“Supply-side reform does not need macroeconomic and industry policies, but institutional reform should be implemented as soon as possible. The government should adjust the protection of property rights, create a fair competitive market, and loosen regulatory management as well as relaxing pressure on enterprises.”
Xu Xiaonian, professor of economics and finance at China Europe International Business School, argued that supply-side reform should strengthen the protection of private property rights firstly, as reported on news site www.caixin.com.
“The notion of “more pay for more benefits” is the rule of the market and commercial insurance, and social security shouldn't stress this idea. Instead, it should focus on mutual aid and encourage people to pay their social insurance regularly.”
Zheng Gongcheng, president of China Association of Social Security and also a professor at Renmin University of China, told economic news portal caixin.com that government welfare is different from private insurance.
“Covering up problems is very costly, and it affects the wider data of policy making, and in a long run, that will make the public unhappy. The new regulatory bureau of statistics enforcement is cracking down on data fraud in order to disclose problems and show real statistics to the public.”
This comment from the news site www.gmw.cn analyzed the role of the newly established institution to solve the problem of data frauds.
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