Xinhua News Agency, Beijing, April 30 (Xinhua) -- Taking advantage of the momentum to consolidate and enhance the positive trend of economic recovery -- the meeting of the Political Bureau of the CPC Central Committee conveys new trends in economic development
Xinhua News Agency reporter
In a critical year to achieve the goals and tasks of the 14th Five-Year Plan, it is very important to do a good job in economic work.
The Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 30 to analyze and study the current economic situation and economic work, pointing out that "the economy has achieved a good start", emphasizing that "the economy is still facing many challenges in sustained economic recovery" and "it is necessary to enhance confidence in doing a good job in economic work", and a series of deployments have made clear guidance for consolidating and enhancing the economic recovery and improving trend.
Insist on taking advantage of the momentum and avoid tightening before and loosening later
In the first quarter of this year, China's economy achieved a growth rate of 5.3 percent, and the macroeconomic operation continued to pick up and improve.
"Judging from historical data, the economic scale in the first quarter accounted for about 22% of the total economic output of the whole year. The good start of the first quarter is of great significance for the completion of the annual economic and social development goals and tasks. Li Hui, deputy director of the National Development and Reform Commission's National Economic Comprehensive Department, said.
However, at the same time, there are still many challenges to the sustained economic recovery. According to the analysis of the meeting, the main reason is that the effective demand is still insufficient, the business pressure of enterprises is greater, there are many risks and hidden dangers in key areas, the domestic cycle is not smooth enough, and the complexity, severity and uncertainty of the external environment have increased significantly. At the same time, the meeting also stressed that "a good start and a good rebound are the basic characteristics and trends of the current economic operation, and it is necessary to enhance confidence in doing a good job in economic work."
This fully reflects the CPC Central Committee's comprehensive and scientific grasp of the economic situation and its dialectical thinking on doing a good job in the current economic work. Guo Liyan, deputy director of the Economic Research Institute of the Chinese Academy of Macroeconomics, said that at present, we must not only adhere to the problem orientation, but also strengthen the confidence in development, promote the implementation of various policy measures that have been introduced, and further stabilize development expectations.
"Avoid tightening before and then loosening", this expression of the meeting has attracted attention.
According to Guo Liyan's analysis, the good start of the economy has laid a solid foundation for achieving the expected goals for the whole year. The requirements of the CPC Central Committee mean that we must take advantage of the momentum, grasp the rhythm and magnitude of macroeconomic regulation and control policies, not slacken our efforts, continue to promote the coordination and efficiency of various policies, and effectively promote the sustained recovery of the economy.
Macroeconomic policies should be put forward to ensure effective implementation
The meeting pointed out that it is necessary to make efforts to effectively implement the macroeconomic policies that have been determined.
"To make efforts ahead, it is necessary to lay a good amount of advance and leave redundancy in policy reserves; effective implementation, we must pay more attention to the effectiveness of policies, enhance the sense of gain, and further enhance the role of macro policies in supporting and promoting high-quality development. Jin Li, vice president of Southern University of Science and Technology, said.
Following the 2023 Central Economic Work Conference's proposal to "enhance the consistency of macro policy orientation", the meeting further emphasized that "it is necessary to do a good job in assessing the consistency of macro policy orientation and strengthen expectation management".
"It is necessary not only to implement a proactive fiscal policy and a prudent monetary policy, but also to incorporate non-economic policies into the assessment of the consistency of macro policy orientations, further strengthen policy coordination, avoid conflicts or 'synthetic fallacies', fully mobilize the enthusiasm of all parties for development, and form a joint force to promote high-quality development." Zeng Gang, director of the Shanghai Finance and Development Laboratory, said.
In terms of actively expanding domestic demand, the meeting proposed to "implement the action plan for large-scale equipment renewal and trade-in of consumer goods", "better meet the diversified and high-quality consumption needs of the people", "further promote the people-oriented new urbanization" and "fully stimulate the vitality of private investment".
Jin Li said that at present, the key is to do a good job in the implementation of macro policies and achieve results, especially to anchor the main difficulties and challenges of economic development such as insufficient effective demand, and make precise and continuous efforts, so as to transform policy dividends into development results as soon as possible.
Develop new productive forces in accordance with local conditions and strengthen patient capital
The meeting emphasized that "it is necessary to develop new quality productive forces in accordance with local conditions", which not only reflects the consistent requirements, but also further releases a clear signal of strengthening and developing new kinetic energy.
Scientific and technological innovation is the core element in the development of new quality productive forces. Li Gang, a researcher at the Institute of Industrial Economics of the Chinese Academy of Social Sciences, believes that the meeting clearly strengthened the layout of national strategic scientific and technological forces, which highlights the urgency and importance of accelerating the construction of a strong scientific and technological innovation system.
"The development of new quality productivity is not 'walking in unison', we must not only base ourselves on the actual situation of each place, make good use of our own conditions and endowments, but also adhere to the classification guidance and precise implementation of policies between industries. Li Gang said.
The meeting proposed that "we should actively develop venture capital and strengthen patient capital", which attracted much attention.
Gao Guohua, general manager of SDIC China Merchants Investment Management Co., Ltd., believes that the cultivation of new technologies and new industries has a large investment, a long cycle, and high uncertainty, which cannot be achieved overnight, and financial credit and traditional industrial investment methods cannot fully meet the needs of innovation and development. Actively developing venture capital and encouraging patient capital to adhere to "long-termism" is not only in line with the characteristics of industrial development, but also helps to create a good industrial ecology that stimulates innovation.
"New technologies and new industries are not planned, they are grown in good 'soil'. Promoting patient capital, venture capital, and scientists and entrepreneurs to 'start businesses together' will further form a synergy for the development of new quality productive forces. Gao Guohua said.
We will unswervingly deepen reform and expand opening up
The meeting released an important signal of "unswervingly deepening reform and expanding opening up".
Driven by the reform of the economic system, the mainland has continued to deepen reform in an all-round way around the promotion of Chinese-style modernization. The meeting emphasized the need to "build a unified national market" and "improve the basic system of market economy."
"The construction of a unified national market is an inevitable requirement for smoothing the domestic cycle and promoting the construction of a new development pattern, and it is also an important starting point for releasing the potential of domestic demand and consolidating the foundation for economic recovery. Guo Liyan said that the next step is to follow the deployment of the Party Central Committee and the State Council, and specifically deal with outstanding problems such as local protection, market segmentation, and improper competition in investment promotion, accelerate the improvement of the construction of the market access system, and comprehensively carry out the evaluation of market access efficiency.
Since the beginning of this year, the complexity, severity and uncertainty of the external environment have increased significantly. The meeting emphasized that it is necessary to actively expand intermediate goods 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 investment.
Zhao Fujun, director of the Comprehensive Research Office of the Foreign Economic Research Department of the Development Research Center of the State Council, believes that a series of arrangements at the meeting will help expand high-level opening up, consolidate the basic market of foreign trade and foreign investment, help private enterprises "go global", and enhance market confidence.
Continue to prevent and resolve risks in key areas
To promote the sustained economic recovery, we must adhere to the bottom line of risks. The meeting emphasized the need to continue to prevent and resolve risks in key areas.
At present, the mainland real estate market is still in the process of transformation and adjustment. The meeting pointed out that we should continue to adhere to the city-specific policies, consolidate the responsibilities of local governments, real estate enterprises and financial institutions, and do a good job in ensuring the delivery of housing to protect the legitimate rights and interests of buyers.
Liu Lin, a researcher at the China Macroeconomic Research Institute, said that this shows that at present and in the future, all localities will continue to increase efforts to stabilize real estate financing, promote the completion and delivery of projects, and protect the legitimate rights and interests of home buyers. "To complete and deliver housing to 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 in the process of housing delivery. ”
It is reported that all cities at and above the prefecture level have established a coordination mechanism for urban real estate financing, and two batches of "white list" projects have been completed, and the projects will receive financing of nearly one trillion yuan.
The meeting also proposed to study the policies and measures to digest the stock of real estate and optimize the incremental housing, pay close attention to the construction of a new model of real estate development, and promote the high-quality development of real estate.
Yu Xiaofen, dean of the China Housing and Real Estate Research Institute of Zhejiang University of Technology, said that to promote the high-quality development of real estate, it is necessary to make two-way efforts in digesting the stock and optimizing the increment. On the one hand, all localities should implement city-specific policies and precise policies, coordinate stock and increments, and accelerate the establishment of a new mechanism for the linkage of "people", "housing", "land" and "money" elements to promote the balance between supply and demand in the real estate market; on the other hand, make efforts to build green, low-carbon, intelligent and safe good houses to meet the people's new expectations for high-quality housing.
The meeting also made arrangements for the in-depth implementation of the local government debt risk mitigation plan, clearly proposing to "ensure that provinces, cities and counties with high debt risks can truly reduce debt and develop steadily". In addition, the meeting emphasized that we should continue to promote the reform of small and medium-sized financial institutions to reduce risks, and take multiple measures to promote the healthy development of the capital market.
Effectively protect and improve people's livelihood
At present, employment in the mainland remains generally stable, but the pressure on total employment and structural contradictions are still quite prominent. The meeting emphasized that the priority orientation of employment should be highlighted, the income of low- and middle-income groups should be promoted, and the social security net should be firmly knitted.
Chen Yongjia, deputy director of the Employment Promotion Department of the Ministry of Human Resources and Social Security, said that he will go all out to stabilize employment and promote development through four measures, including supporting stable and expanding jobs, broadening employment channels, supporting key groups, and strengthening precise services, and strive to complete the annual employment goals and tasks.
The meeting made arrangements for consolidating and expanding the achievements of poverty alleviation, solidly promoting the comprehensive revitalization of rural areas, and doing a good job in safe production.
"The CPC Central Committee focuses on key areas, key groups and weak links in development, effectively protects and improves people's livelihood, and emphasizes the promotion of the upgrading of production safety infrastructure, etc., these measures will provide a more solid guarantee for the high-quality development of China's economy. Feng Wenmeng, a researcher at the Development Research Center of the State Council, said.
A good ecological environment is the well-being of people's livelihood. Feng Wenmeng analyzed that the meeting emphasized the key directions of promoting green and low-carbon development, such as strengthening the clean and efficient use of coal and the consumption and utilization of renewable energy, and accelerating the construction of a recycling system for waste materials, which can not only promote the green transformation of economic and social development, but also help expand domestic demand and bring new investment opportunities and growth momentum. (Reporter Chen Weiwei, Zhang Xinxin, Wang Youling, Wei Yukun, Yu Qiongyuan, Tang Shining)
Source: Xinhua News Agency
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