Source: Economic Daily
Domestic demand is the basic driving force for the mainland's economic development. Identifying key areas, adopting more effective measures, and vigorously implementing the strategy of expanding domestic demand are the inevitable requirements for satisfying the people's ever-growing needs for a better life. When the Central Economic Work Conference deployed this year's key task of "focusing on expanding domestic demand", it was proposed that "it is necessary to promote large-scale equipment renewal and consumer goods trade-in with the improvement of technology, energy consumption, emission and other standards". The fourth meeting of the Central Financial and Economic Commission held in February this year emphasized the "implementation of large-scale equipment renewal and trade-in of consumer goods". Recently, the State Council issued the Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods. All these have pointed out the direction for promoting investment and consumption, accelerating the upgrading of consumption structure and industrial structure, and better promoting high-quality development.
Find the direction of the force
Domestic demand includes both consumption demand and investment demand. At present, the mainland economy is facing structural contradictions, and the promotion of high-quality development is constrained by insufficient effective demand. To solve these difficult problems, it is necessary to base ourselves on optimizing the structure, identify key areas, and carry out comprehensive, comprehensive and integrated policy planning from a higher level, so as to effectively expand domestic demand.
On the one hand, we should focus on accelerating the construction of a new development pattern and improving the quality and level of national economic circulation.
Since the beginning of this year, the positive factors in the mainland's economic operation have increased, and the momentum has continued to increase, but the economy still faces many challenges, mainly due to the lack of effective demand and the lack of smooth domestic circulation, which has an adverse impact on the construction of a new development pattern. The central government proposed to "promote large-scale equipment renewal and consumer goods trade-in", and introduced a series of policy measures, which are conducive to better combining the expansion of domestic demand with the acceleration of the construction of a new development pattern. The "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" requires that the expansion of domestic demand and the deepening of supply-side structural reform should be coordinated to implement four major actions: equipment renewal, consumer goods trade-in, recycling and recycling, and standard improvement. This will effectively promote the production and application of advanced equipment, promote the continuous increase in the proportion of advanced production capacity, promote more high-quality durable consumer goods into people's lives, smooth the resource recycling chain, and greatly improve the quality and level of national economic circulation.
First, to promote investment and consumption in key areas as the starting point, is conducive to enhancing the endogenous power and reliability of the domestic cycle. The scope of promoting large-scale equipment renewal mainly includes industry, municipal infrastructure, transportation, education, cultural tourism and other fields, which will speed up the depreciation of fixed assets and technological renewal of corresponding enterprises and units, and have a greater role in promoting and driving investment in fixed assets, which will help guide social funds to turn to the field of equipment renewal investment, and better activate the flow and allocation of capital and other factors. Similarly, the trade-in of consumer goods involves major bulk consumption areas such as automobiles, home appliances, and home decoration, which plays a greater role in expanding consumption, and can further stimulate consumption aspirations and release consumption potential.
The second is to promote product upgrading and recycling as the starting point, which is conducive to improving the activity and effectiveness of the national economy. Speeding up product upgrading and strengthening recycling can invigorate and expand the second-hand commodity market, guide the cascade utilization of product equipment and key components, improve the ability and level of resource recycling, and drive technological research and development and technological progress in this area. This can not only promote the growth of consumption and investment, optimize the consumption structure and production structure, but also help to enhance the activity of the market cycle, promote the rational flow and effective allocation of factors, and play a role in smoothing the national economic cycle and improving the efficiency of the cycle.
The third is to promote the improvement and improvement of standards as the traction, which is conducive to improving the quality and level of participation in the international cycle. Improving and improving standards is the basis for promoting equipment renewal, consumer goods trade-in, and recycling. In improving technology, energy consumption, emissions and other standards, the most important thing is to benchmark against the international advanced level and enhance the ability to participate in the formulation and revision of international standards, which is an important path to improve the quality and level of international circulation. It is necessary to speed up the improvement of relevant mechanisms, carry out comparative analysis between mainland standards and relevant international standards, continuously improve the conversion rate of international standards, encourage, support and guide domestic institutions to participate in the formulation and revision of international standards, and strengthen domestic and international convergence in quality standards, inspection and quarantine, certification and accreditation.
On the other hand, we will continue to combine stable growth with high-quality development, and promote stable economic growth with high-quality development.
The expected target for the mainland's economic growth this year is about 5 percent, and there are still many challenges to achieving this goal, and stabilizing growth is still an important task. At the same time, adhering to high-quality development is the last word in the new era. The central government has launched a new round of large-scale equipment renewal and a series of policies for the trade-in of consumer goods, which will effectively promote investment and consumption, which will benefit both the current and the long-term.
The first is to create conditions for promoting high-quality development by invigorating the domestic market and stabilizing growth. To promote the renewal of equipment in seven areas to promote the development of the real economy, to promote the trade-in of bulk durable consumer goods to promote the release of potential consumer demand, to invigorate the second-hand commodity market and promote the recycling of resources, to enhance the vitality and power of the domestic cycle, these will largely break the demand constraints of economic growth, is conducive to stabilizing and increasing the potential growth rate. The stable operation and growth of the economy can provide the environment and conditions for promoting high-quality development, promote enterprises to expand long-term investment that can improve efficiency and optimize structure, and enhance the lasting momentum of high-quality development.
The second is to promote high-quality development by accelerating product upgrading, upgrading and improving standards, and inject new momentum into stable growth. Promoting large-scale equipment renewal is not only the main means to stimulate investment in fixed assets, but also an important way to promote industrial technology upgrading; Improving and improving standards is an important requirement to adapt to the development trend of the industry, and it is also the main way to smooth the domestic cycle and improve the quality and level of the international cycle. All these will play a greater role in promoting high-quality development, and then inject a steady stream of momentum into stable growth.
Third, by accelerating the upgrading of consumption structure and industrial structure, we will work together to promote stable growth and high-quality development. Promoting large-scale equipment renewal will accelerate industrial technological progress and structural upgrading, promoting the trade-in of consumer goods, strengthening recycling, upgrading and improving standards will also accelerate the upgrading of consumption structure and drive the upgrading of industrial structure.
Strengthen overall planning and coordination
Identifying key areas to expand domestic demand is a complex systems project, which not only fully mobilizes the initiative, enthusiasm, and creativity of all quarters, but also provides necessary incentives and guidance, strengthens overall planning and coordination, improves relevant mechanisms, and does a good job in policy combination.
Increase policy support. Strengthen the policy support of the central government, increase the support of fiscal, financial, taxation and other policies, and better play the guiding role of local governments and business entities. In terms of fiscal policy, we will adhere to the linkage between the central government and local governments to support the trade-in of consumer goods, further improve the government's green procurement policy, and increase the procurement of green products. In terms of tax policy, we will increase the support for tax incentives for special equipment for energy and water conservation, environmental protection and safe production, and include digital and intelligent transformation in the scope of preferential treatment. In terms of financial policies, guide financial institutions to increase support for equipment renewal and technological transformation, guide banking institutions to reasonably increase green credit, and increase financial support for the production, service and consumption of green smart home appliances.
Strengthen innovation support. Focus on the industrial foundation and major technical equipment "stuck neck" problems that have long plagued the transformation and upgrading of traditional industries, and actively carry out scientific and technological research on major technical equipment. Improve the mechanism of "unveiling the leader", "horse racing" and innovative product iteration, guide enterprises to take advantage of the good opportunity of promoting large-scale equipment renewal and consumer goods trade-in, continuously improve the ability of independent innovation, and accelerate the industrial application of innovation achievements.
Adhere to orderly progress. The mainland is a big manufacturing country, with a complete industrial system, and there is a lot of room for upgrading all kinds of equipment. What needs to be noted is that the role of any policy cannot be achieved overnight, and what is more important is to give full play to the sustainable effect of good policies. It is necessary to adhere to the current and long-term perspective, pay attention to phases and categories, advance steadily and orderly, and continuously enhance the leading role of relevant policies in expanding domestic demand and promoting high-quality development.
At the same time, in order to improve the comprehensive effect of the policy, it is necessary to pay attention to some methods and methods in the process of policy implementation on the basis of strengthening overall planning and coordination.
The first is to make more use of reform methods to promote policy implementation. The process of policy implementation involves the relationship between departments, localities and enterprises, especially in the face of some institutional and institutional obstacles, and it is necessary to adopt more reform methods and make more use of market-oriented and law-based means to promote work. It is necessary to adhere to the organic combination of expanding domestic demand and deepening supply-side structural reforms, promote the effective linkage between supply and demand, open up economic cycle nodes and blockages, and continue to promote high-quality development.
The second is to make more use of synergy and cooperation to enhance the effectiveness of policy implementation. In order to improve the effectiveness of policies, the overall coordination at the decision-making level is as important as the coordination at the implementation level. It is necessary to attach great importance to the coordination and cooperation between central departments, and conduct in-depth communication in formulating specific plans and supporting policies. The coordination and cooperation between the central and local governments is relatively complex, and a lot of meticulous work needs to be done in strengthening and realizing the linkage between the central and local governments, and efforts should be made to achieve overall coordination and coordinated advancement.
The third is to make more use of investigation and research methods to find and solve problems. Strengthen the dynamic tracking and analysis of the policy implementation process, and promptly discover and solve emerging or potential problems. On the basis of studying and drawing on past experience, we should go deep into key areas, key industries, and key enterprises to conduct on-the-spot investigations, grasp first-hand information at any time, analyze new situations and new problems as soon as possible, and put forward suggestions for improving policies and measures.
In short, making efforts in the key areas of expanding domestic demand is an active choice to give full play to the advantages of the super-large-scale market, and is a key support for promoting economic circulation with higher efficiency. We must persist in being problem-oriented, strengthen coordination and high efficiency, coordinate the major relationships in all aspects, do our best and do what we can, and realize the unity of development quality, structure, scale, speed, efficiency, and security, so that the expansion of domestic demand will become a sustainable historical process.
(Source of this article: Economic Daily The author Guo Kesha is a special researcher at the Fujian Xi Jinping Research Center for Socialism with Chinese Characteristics for a New Era, and the dean of the School of Economics and Finance of Huaqiao University)