Research on Fiscal Policy Performance under Systemic Constraints

Author: Shang Changfeng
Publisher:
Publish Date: 2004-04-01
Features: This book conducts a systematic study on the performance of China's fiscal policy implemented since 1998 from the perspective of institutional arrangements. It analyzes the potential impacts of existing institutional arrangements on the transmission mechanism of fiscal policy, thereby constraining the achievement of fiscal policy performance. Since fiscal policy aims to stimulate private investment, household consumption, and social employment through policy measures, thereby achieving the goals of stable economic growth and reducing unemployment, investment, employment, and consumption are three key indicators in the process of achieving fiscal policy performance. From the perspective of China's reality, these three indicators are respectively focused on and challenging in terms of private investment, urban employment, and rural consumption. This book focuses on three aspects—fiscal policy's guidance of private investment, its impact on urban employment, and its role in driving rural consumption—to study fiscal policy performance. Additionally, it analyzes policy performance from the perspective of fiscal policy instruments. The book examines institutional factors constraining private investment from the angle of market access; it characterizes some unemployment in urban areas as voluntary unemployment and conducts research and argumentation on this from an institutional perspective; it combines urban unemployment with rural labor unemployment to analyze the root causes of fiscal policy's difficulty in achieving ideal employment performance; it integrates rural labor employment, rural tax and fee reforms, and rural urbanization construction to address issues of urban-rural employment and farmers' consumption capacity; and it proposes the view that two basic fiscal policy instruments need to be mutually complementary. The unique perspectives presented in this paper can provide reasonable explanations for many practical issues and offer some reference for achieving more ideal fiscal policy performance.