November economic data came out: policy combinations are frequent This winter has not been too cold

On November 5, people visited the 4th CIIE. Photo by Xinhua News Agency reporter Li Xiang

The operation of the national economy in November 2021 was released today. The data shows:

From January to November, the added value of industries above designated size increased by 10.1% year-on-year, the service industry production index increased by 14%, the total retail sales of social consumer goods increased by 13.7%, and the total import and export of goods increased by 22%, all maintaining rapid growth;

From January to November, the unemployment rate of the national urban survey averaged 5.1%, lower than the expected target of about 5.5% for the whole year; consumer prices rose by 0.9% year-on-year, lower than the expected target for the whole year of about 3%.;

Autumn grain output was 1,017.8 billion jin, an increase of 19.1 billion jin over the previous year; the total grain output of the whole year reached 1,365.7 billion jin, an increase of 2%, maintaining more than 1.3 trillion jin for seven consecutive years;

The balance of foreign exchange reserves remained above $3.2 trillion for seven consecutive months, and the balance of payments remained basically balanced;

In November, the manufacturing Purchasing Managers' Index (PMI) was 50.1%, back in expansion...

Fu Linghui, spokesman for the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, said that in November, the national economy continued to recover, the real economy was stable and rising, employment prices were generally stable, import and export growth was good, people's livelihood security was strong, and the quality of development was steadily improved.

Previously, the manufacturing PMI has fallen continuously since April, falling to a contraction range in September and October, with the small business manufacturing PMI in the contraction range for 7 consecutive months. The business activity index of the service industry has fluctuated greatly due to the impact of the epidemic, and the overall trend has also shown a downward trend. Among them, the business activity index of accommodation, catering and other industries has fallen back to the contraction range.

The Central Economic Work Conference pointed out that China's economic development is facing the triple pressure of demand contraction, supply shock and expected weakening. Under the impact of the century epidemic, the century-old changes have accelerated and evolved, and the external environment has become more complex and severe and uncertain.

Fu Linghui said that this important judgment was put forward in the context of the complex and severe international situation, the spread of the global epidemic, the poor circulation of the industrial chain supply chain, the rise in commodity prices, and the prominent structural problems in the domestic stage, and the emergence of new downward pressure on the economy. He believes that in the next stage, we will continue to do a good job in the organic combination of cross-cycle and counter-cyclical adjustment of macro policies, and there is still a good foundation for maintaining stable economic development.

In fact, in order to cope with the various difficulties in China's economic development, the market is increasing to ensure supply and stabilize prices, and the government's efforts to help enterprises to bail out are also increasing.

The symposium of economic situation experts and entrepreneurs held on November 18 pointed out that hundreds of millions of market entities are where The resilience and potential of China's economy lie, which effectively supports the basic employment plate, and macro policies should continue to focus on market players. While continuing the institutional tax reduction and implementing the established tax mitigation policy, we will study and adopt new combined and phased tax reduction and fee reduction measures, improve policies such as R&D expense deduction and value-added tax retention and tax rebate, and support manufacturing enterprises, small and medium-sized enterprises and individual industrial and commercial households to alleviate difficulties and innovate and upgrade.

At the end of November, the General Office of the State Council issued the Notice on Further Increasing the Intensity of Relief and Assistance to Small and Medium-sized Enterprises, and the Office of the Leading Group for Promoting the Development of Small and Medium-sized Enterprises of the State Council issued the Several Measures for Enhancing the Competitiveness of Small and Medium-sized Enterprises and the List of Practical Matters for "Specialized and Specialized" Small and Medium-sized Enterprises, forming a "1+2" policy combination that combines phased assistance and institutional arrangements. By further promoting tax and fee reductions, flexible and accurate use of a variety of financial policy tools, etc., we will provide strong support for the sustainable and healthy development of small and medium-sized enterprises.

On December 14, the National Development and Reform Commission and the Ministry of Industry and Information Technology issued the "Notice on the Implementation Plan for Promoting the High-quality Development of The Industrial Economy", proposing to reduce the burden on small and medium-sized enterprises, implement the bailout policy of supporting small and medium-sized enterprises in the manufacturing industry, and increase the rectification of illegal charges for enterprises. Encourage local governments to arrange special funds for the bailout of small and medium-sized enterprises, and give financial and other support to eligible small and medium-sized enterprises. Make good use of monetary policy tools and small re-loans that go directly to the real economy, and increase the credit loan for inclusive small and micro enterprises. Encourage qualified localities to establish a loan risk sharing compensation mechanism that supports small and micro enterprises.

With the intensification of macroeconomic policy adjustment, the effectiveness of the policy of ensuring stable supply and stabilizing prices and helping enterprises to bail out, since the fourth quarter, industrial production has been continuously accelerated, the price increase of industrial products has declined, foreign trade and foreign investment have grown rapidly, employment prices have been generally stable, and high-quality development has continued to achieve results.

Fu Linghui said that from the perspective of the whole year, China's economy is expected to recover steadily, and the main indicators remain in a reasonable range. (【Financial Translator】 Li Tong/Wen)

Author: Li Xiang

Source: Xinhua Net