Supply-side Structural Reform from the Perspective of Industrial Chain
In today's global economy,the widespread distribution of industrial chains has become a common phenomenon.However,academic research on industrial chains often encounters a disconnect between theoretical models and empirical studies.Particularly under the assumption of perfect competition,traditional theoretical models fail to explain the existence of the smiling curve and its importance in global value chains.This paper constructs a new theoretical model that systematically demonstrates the existence of the smiling curve and the underlying inequalities it represents.Based on this,the paper pro-poses that the core objective of China's supply-side structural reform should be to gradually reduce the number of dependent Chinese enterprises within global value chains,encouraging them to move up the value chain toward becoming lead firms or core component suppliers.In discussing the specific content of supply-side structural reform,the paper suggests that the term"structure"should refer more to the structure of industrial chains rather than the traditional meaning of factor endowment or industrial structure.It argues for a structural understanding from the perspective of industrial chains,focusing on the position of firms in global value chains and their structural characteristics,particularly the relationships between lead firms,core firms,and dependent firms.By improving this structure,the objectives of China's supply-side reforms will become clearer and more targeted,facili-tating the formulation of more effective reform measures.The paper also provides a detailed analysis of the current status of Chinese enterprises in global industrial chains,re-vealing that a large number of Chinese firms are locked into the lower end of these chains,primarily engaged in low-value-added production of non-core components and assembly.This phenomenon of low-end entrapment places Chinese firms at a disadvantage in global markets,limiting their ability to generate high profits and ultimately constraining China's long-term growth potential.The paper argues that developing new quality productive forces is key to breaking this low-end lock-in and achieving supply-side structural reform.New quality productive forces encompass not only technological innovation but also the upgrading of traditional industries and improvements in firms'capabilities in areas such as branding and market expan-sion.By developing new quality productive forces,Chinese firms can gradually transition from being dependent enterprises to enhancing their competitiveness within global value chains,thereby promoting high-quality economic development.Finally,the paper briefly discusses how the development of new quality productive forces can be promoted through appropriate indus-trial policies that support both market expansion and technological research and development,accelerating the transformation of dependent firms into lead firms within global industrial chains.
Industry ChainSupply-Side Structural ReformSmiling CurveNew Quality Productive Forces
万方数据
维普
