Form a combination effect and accelerate the release efficiency (authoritative release)
Recently, the State Council held an executive meeting to deploy the following policies and measures to stabilize the economy. At the briefing on the State Council policy held by the State Council on September 5th, Liu Guoqiang, deputy governor of the People’s Bank of China, Yang Yinkai, deputy secretary-general of the National Development and Reform Commission, Owen Han, assistant minister of finance, and Li Fei, assistant minister of commerce, explained the relevant policies.
Strengthen the foundation of economic recovery and development
"Since the end of May this year, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council, all localities and departments have stepped up efforts to promote the implementation of a package of policies to stabilize the economy, and relevant supporting policies and implementation rules should be exhausted, and efforts should be made to ensure that market players and the people should know everything and enjoy it, and the economy will continue to resume its development trend." Yang Yinkai introduced that from the perspective of supply, autumn grain crops are growing normally, the annual grain output is expected to remain stable, and the industrial service industry is generally stable. From the demand point of view, investment in fixed assets grew steadily, the growth rate of infrastructure investment accelerated for three consecutive months, household consumption continued to recover, and the resilience of foreign trade continued to emerge. From the perspective of people’s livelihood security, prices have remained basically stable and the employment situation has gradually improved.
However, due to the impact of insufficient demand and epidemic, the foundation of economic recovery still needs to be further consolidated. Yang Yinkai said that we must fully implement the requirements of preventing the epidemic, stabilizing the economy and ensuring safe development with a sense of urgency, and rationally increase the implementation of macro-policies in light of new situations and new problems.
To this end, on August 24, the State Council held an executive meeting to deploy successive policies and measures to stabilize the economy and strengthen the foundation for economic recovery and development; At the same time, it is proposed to implement 19 successive policies to form a combination effect, promote economic stability and improve, keep running in a reasonable range, and strive for the best results.
According to reports, from the timing of the introduction, the second half of the year is a crucial period to cover the epidemic losses in the second quarter, and it is also a golden period for policies to play a role. It is necessary to seize the time window for economic stabilization and recovery, decisively introduce the continuation policy, and effectively maintain the momentum of economic recovery and development. From the perspective of policy strength, the overall scale of the package policy and the continuation policy is reasonable and moderate, which can effectively cooperate with the convergence to form a combined effect and promote the accelerated economic recovery; At the same time, it is beneficial to both the present and the long-term not to engage in "flood irrigation" and not to advance the future. From the point of view of policy, the continuation policy works together from both supply and demand, focusing on expanding effective demand, promoting investment and consumption to increase employment, strengthening energy supply security, stabilizing grain production, ensuring smooth logistics, and continuously reducing the activation of market players, which is conducive to further consolidating the foundation of economic recovery and effectively enhancing the development potential.
Promote the relevant implementation rules to go out early and quickly, and should go out as much as possible.
Yang Yinkai said that the National Development and Reform Commission will, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council, seize every minute to implement it, promote the relevant implementation rules to be released early and quickly, and use reform methods to speed up the release of policy effectiveness, keep the economy running in a reasonable range, and strive for the best results.
Liu Guoqiang introduced that the central bank made great efforts to enhance the stability of total credit growth, promote the reduction of financing costs for enterprises, and highlight the support for key areas, weak links and industries affected by the epidemic. In the next step, the central bank will further play the guiding role of the quoted interest rate in the loan market and the role of the market-oriented adjustment mechanism of deposit interest rate, guide financial institutions to transmit the effect of the decline in deposit interest rate to the loan side, reduce the cost of corporate financing and personal credit, and continue to postpone the repayment of principal and interest for loans to small and micro enterprises, individual industrial and commercial households, truck drivers and personal housing and consumer loans affected by the epidemic.
The data shows that 1— In July, China handled a total tax refund of 2.06 trillion yuan, and more market players enjoyed the policy dividend; 1— In August, the scale of new re-guarantee cooperation business of the National Financing Guarantee Fund was 827.8 billion yuan, up 54.9% year-on-year. Owen Han said that after the introduction of a package of policies and measures to stabilize the economy, the Ministry of Finance resolutely grasped the implementation, further strengthened the tax refund policy, accelerated the progress of fiscal expenditure, accelerated the issuance and use of special bonds of local governments, and supported small and medium-sized enterprises to solve problems.
Li Fei said that the Ministry of Commerce will continue to strengthen its efforts and pay close attention to the implementation of policies from three aspects: First, it will take measures to stabilize foreign trade, accelerate the development of new formats and new models such as cross-border e-commerce and market procurement, actively support the export of key products such as new energy vehicles, unblock the channels for foreign trade enterprises to seize orders, provide more convenience for enterprises to participate in exhibitions and negotiations, and help enterprises improve their ability to cope with risks such as exchange rates. Second, we will step up efforts to stabilize foreign investment, promptly launch a new batch of policies to stabilize foreign investment, such as promoting manufacturing investment and setting up foreign R&D centers, strengthen the whole process service and all-round guarantee, and promote the landing of a number of key foreign investment projects. Third, actively and effectively promote consumption, further promote consumption in key areas such as automobiles, household appliances and homes, increase targeted relief assistance, support the resumption of development in catering, accommodation and other industries, continue to do a good job in consumption promotion activities, actively create new consumption scenarios, improve the urban and rural trade circulation system, and vigorously promote rural consumption on the premise of strictly preventing and controlling the epidemic.
Use policy tools effectively and effectively.
The executive meeting of the State Council proposed to increase the quota by more than 300 billion yuan on the basis that 300 billion yuan of policy development financial instruments have fallen into the project; Make good use of the local balance limit of more than 500 billion yuan of special bonds according to law, and issue it before the end of October.
Yang Yinkai said that this is an important measure to expand effective investment under the current situation. In the next step, the National Development and Reform Commission, together with relevant parties, will take effective measures to promote these funds to form a physical workload as soon as possible in accordance with the requirements of "funds follow the project". "We will urge all parties to seize the golden period of construction in the third quarter of this year, speed up the implementation of project construction, give full play to the benefits of investment as soon as possible, and promote the coordination and joint efforts of central budget investment, local government special bonds and policy development financial instruments. At the same time, actively attract social capital to participate in the construction of major projects, promote the steady growth of investment, and continuously consolidate the momentum of economic recovery. " Yang Yinkai said.
Regarding the current monetary policy, Liu Guoqiang said that China effectively coordinated epidemic prevention and control and economic and social development, and took the lead in achieving positive economic growth, which made it possible and necessary for China to implement a normal monetary policy, insisting on not "flooding", not over-issuing money, and not emptying the toolbox. Therefore, there is still plenty of room for monetary policy in China at present, and there are abundant policy tools. "In the next step, we will adhere to a prudent monetary policy, effectively use policy tools, take into account the relationship between stable growth, stable employment and stable inflation, and deal with various risk challenges." Liu Guoqiang said.
Owen Han said that in the next step, the financial department will revitalize the stock of local government special debt limits according to law and give better play to the role of special bond funds; Deferred payment of some administrative fees to help enterprises and individual industrial and commercial households reduce their burdens and help them out; Support the good use of policy-oriented development financial instruments and promote the orderly landing of important projects.
"As the second largest economy in the world, China has sufficient development resilience. With the implementation of the deployed policies and measures, we have reason to believe that China can keep its economy running in a reasonable range." Yang Yinkai said.