic structure has been formed. Some heavy industries are too prominent, while agriculture, light industry, energy industry, transportation, construction, commerce and service industries are quite backward. This abnormal economic structure is characterized by a serious imbalance in the proportion of the national economy, low efficiency, serious waste, high investment cost and low efficiency. In addition, the problem of a large number of unemployed people in cities and towns has become increasingly prominent, and it is difficult for urban and rural residents to improve their income and living standards for a long time.
In order to solve this problem, the government of China put forward the policy of adjusting the national economy in 1979. By adjusting the scale, structure, price and finance of fixed assets investment, the proportion of accumulation and consumption has been adjusted, and the development of agriculture and light industry has been accelerated. The basic position of agriculture began to be clear, the proportion between light industry and heavy industry was adjusted, and the energy supply was better improved. However, during this period, new problems appeared in the rapid development of processing industry. Because the infrastructure and raw material industries can't keep up with the development speed of processing industry, the contradiction between supply and demand is prominent, the growth speed of agricultural and sideline products can't keep up with the growth of purchasing power of urban and rural residents, and inflation has begun to appear and become more and more serious. Therefore, starting from 1988, the China municipal government began the second structural adjustment.
2. Second economic restructuring:1988-1991988 In September, the China government put forward the policy of rectifying and comprehensively deepening reforms, and vigorously adjusted the economic structure on the basis of vigorously controlling inflation. This adjustment is mainly through adjusting the investment structure and loan structure, while eliminating the overheating of the economy, implementing a "tilt" policy for some industries and enterprises, and concentrating the funds, raw materials, energy and transportation capacity compressed from other aspects to support key industries and enterprises, thus increasing the effective supply of agriculture, energy industry, raw materials industry, transportation industry and other industries. Although this adjustment effectively increased the supply of short commodities and suppressed inflation, it only eased some prominent contradictions in the economic structure and failed to fundamentally solve the problem of structural imbalance. Basic industries and infrastructure such as energy, transportation and important raw materials are still the "bottlenecks" that restrict the development of the national economy. In particular, the new round of economic overheating in 1992 has made structural contradictions more prominent, and the regional structure and enterprise organizational structure have not been optimized, but have deteriorated, eventually becoming one of the main reasons for the hyperinflation in 1994.
Judging from the previous two structural adjustments, due to the lack of structural adjustment mechanism for departments and regions in the economic system, the adjustment means basically rely on administrative control of investment scale, investment projects and credit scale of state-owned banks, and its practical effect is very limited. In addition, these two adjustments are only incremental adjustments, and the huge economic stock problem has basically not been touched, so the central adjustment goal is often difficult to achieve in the end, leading to repeated structural contradictions. 199 1 year later, although the work of structural adjustment is still going on one after another, for the same reason, the economic structure has not improved significantly.
3. Third economic restructuring: After 1997, after the second half of 0993, in order to control economic overheating and inflation, China government strengthened macro-control, used tight fiscal and monetary policies to curb demand expansion, and continued to promote the reform of price system, circulation system, financial system and financial system. By 1996, the macro-control has achieved remarkable results. However, with the obvious improvement in the balance of economic aggregate, structural contradictions have once again become prominent. The original backwardness of basic industries and infrastructure has not changed, and the "bottleneck" situation in some aspects has become more acute. In addition, the problem of "big and complete, small and complete" and blind repeated construction is still very serious, which restricts the improvement of the overall quality and efficiency of the national economy. Therefore, following 1997, the government of China once again stepped up its efforts to adjust the economic structure. The main contents of this adjustment are:
(1) Strengthen the implementation of industrial policies.
1in March, 1994, the government of China promulgated the Outline of National Industrial Policy in the 1990s. Judging from the actual situation after the promulgation of the "Outline", industrial policies have not had a significant impact on the economic structure. The main reason is that the scope of key industries is large (accounting for more than 50% of GDP), but the support capacity that the government can provide is obviously insufficient. At the same time, the government lacks effective means to implement industrial policies, and the coordination between various departments and links is quite difficult.
In order to solve this problem, during the period of 1998, China government chose six industries with prominent structural contradictions as the focus of industrial restructuring. The structural adjustment work first made a breakthrough from the textile industry. In view of the fact that overcapacity is the main reason for the long-term loss of the industry, the central government has formulated a spindle pressing plan for the textile industry, requiring that100000 spindles be compressed within three years, accounting for 1/4 of the original capacity. In 2000, the textile industry was required to eliminate 300,000 backward woolen spindles. Due to the strong monitoring and encouragement policy of the central government and the long-term recession of the textile market, enterprises can not continue to maintain, so this policy has been implemented well, the task of compression has been completed, and the whole textile industry has taken the lead in completing the task of extricating itself from difficulties. The coal industry merged and bankrupted a number of insolvent enterprises with no hope of turning losses, closed a number of resource-exhausted mines, reduced production by more than 200 million tons, and reduced the sources of losses. By the end of 2000, the task of cleaning up and rectifying small refineries in the petrochemical industry was basically completed, and 6,000 local refineries were banned nationwide. Among the 188 small refineries on the list,165,438+065,438+0 has been closed.
(2) Accelerate the reform of state-owned enterprises.
After 1997, the central government made clear the policy of accelerating the reform of state-owned enterprises and implementing the strategic reorganization of state-owned enterprises. In accordance with the requirements of "clear property rights, clear rights and responsibilities, separation of government and enterprise, and scientific management", we will implement standardized corporate reform for large and medium-sized state-owned enterprises. The specific measures of reform are as follows: First, focus on large state-owned enterprises and enterprise groups, and promote and standardize the shareholding system reform of enterprises. Second, further liberalize small state-owned enterprises, and reorganize more than 240,000 small state-owned enterprises through joint operation, merger, leasing, contracted operation and sale. Third, standardize bankruptcy, encourage mergers, promote re-employment and optimize the capital structure of enterprises. After 1998, China government put forward the specific goal of "extricating state-owned enterprises from difficulties in three years", which further intensified the reform of state-owned enterprises.
(3) Vigorously promote scientific and technological innovation and industrialization.
1In August 1998, the CPC Central Committee and the State Council held a national conference on scientific and technological work, and issued the Decision on Strengthening Technological Innovation, Developing High-tech and Realizing Industrialization. 1In August 1999, the central government issued the Decision on Strengthening Technological Innovation, Developing High-tech and Realizing Industrialization. Two important decisions put forward that it is necessary to strengthen macro guidance on the direction and focus of technological innovation and commercialization and industrialization of high-tech achievements, deepen the reform of the scientific and technological system, and promote the commercialization and industrialization of technological innovation and high-tech achievements. In order to achieve this goal, the China Municipal Government has established the basic principles for promoting scientific and technological progress: First, to do something, choose key areas and main directions, and determine the priority of development goals; Second, on the whole, we should keep up with the pace of world science and technology development and strive for breakthroughs in key areas; The third is to improve the ability of sustainable innovation, including the level of scientific and technological infrastructure, the level of basic research and the overall scientific and technological capacity building; The fourth is to realize the leap-forward development of technology, grasp the current world economic trend and future market demand, and concentrate on overcoming difficulties.
According to the above basic principles, the central government promulgated and implemented a major plan for the reform of the science and technology system. 10 the 242 scientific research institutions affiliated to the national bureau have been reformed, and all of them have implemented the enterprise operation mechanism of transforming enterprises into enterprises, entering enterprises and transforming them into intermediaries. At the same time, a series of policies have been issued to support scientific and technological innovation and the transformation of achievements, encouraging scientific researchers to actively establish high-tech enterprises, supporting the transformation of scientific and technological achievements with financial funds, and providing support for innovation activities in the form of investment, loan discount, establishment of venture capital funds and subsidy funds.
(4) Strengthening infrastructure construction During the three years of 1997, 1998 and 1999, the central government issued 260 billion yuan of treasury bonds to speed up infrastructure construction. In 2000, on the basis of a budget of 654.38 billion yuan, 50 billion yuan of long-term construction bonds were issued, which were mainly used in key investment areas determined by the state, especially infrastructure construction. It is estimated that financial investment will directly drive local governments, departments and enterprises to invest matching funds and bank loans totaling about 750 billion yuan. The massive investment in infrastructure has effectively alleviated the "bottleneck" problem of economic structure for a long time, and has had a positive impact on the corresponding investment product production industry.
(5) Formulate the strategy of developing the western region.
From June 65438 to June 0999, the central government began to take the development of the western region as a major strategic task of the country and put it in an important position. In order to speed up the development of the western region, the central government formulated relevant development strategies, and established the Western Development Office in June 5438+ 10, 2000.
Different from the previous two adjustments, China's economic restructuring this time has some new features. First of all, this economic restructuring is the first adjustment under the conditions of market mechanism. The mode of regulation is changing from pure government orientation to market function, and the means of regulation is changing from relying mainly on administrative means to combining economic, legal and necessary administrative means. Secondly, with China's imminent accession to the WTO, the international market environment and the rules of the game have an increasing influence on China's economic restructuring, which is obviously different from the structural adjustment under the closed and semi-closed conditions in the past. Third, different from the shortage era, the goal of this structural adjustment has changed from increasing the output and variety of short commodities in the past to upgrading the product and industrial structure; From domestic enterprises and industries to participating in international competition. Fourth, this economic restructuring is from the perspective of increment and stock. This is obviously different from the previous adjustment only from the perspective of increment.