China’s ‘Supply Side’ Is a Far Cry From Reagan’s
A cleaner watches Chinese President Xi Jinping speak in Hangzhou on Sept. 3.
Photographer: Greg Baker/AFP via Getty Images
To understand policymaking in China, pay attention to the buzz phrases. The country’s favorite economic slogan, “supply-side structural reform,” just got its most international exposure so far, at the Group of 20 summit in Hangzhou.
Faced with rising protectionism and a sluggish global economy, China’s reform “has entered the deep-water zone where tough challenges must be met,” Chinese President Xi Jinping said in a Sept. 4 opening address attended by President Obama, Russian President Vladimir Putin, and Indian Prime Minister Narendra Modi. Calling for “real action” and “no empty talk,” Xi said China would continue “vigorously advancing supply-side structural reform.”