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On October 19, Liu He, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, received a joint interview with reporters from People's Daily, Xinhua News Agency and CCTV.
In response to the reporter's question about how to view the current economic and financial situation and the changes in industrial structure, Liu He first set the tone for the overall economic situation - "China's economy has generally maintained a basic trend of stability and improvement"; In view of the marginal changes in economic operation, Liu He proposed to implement the requirements of the Party Central Committee and the State Council for "six stabilities", namely, stabilizing employment, finance, foreign trade, foreign capital, investment and expectations.
Liu He pointed out that the next step of reform should focus on strengthening the vitality, resilience and innovation of micro entities, so as to promote economic transformation and upgrading and promote the virtuous circle of the national economy. For this reason, he proposed three things that must be done well: support the development of private enterprises, deepen the reform of state-owned enterprises, and enhance the ability of the financial system to serve the real economy.
From Liu He's answers to reporters' questions, the Daily Economic News reporter sorted out four key words around the analysis of China's economic and financial situation, trying to find out how the top management "feels" China's economy.
Keyword 1: The impulse of blind expansion of risk institutions is obviously convergent
As for the current economic situation in China, Liu He said, "I think China's economy has generally maintained a stable and good basic trend. From the perspective of economic growth, employment, prices, balance of payments, corporate profits, fiscal revenue, labor productivity and other major indicators, China's economic operation is within a reasonable range."
On the day when Liu He was interviewed by the media, the National Bureau of Statistics also announced the economic performance of the first three quarters of this year. Data shows that the gross domestic product (GDP) in the first three quarters increased by 6.7% year on year. Among them, in terms of employment, the unemployment rate of the national urban survey in September was 4.9%, down 0.1 percentage points from last month and the same period last year. More than 11 million new urban jobs were created in the first three quarters, fulfilling the goal of the whole year one quarter ahead of schedule.
Liu He believes that compared with major economies in the world, China's economic performance is relatively excellent, and the International Monetary Fund and the World Bank have highly praised China's sustainable economic development.
Liu He pointed out that from the financial field, monetary policy was operated steadily, financial structural deleveraging was steadily promoted, all kinds of institutions had obviously converged on the impulse of blind expansion despite risks, and investment behavior tended to be rational. At the same time, various risks and problems accumulated in history are inevitably coming to light, which is an inevitable process and should be treated rationally.
Key word 2: balance some surplus areas, return to equilibrium
Since this year, there have been some marginal changes in economic development that may lead to economic downturn and increased risk, which has also become the focus of social discussion.
In this regard, Liu He put forward the requirement of firmly implementing the "Six Stabilities". He stressed that, in view of the marginal changes in economic operation, the Party Central Committee and the State Council proposed to strive to achieve the requirements of stable employment, stable finance, stable foreign trade, stable foreign capital, stable investment and stable expectations, and we must firmly implement them.
Of course, in particular, we should handle the relationship between stable growth, structural adjustment and risk prevention. On the one hand, we should maintain the stability of economic growth, on the other hand, we should prevent and control financial risks, and maintain the relative stability of macro leverage. The key to balance the two is to implement the policy system with supply side structural reform as the core.
Liu He said, "In the past three years, we have made phased achievements in the field of 'three reductions, one reduction and one compensation'. The international community generally believes that through 'destructive innovation', the price level of some surplus areas in China's economy has returned to equilibrium, and the relationship between supply and demand has significantly improved, thus boosting economic growth and promoting the global economic recovery."
Keyword 3: vitality, tenacity and innovation of structural adjustment micro subject
The issue of economic structure is the topic Liu He talks about most publicly. In recent years, tonal structure has become one of the most frequently used words in public writing or speech.
In January this year, at the Davos Forum in Switzerland, Liu He delivered a special speech, saying that the key to the top-level design of China's economic policies in the next few years is to implement "one general requirement", "one main line" and "three major battles".
Among them, "one general requirement" is that China's economy has shifted from a stage of rapid growth to a stage of high-quality development; "One main line" is to promote supply side structural reform as the main line; The "three major battles" are the three major battles that China has decided to fight to prevent and resolve major risks, combat poverty precisely and prevent pollution.
Liu He pointed out that from the reality of China, the main contradiction of economic development is that the supply system is difficult to adapt to changes in the demand system, and there is structural deviation between supply and demand, which needs to be adjusted in time. Therefore, improving the quality of the supply system through reform is the basic path for us to achieve high-quality development.
In this media interview, Liu He further emphasized the promotion of economic transformation and upgrading. He stressed that the task of China's economic restructuring has not been completed, and the supply side structural reform should be further deepened. The next step should focus on enhancing the vitality, resilience and innovation of micro entities, so as to promote economic transformation and upgrading and promote a virtuous cycle of the national economy.
Keyword 4: Three things should be done well in the current policy
In view of economic restructuring and supply side structural reform, Liu He proposed three things to "do a good job" - support the development of private enterprises, improve financial accessibility, and reduce various burdens; We should deepen the reform of state-owned enterprises, especially the reform of mixed ownership, establish a more perfect corporate governance structure, strengthen the construction of internal incentive mechanisms, and improve core competitiveness; The financial system should improve its adaptability and enhance its ability to serve the real economy.
Liu He stressed that under the current situation, it is particularly necessary to speed up the system construction and give full play to the key role of the capital market. Of course, doing these things well requires sound macro policies. We will continue to implement positive fiscal policies, sound monetary policies, clear industrial investment policies, and more inclusive and sustainable social policies to further deepen the core policy of supply side structural reform. Analyzing the performance of China's economy, if you look at it from a temporary point of view, you may feel some difficulties, but once you look forward to it as a historical process, the development prospects will be very bright. The opinion of this article only represents the author himself. If the source of the article is a network reprint, this website is an information publishing platform. If there is infringement, please contact this website to delete it in time.
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