The Key Lies in Enhancing Economic Efficiency

Yu Guangyuan

Chinese Economy, 1984, vol. 17, issue 4, 99-109

Abstract: It is imperative to have a scientific, comprehensive understanding of the meaning of economic efficiency. The key to this issue lies in raising efficiency. This guiding principle is derived from the summing up of China's historical experience in economic construction and from the analysis of its present economic conditions. The ways to raise economic efficiency are precisely to enhance labor productivity and increase the labor force. Of the two, raising labor productivity is primary, and increasing the labor force is secondary. Enhancing labor productivity involves much work. It must rely on science (including both natural and social sciences), the correctness of policy, and timely economic reform.

Date: 1984
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