Suchergebnisse

Among the methods for analyzing China's economic trends, both demand analysis and supply analysis have advantages and disadvantages. The correct method is mainly using theories and methods of Marxist political economics analysis while drawing lessons from the reasonable theories and effective methods in Western economics. Although it has declined for five consecutive years, China's economy will not collapse, as the overall economic trend is going well and the economic growth has huge potential. The proximate causes of the economic downturn are oversupply and lack of effective supply, insufficient demand, weakness of investment, export and consumption, especially insufficient consumption demand resulted from huge income gap and low labor income. The deep-seated causes are imperfection of ownership system, distribution system, market system, economic management system, and so on. In addition to a series of important strategic policies implemented by the nation, such as the comprehensive deepening reform, expanding domestic demand, improving supply, and optimizing structures, China should also actively, steadily, and reasonably deepen the reform of the systems relevant with distribution to stabilize growth.

China's economic growth rate has shown a general downward trend since 2010, and in unadjusted figures, the difference between the economic aggregates of China and the United States widened during 2022 and 2023. Consequently, misinformation concerning China's economic trends has appeared both in China and abroad. This study aims to refute the misinformation by demonstrating that China's economy has not fallen into a prolonged recession, and that the downward trend of China's economic growth is not a result of suppressing private enterprises while privileging state-owned firms. The gap between the economic aggregates of the United States and China has not begun to widen, and it is wrong to suggest that China can achieve sustained high-quality development through further privatization, marketization, and liberalization.

Purpose
The purpose of this paper is to review the four large and two small fluctuations in China's economic growth since the reform and opening up, which can be further divided into five periods of economic upturn and six periods of economic downturn.


Design/methodology/approach
This paper also analyzes the performance, causes and practical countermeasures of these fluctuations and summarizes the experience and lessons from the eight aspects of dealing with economic downturn and stabilizing growth since the reform and opening up.


Findings
At last, the paper puts forward some measures to cope with economic downturn and stabilize growth under the new normal in the new era.


Originality/value
Any country's economic growth is a tortuous process with many fluctuations. The rate of economic growth cannot rise or go down straight for a long time, and China's economic growth is no exception. The drastic fluctuations of economic growth can lead to serious overproduction, waste of resources, increased unemployment, decreased income or supply shortages, rising prices and decline of living standards.