关键词: 供给侧改革 , 流通先导作用 , 制造业

Abstract:  In China's socialist market economy system, the circulation industry is not only an industry supporting the development of national economy, but also an industry leading the highquality development of economy. Under the background of supplyside structural reform, the improvement of circulation industry efficiency not only directly determines the improvement of quality and efficiency, but is also closely related to supply side problems such as cutting inventory and cutting overcapacity. On the basis of theoretical analysis, this paper empirically discusses the relationship between the efficiency of China's circulation industry and the performance of manufacturing industries based on micro enterprise data. The empirical results show that the efficiency of circulation industry has a positive effect on manufacturing performance. More specifically, the retail industry plays a positive role in the adjustment of manufacturing capacity, while the wholesale industry does not play a significant role in the improvement of manufacturing performance. In the future supplyside structural reform, we should attach great importance to the leading functions of the circulation industry, such as feedback of market information, adjustment of upstream production, and matching of supply and demand. While we continue to use new technologies to improve the efficiency of the retail industry and take advantage of its leading functions, we should also focus on improving the efficiency of the wholesale industry and its potential of guiding the allocation of production resources to match supply and demand. The improvement of the efficiency of circulation industry and its guiding roleplay is an integral part of deepening supplyside structural reform and promoting highquality economic development.

Key words: supplyside reform , leading role of circulation industry , manufacturing