2015年11月以来,“供给侧改革”成为高层讲话中的高频词。习近平总书记在中央财经领导小组第11次会议和亚太经合组织APEC工商领导人峰会上两次强调,要“加强供给侧结构性改革”。李克强总理在“十三五”规划纲要编制工作会议上称,“要在供给侧和需求侧两端发力促进产业迈向中高端”。那么,何谓“供给侧”?“供给侧”与“需求侧”相对应。需求侧有投资、消费、出口三驾马车,三驾马车决定短期经济增长率。而供给侧则有劳动力、土地、资本、创新四大要素,四大要素在充分配置条件下所实现的增长率即中长期潜在经济增长率。而结构 Since November 2015, “supply-side reform” has become the high-frequency phrase in the top speech. General Secretary Xi Jinping emphasized twice at the 11th meeting of the Central Financial and Economic Leading Group and the APEC CEO Summit of APEC to “strengthen supply-side structural reforms.” Premier Li Keqiang said at the working conference on the preparation of the “13th Five-Year Plan” that “the two sides of the supply side and the demand side should make efforts to promote the industry towards a mid-to-high end.” So, what is the “supply side ”? “Supply side ” corresponds to the “demand side”. Demand-side investment, consumption, export troika, Troika decided short-term economic growth. On the supply side, there are four major elements: labor, land, capital and innovation. The growth rate of the four major factors under fully allocated conditions means the medium- and long-term potential economic growth rate. And the structure