Small Enterprises Vital for Growth and Employment

Small Enterprises Vital for Growth and Employment

CAI Fang ( 蔡昉)

Professor, Institute of Population and Labor Economics, Chinese Academy of Social Science

Editorial note：

According to the Phillips curve, a trade-off exists between economic growth and control over inflation and the two can hardly be achieved at the same time in implementation of macroeconomic policy. For China's reality, neither high unemployment nor high inflation is acceptable. China must balance the two to steer its economic growth on a stable and relatively rapid path to ensure the creation of some 10 million jobs and effectively rein in inflation. This essay analyzes these issues to answer the question of how the country can strike a healthy economic balance.

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