Supply-side reform
Early in 2016, Guangdong was the first province in China to release a general plan for supply-side reform. The plan deals with five major problems in industrial transformation, such as, over capacity, debt structure imbalance, enterprises’ costs (tax, labor cost and etc).
With a year’s hard work, Guangdong has increased 32.8% of investment in technology upgrade to 389.1 bln yuan while it has lowered enterprises’ costs up to 194 bln yuan.