Original title: Xinhua All Media+| Seize the momentum to consolidate and enhance the economic recovery trend - the meeting of the Political Bureau of the Central Committee of the Communist Party of China conveys new trends in economic development
Xinhua News Agency, Beijing, April 30
Xinhua News Agency reporter
The key year to achieve the goals and tasks of the 14th Five Year Plan is to do a good job in economic work.
The Political Bureau of the CPC Central Committee held a meeting on April 30 to analyze and study the current economic situation and economic work. It pointed out that "the economy has made a good start", stressed that "the economy continues to recover and still faces many challenges", and "we need to enhance confidence in doing economic work well". The series of deployments provide clear guidance for consolidating and strengthening the economic recovery and momentum.
Insist on taking advantage of the situation to avoid tightening before loosening
In the first quarter of this year, China's economy grew by 5.3%, and the macroeconomic operation continued to pick up. At this meeting of the Political Bureau of the Central Committee of the Communist Party of China, it was judged that the economy had made a good start.
"From the historical data, the economic scale of the first quarter accounted for about 22% of the total economic volume of the whole year. The good start of the first quarter is of great significance for completing the economic and social development goals and tasks of the whole year." Li Hui, deputy director of the National Economic Comprehensive Department of the National Development and Reform Commission, said.
At the same time, however, there are still many challenges for the sustained economic recovery. According to the analysis of the meeting, the main reasons are that the effective demand is still insufficient, the business pressure is high, there are many risks and hidden dangers in key areas, the domestic circulation is not smooth enough, and the complexity, severity and uncertainty of the external environment are rising significantly. At the same time, the meeting also stressed that "a good start and a good recovery are the basic characteristics and trends of the current economic operation, and it is necessary to enhance confidence in doing economic work well".
"This fully reflects the CPC Central Committee's comprehensive and scientific grasp of the economic situation, and its dialectical thinking of doing a good job in the current economic work." Guo Liyan, deputy director of the Institute of Economics of the Chinese Academy of Macroeconomics, said that at present, we should not only adhere to the problem orientation, but also strengthen confidence in development, promote the implementation of various policies and measures that have been taken out of Taiwan, and further stabilize the development expectations.
"Avoid tightening before loosening", the statement of the meeting attracted attention.
Guo Liyan analyzed that a good economic start has laid a solid foundation for achieving the expected goals of the whole year. The requirements of the Party Central Committee mean that we must seize the momentum, grasp the rhythm and range of macro-control policies, and continue to promote the coordinated and efficient development of various policies, so as to effectively promote the sustained recovery of the economy.
Ensure effective implementation of macro policies by advancing
The meeting pointed out that it is necessary to effectively implement the macro policies that have been determined through forward efforts.
"In order to move forward, we need to play a good role in advance and reserve redundancy in policy reserves; in order to implement effectively, we need to pay more attention to the effectiveness of policies, enhance the sense of gain, and further enhance the support and promotion of macro policies for high-quality development." Jin Li, vice president of South University of Science and Technology, said.
After the Central Economic Work Conference in 2023 proposed to "strengthen the consistency of macro policy orientation", the conference further emphasized that "we should do a good job in the evaluation of the consistency of macro policy orientation and strengthen the management of expectations".
"We should not only implement a positive fiscal policy and a prudent monetary policy, but also incorporate non economic policies into the assessment of the consistency of macro policy orientation, further strengthen policy coordination, avoid conflicts or 'synthetic fallacies', fully mobilize the enthusiasm of all parties for development, and form a joint force to jointly promote high-quality development," said Zeng Gang, director of the Shanghai Finance and Development Laboratory.
In terms of actively expanding domestic demand, the meeting proposed to "implement the large-scale equipment renewal and consumer goods trade in action plan", "better meet the diverse and high-quality consumption needs of the people", "deeply promote the people-oriented new urbanization" and "fully stimulate the vitality of private investment".
Jin Li said that at present, the key is to focus on the implementation of macro policies and get results, especially to anchor the main difficulties and challenges of economic development, such as insufficient effective demand, and make precise and sustained efforts to transform policy dividends into development effectiveness as soon as possible.
Adapt measures to local conditions, develop new quality productivity, strengthen patient capital
The meeting stressed that "we should develop new quality productive forces in line with local conditions", which not only reflects the requirements of consistency, but also further releases a clear signal of the new momentum of growth and development.
Scientific and technological innovation is the core element of developing new quality productivity. Li Gang, a researcher at the Institute of Industrial Economics of the Chinese Academy of Social Sciences, believed that the meeting clearly strengthened the layout of national strategic scientific and technological forces, which further highlighted the urgency and importance of accelerating the construction of a supportive scientific and technological innovation system.
"The development of new quality productivity is not a 'march'. We should not only base ourselves on local conditions and make good use of our own conditions and endowments, but also adhere to the classified guidance and precise policy among industries," said Li Gang.
The meeting proposed that "we should actively develop venture capital and expand patient capital", which attracted much attention.
Gao Guohua, the general manager of SDIC Investment Management Co., Ltd., believes that the cultivation of new technologies and new industries is characterized by large investment, long cycle and high uncertainty, which cannot be achieved overnight. Financial credit and traditional industrial investment methods cannot fully meet the needs of innovative development. Actively developing venture capital and encouraging patient capital to adhere to the "long-term principle" not only conform to the characteristics of industrial development, but also help create a good industrial ecology that stimulates innovation.
"New technology and new industries are not planned, but have grown up in good 'soil'. Promoting patient capital, venture capital, scientists and entrepreneurs' co entrepreneurship 'will further form a joint force to develop new quality productivity," said Gao Guohua.
Firmly deepen reform and expand opening up
The meeting released an important signal of "unswervingly deepening reform and opening up".
Guided by the reform of the economic system, China has continued to comprehensively deepen reform around the promotion of Chinese style modernization. The meeting stressed that "building a unified national market" and "improving the basic system of market economy".
"Building a unified national market is an inevitable requirement for unblocking the domestic circulation and promoting the construction of a new development pattern, as well as an important starting point for releasing the potential of domestic demand and consolidating the economic recovery to a good foundation." Guo Liyan said that the next step should be to specifically address prominent issues such as local protection, market segmentation, and improper competition in attracting investment in accordance with the deployment of the Party Central Committee and the State Council, Accelerate the improvement of the market access system, and comprehensively carry out the evaluation of market access efficiency.
Since this year, the complexity, severity and uncertainty of the external environment have increased significantly. The meeting stressed that it is necessary to actively expand intermediate trade, service trade, digital trade and cross-border e-commerce exports, support private enterprises to expand overseas markets, and increase efforts to attract and utilize foreign capital.
Zhao Fujun, director of the Comprehensive Research Office of the Department of Foreign Economic Research of the Development Research Center of the State Council, believes that a series of arrangements of the conference will help expand high-level opening up, consolidate the basic market of foreign trade and foreign capital, help private enterprises "go global" and enhance market confidence.
Continue to prevent and resolve risks in key areas
To promote a sustained economic recovery, we must keep the risk bottom line. The meeting stressed that we should continue to prevent and resolve risks in key areas.
At present, China's real estate market is still in the process of transformation and adjustment. The meeting pointed out that we should continue to adhere to the policy of taking measures based on the city, compact the responsibilities of local governments, real estate enterprises, and financial institutions, earnestly do a good job in ensuring the delivery of housing, and protect the legitimate rights and interests of property buyers.
Liu Lin, a researcher at the China Institute of Macroeconomics, said that this shows that at present and in the future, all regions will continue to strengthen efforts to stabilize real estate financing, promote project completion and delivery, and protect the legitimate rights and interests of property buyers. "Local governments, real estate enterprises and financial institutions should earnestly shoulder their responsibilities, implement relevant policies and measures in detail, and actively solve the contradictions existing in the process of housing delivery."
It is reported that all cities at prefecture level and above have established urban real estate financing coordination mechanisms. At present, two batches of "white list" projects have been pushed, and the project will receive nearly one trillion yuan of financing.
The meeting also proposed that policies and measures should be taken to comprehensively study and digest the stock of real estate and optimize the incremental housing, and we should pay close attention to the construction of a new model of real estate development to promote high-quality development of real estate.
Yu Xiaofen, president of the China Housing and Real Estate Research Institute of Zhejiang University of Technology, said that to promote high-quality development of real estate, we need to make two-way efforts in digesting the stock and optimizing the increment. On the one hand, all regions should implement policies based on the city, and implement policies precisely, coordinate the stock and increment, accelerate the establishment of a new mechanism for the linkage of "people", "real estate", "land" and "money" elements, and promote the balance between supply and demand in the real estate market; On the other hand, efforts should be made to build good green, low-carbon, intelligent and safe houses to meet the people's new expectations for high-quality housing.
The meeting also made arrangements for the in-depth implementation of the debt risk mitigation plan of local governments, and clearly put forward the idea of "ensuring that provinces, cities and counties with high debt risks can truly reduce debt and develop stably". In addition, the meeting stressed that we should continue to promote the reform of small and medium-sized financial institutions into insurance, and take multiple measures to promote the healthy development of the capital market.
Effectively guarantee and improve people's livelihood
At present, China's employment remains generally stable, but the pressure on total employment and structural contradictions are still prominent. The meeting stressed that we should give priority to employment, promote income growth of low - and middle-income groups, and strengthen the social security network.
Chen Yongjia, Deputy Director of the Employment Promotion Department of the Ministry of Human Resources and Social Security, said that he would spare no effort to stabilize employment, promote development and strive to complete the annual employment goals and tasks through four measures, namely, supporting job stabilization and expansion, broadening employment channels, supporting key groups, and strengthening precision services.
The meeting made arrangements to consolidate and expand the achievements of poverty alleviation, solidly promote the overall revitalization of rural areas, and focus on work safety.
"The Central Committee of the Communist Party of China focuses on key areas, key groups and weak links in development, effectively guarantees and improves people's livelihood, and emphasizes the promotion of the upgrading, renovation and upgrading of safety production infrastructure. These measures will provide a more solid guarantee for the high-quality development of China's economy," said Feng Wenmeng, a researcher of the Development Research Center of the State Council.
A good ecological environment is an inclusive wellbeing. Feng Wenmeng analyzed that the meeting emphasized the key direction of promoting green and low-carbon development, such as strengthening the clean and efficient utilization of coal and the consumption and utilization of renewable energy, accelerating the construction of recycling system of waste materials, which can not only promote the green transformation of economic and social development, but also help expand domestic demand, bringing new investment opportunities and growth momentum. (Reporters Chen Weiwei, Zhang Xinxin, Wang Youling, Wei Yukun, Yu Qiongyuan, Tang Shining)
