Press Conference | Introduce the relevant situation of "systematically implementing a package of incremental policies, solidly promoting the optimization of the upward structure of the economy and the continuous improvement of the development trend".
Source: National Development and Reform Commission
The scene of the press conference
Situation release
Zheng Shajie, Director of the National Development and Reform Commission:
Friends from the media, good morning! It is a great pleasure to be here at today's press conference.
On September 26, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation, deploy the next step of economic work, and launch a package of incremental policies, which fully reflects the great importance that the CPC Central Committee with Comrade Xi Jinping as the core attaches to economic work and fully demonstrates the confidence and determination to promote the sustained economic recovery. On September 29, the State Council held an executive meeting to study and deploy the specific implementation of the package of incremental policies.
Today, I will fully implement the decisions and arrangements of the CPC Central Committee and the State Council, systematically implement a package of incremental policies, give you a briefing, and then work with my four colleagues to answer your questions. I would like to start by sharing two fronts.
1. On the current economic situation
We believe that to accurately grasp the reality of China's economy, it is necessary to be comprehensive, objective and calm, look at the overall macro situation and the development trend, and look at both the present and the future.
From the perspective of the overall macro situation, in the face of a more complex domestic and international environment, the mainland's economic operation has been generally stable and progressive, the formation of new quality productivity has been accelerated, the protection of people's livelihood has been continuously strengthened, new positive progress has been made in preventing and resolving risks in key areas, high-quality development has been further promoted, and the overall social situation has remained stable.
We can use the two key words "stability" and "progress" to summarize it briefly. "Stability" is mainly reflected in the overall economic market. In terms of production and supply, agricultural production is stable, and another bumper grain harvest is expected throughout the year; In the first eight months, the added value of industrial enterprises above designated size increased by 5.8% year-on-year, of which the output of new energy vehicles and integrated circuits increased by 31.3% and 26.6% respectively. The growth trend of the service industry was stable, and the production index of the service industry increased by 4.9 percent, of which the production index of information transmission software and information technology services, leasing and business services increased by 11.9 percent and 7.7 percent respectively. In terms of market demand, investment and consumption continued to grow, related to the long-term, support for sustainable development, conducive to sustainable development of manufacturing investment increased by 9.1%, 5.7 percentage points higher than the overall investment, the "two new" (large-scale equipment renewal and consumer goods trade-in) work has achieved remarkable results, the recent sales of automobiles and home appliances have rebounded rapidly, and the retail sales of major manufacturers of passenger cars are expected to increase by 10% in September compared with the previous month. In the first eight months, exports in renminbi terms increased by 6.9%. In terms of employment prices, the employment situation was stable, with 9.44 million new urban jobs added in the first eight months, an increase of 200,000 year-on-year; Consumer prices (CPI) rose 0.2% year-on-year, including 0.6% in August. "Progress" is mainly reflected in structural optimization. In the first eight months, the added value of high-tech manufacturing and equipment manufacturing increased by 8.9% and 7.6% respectively, the three major demand structures were more optimized, and some key areas were constantly optimized and made breakthroughs.
While seeing the results, achievements, and bright spots of economic development, we also face up to the existing difficulties and problems. On the one hand, the external environment is becoming more complex and severe, with the International Monetary Fund (IMF) forecasting that the global economy will grow by 3.2% this year, lower than last year. The weak growth momentum of major economies, the heavy debt burden, the recent widespread implementation of interest rate cuts, the obvious volatility of the international market, the intensification of global trade protection, and the increase in uncertainties and instability will all adversely affect the mainland through trade, investment, financial and other channels. On the other hand, the downward pressure on the domestic economy has increased, since the third quarter, major economic indicators such as industry, investment and consumption have fluctuated, some industries "involution" competition, some enterprises have not adapted to the optimization and upgrading or transformation and development changes, some increase production without increasing income and profits, some production and operation are more difficult, and some areas of risk and hidden dangers are still large.
Comprehensive analysis, from the development trend, the fundamentals of the mainland's economic development have not changed, the market potential, strong economic resilience and other favorable conditions have not changed, with the stock policy effect continues to release, especially the introduction and implementation of incremental policies, the recent market expectations have improved significantly, the manufacturing purchasing managers' index (PMI) has rebounded rapidly, the stock market has picked up and risen, and the market consumption during the "Eleventh" holiday is strong. We are full of confidence in achieving the goals and tasks of economic and social development for the whole year, and in maintaining sustained, stable and healthy economic and social development.
2. Work considerations on the implementation of the package of incremental policies
In view of the new situation and new problems in the current economic operation, the CPC Central Committee and the State Council have made scientific decisions and taken decisive action, while effectively implementing the stock policy, focusing on increasing the counter-cyclical adjustment of macro policies, expanding effective domestic demand, increasing the intensity of helping enterprises, promoting the real estate market to stop falling and stabilizing, and boosting the capital market, and have strengthened the introduction of a package of incremental policies to promote the sustained recovery of the economy. We not only attach importance to solving the current difficulties and problems, but also pay more attention to solving major problems in the medium- and long-term development of the economy, strengthen the foundation, benefit the long-term, sustainable, and make steady progress, and promote high-quality development.
The package of incremental policies reflects the three "more emphasis", that is, more attention is paid to improving the quality of economic development, more attention is paid to supporting the healthy development of the real economy and business entities, and more attention is paid to coordinating high-quality development and high-level security. The planning and formulation of these policies also embodies the four "persistences". The first is to adhere to the goal orientation, anchor the annual goals and tasks, make good use of the policy space, and strive to stimulate greater development potential. The second is to adhere to the problem-oriented, focus on the main business entities and social concerns, closely follow the difficult problems in economic and social development and enterprise production and operation, and take more targeted measures. The third is to adhere to systematic policies, coordinate policies in various fields such as finance, finance, consumption, investment, real estate, stock market, employment, and people's livelihood, enhance the consistency of macro policy orientation, and strengthen policy synergy. Fourth, adhere to the combination of long and short, coordinate the convergence of policies this year and next, promote the sustained, stable and healthy development of the economy, and ensure the smooth conclusion of the "14th Five-Year Plan".
The implementation of the package of incremental policies is a comprehensive and systematic work, which should be targeted and accurate, and enhance its effectiveness and sustainability. Specifically, there are five "targets". First, in view of the downward pressure on economic operation, we should strengthen the counter-cyclical adjustment of macroeconomic policies, and we must continue to work harder and more vigorously in all aspects. Second, in view of the lack of effective domestic demand and other problems, the policy of expanding domestic demand will focus more on benefiting people's livelihood and promoting consumption, and actively play an effective role in driving investment. Third, in view of the current production and operation difficulties of some enterprises, we will increase the intensity of assistance to enterprises, effectively optimize the business environment, and help enterprises tide over difficulties. Fourth, in view of the continued weakness of the property market, comprehensive policy measures will be adopted to promote the real estate market to stop falling and stabilize. Fifth, in response to the fluctuating and downward trend of the stock market in the early stage, a series of effective measures have been introduced to boost the capital market.
In the next step, we will work with all departments and regions to fully implement and accelerate the implementation of the decisions and arrangements of the Party Central Committee and the State Council, systematically implement a package of incremental policies, play a set of "combination punches", break through the blocking points in the implementation of policies, and solidly promote the stability and upward movement of the economy, the continuous improvement of the structure, and the continuous improvement of the development trend, and strive to see more practical results within the year, and also lay a good foundation for the smooth conclusion of the "14th Five-Year Plan" next year and even the good start of the "15th Five-Year Plan".
Answering questions from reporters
CCTV reporter from China Central Radio and Television:
Hello Director Zha Jie, in your opening remarks, you just introduced the implementation of the package of incremental policies deployed by the Political Bureau of the Central Committee, including the overall planning of finance, finance, consumption, investment and other fields, can you please elaborate on the specific measures to implement the package of incremental policies?
Zheng Shajie:
I have just briefed on the main considerations of the incremental policy package, and now I would like to introduce the specific measures for the systematic implementation of the incremental policy package. It mainly includes five aspects.
1. Strengthen the implementation of macroeconomic policies with greater efficiency
The first is to intensify the counter-cyclical adjustment of macroeconomic policies. Strengthen the overall coordination and system integration of macro policies such as fiscal taxation, monetary and financial, investment and consumption, and income distribution, strengthen the collaborative innovation of policy tools, grasp the timeliness and effectiveness of policy implementation, and amplify the effect of policy combination. It is necessary to ensure the necessary financial expenditures, speed up the progress of expenditures, and increase the positive role of economic development; It is necessary to step up support for local governments to carry out debt swaps and resolve debt risks. Reducing the reserve requirement ratio, implementing strong interest rate cuts, supporting large state-owned commercial banks to replenish core Tier 1 capital, and creating a better financial environment for investment and financing of business entities and the implementation of macro policies.
The second is to accelerate the implementation of major reform measures. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) has identified more than 300 key reform measures, and various tasks are being implemented in an orderly manner. We will accelerate the introduction of a number of reform measures that are ripe and accessible, and conducive to the realization of sustained and healthy economic development, such as formulating guidelines for the construction of a unified national market, issuing a new version of the negative list for market access, establishing a mechanism for the growth of future industrial investment, improving the system for promoting the deep integration of the real economy and the digital economy, and issuing opinions on improving the social credit system. At the same time, we will intensify efforts to attract and stabilize investment, further expand independent opening-up, revise and expand the catalogue of industries encouraged for foreign investment, launch a new batch of major foreign-funded projects, and implement a more open transit visa-free policy.
The third is to enhance the consistency of macroeconomic policy orientation. Make good use of the consistency assessment mechanism to improve the consistency and matching of policy objectives, tools, intensity, timing, and rhythm in various fields. Before the policy is introduced, it should be fully demonstrated through consistency assessment; When implementing or adjusting policies, they should continue to be consistent with the macro policy orientation; After the policy is implemented, the policy effect should be reviewed and evaluated in a timely manner, and the implementation should be adjusted or suspended in a timely manner if it is inconsistent with the macro policy orientation throughout the process.
2. Further expand domestic demand
In terms of consumption, the focus is on combining promoting consumption with benefiting people's livelihood, promoting the income of low- and middle-income groups, and implementing actions to boost consumption. Specifically, there are three points. The first is to increase support for specific groups. Before the National Day, a one-time living allowance was issued to people living in extreme poverty, orphans and other people in need. It is necessary to raise the standard of student financial assistance and expand the coverage of policies, increase the amount of national student loans for undergraduate students and graduate students, and promote the reduction of loan interest rates. The second is to combine the "two new" to promote the continuous expansion of commodity consumption. Large-scale equipment renewal and trade-in of consumer goods are not only conducive to unleashing demand potential, but also conducive to promoting energy conservation and carbon reduction, and promoting comprehensive green transformation. At present, the implementation rules for the trade-in of consumer goods have been fully promulgated, the funds have been fully issued, and the policies have been fully launched, the retail sales of passenger cars have rebounded sharply, and the sales of household appliances have turned from a decline to an increase. We need to intensify the implementation of relevant policies to promote the continuous increase in commodity consumption. The third is to expand the consumption of services such as pension and childcare. These are also the two "old and young" issues that society is now generally concerned about. Support and regulate the development of social forces in the old-age care and childcare industries, pay close attention to improving the system of childbirth support policies, and improve the level of basic childbirth and children's medical public services. It is necessary to cultivate new consumption formats such as digital consumption and green consumption, and enhance the adaptability of the supply side to mid-to-high-end demand.
In terms of investment, the focus will be on expanding effective investment and accelerating the formation of physical workload. Specifically, there are three points. The first is to make full use of all kinds of funds this year. At present, the investment of 700 billion yuan in the central budget has been fully distributed, and the 1 trillion yuan ultra-long-term special treasury bonds for the "two-fold" construction (the implementation of major national strategies and security capacity building in key areas) and the "two new" work have all been distributed to the projects and localities, and the project construction and fund allocation are currently being accelerated. Accelerate the issuance and use of local government special bonds, and support the start of project construction. The second is to plan ahead and issue a list of some "double" construction projects and investment plans in the central budget next year. After combing, there is a large demand for incremental funds in the fields of continued infrastructure construction, urbanization of agricultural transfer population, high-standard farmland construction, underground pipe network construction, and urban renewal. Next year, it is necessary to continue to issue ultra-long-term special treasury bonds, optimize the direction of investment, and strengthen support for the "two-fold" construction. We will issue a 100 billion yuan central budget investment plan and a 100 billion yuan list of "double" construction projects in advance within this year, and support local governments to speed up the preliminary work and start implementation first. At the same time, an important task related to this is to accelerate the construction of a new type of urbanization that is people-oriented. The third is to optimize the implementation of major investment policies. We should pay close attention to studying the appropriate expansion of the field, scale, and proportion of special bonds used as capital, and introduce specific reform measures to reasonably expand the scope of support for local government special bonds as soon as possible. We will further stimulate the enthusiasm of private investment, implement new mechanisms for public-private partnerships, and support the participation of private capital in the construction of new infrastructure and other fields.
3. Increase the intensity of assistance to enterprises
The first is to standardize the law enforcement and regulatory behavior of enterprises. Further standardize the administrative law enforcement behavior of administrative law enforcement units involved in enterprises, adopt more inclusive and prudential supervision and soft law enforcement methods, and cannot violate laws and regulations in different places and profit-seeking law enforcement, and cannot arbitrarily fine, inspect, and seize arbitrarily. Promptly remind the places where the increase in fines and confiscation income is abnormal, and conduct supervision when necessary. We should speed up the legislative process of the law on the promotion of the private economy and create a good environment for the development of the non-public economy.
The second is to clarify the follow-up arrangements of phased policies in advance. According to the combing, at the end of this year, there will be some tax support, unemployment insurance assistance to stabilize jobs, skill upgrading subsidies and other policies to expire. On the basis of research and evaluation, the relevant departments will speed up the clarification of whether the policy will continue to be implemented, and if so, clarify the period of extension of implementation as soon as possible. Policies conducive to the production, operation and healthy development of enterprises will not stop or decrease.
The third is to strengthen the guarantee of factor allocation. The policy of renewing loans without principal repayment has been extended from small and micro enterprises to medium-sized enterprises in stages, and this policy has been introduced, and more enterprises will enjoy the benefits. Recently, the National Development and Reform Commission (NDRC) and the State Administration of Financial Supervision (SAF) have taken the lead in establishing a coordination mechanism to support the financing of small and micro enterprises, guiding financial institutions to provide financing support in accordance with market-oriented principles, and striving to achieve "full loans". At the same time, a number of eligible major projects will be included in the scope of energy consumption in the 14th Five-Year Plan, and local governments will be encouraged to increase renewable energy consumption through the purchase of green electricity and green certificates.
Fourth, promote the real estate market to stop falling and stabilize. Adopt systematic and comprehensive measures to strictly control the increment of commercial housing construction, optimize the stock, improve the quality, increase the loan delivery of "white list" projects, use special bonds and other support to revitalize the stock of idle land, adjust the housing purchase restriction policy, release the demand for rigid and improved housing, accelerate the digestion of the stock of commercial housing, reduce the interest rate of the stock of housing loans, pay close attention to improving land, fiscal and taxation, financial and other policies, and accelerate the construction of a new model of real estate development. Policies such as reducing the interest rate on existing housing loans have been introduced, some cities have completely canceled purchase restrictions, some cities have further narrowed the purchase restriction area, relaxed the purchase restriction conditions, and other policies are also actively planning and actively promoting.
Fifth, efforts should be made to boost the capital market. The relevant departments will take strong and effective comprehensive measures to vigorously guide medium and long-term funds to enter the market, open up the blocking points of social security, insurance, wealth management and other funds into the market, support the mergers and acquisitions of listed companies, steadily promote the reform of public funds, and study and introduce policies and measures to protect small and medium-sized investors. At present, the introduction of various policies is being accelerated.
In the next step, we will closely track the changes in the situation, evaluate the effect of policy implementation in real time, study new incremental policies in a timely manner, do a good job in policy pre-research reserves, coordinate policy convergence and work convergence this year and next year, and solidly promote economic stability and upward structural improvement and continuous improvement of development momentum.
Cover News Reporter:
Director Zheng just mentioned that it is necessary to expand effective investment, what are the follow-up policies and measures to promote the implementation of investment as soon as possible and accelerate the formation of physical workload?
Liu Sushe, Deputy Director of the National Development and Reform Commission:
Since the beginning of this year, we have focused on key areas and key links, focused on expanding effective investment, giving full play to the guiding role of government investment, and fully mobilizing the enthusiasm of private investment. Here I would like to use a set of data to report to you about this year.
In terms of government investment, most of the nearly 6 trillion yuan of government investment this year has been implemented into specific projects, and is currently accelerating the formation of more physical workload, and this year's central budget investment of 700 billion yuan has been issued, and the current project start-up rate is 58%; Of the 1 trillion yuan of ultra-long-term special treasury bonds, 700 billion yuan for the "double" construction has also been distributed to the project, and the project start-up rate is 50%; Of the 3.12 trillion yuan of local government special bonds used for project construction this year, 2.83 trillion yuan has been issued by the end of September, with an issuance rate of 90% and a project start-up rate of 85%; In the fourth quarter of last year, all the 1 trillion yuan of treasury bonds issued for post-disaster recovery and reconstruction and the enhancement of disaster prevention, mitigation and relief capabilities have been started by the end of June this year, and an investment of 770 billion yuan has been completed. In terms of private investment, since the beginning of this year, we have introduced 1,635 major projects to private capital, of which 441 projects have attracted private capital to participate in projects, with a total investment of 344.8 billion yuan. New progress has also been made in the participation of private capital in major infrastructure projects such as nuclear power and railways. We have also organized the screening of the first batch of 189 national key private investment projects to help coordinate and solve major issues such as the guarantee of capital elements. At the same time, it standardizes the implementation of the new mechanism of public-private partnership, focuses on the policy guidance of user payment, all adopting the franchise model, and giving priority to supporting the participation of private enterprises, and announces a number of demonstration projects to the public, involving a total investment of 141 billion yuan.
In accordance with the spirit of the meeting of the Political Bureau of the CPC Central Committee and the arrangements of the Standing Committee of the State Council, in the next step, we will work with relevant departments to coordinate the expansion of effective investment incremental policies and stock policies, so as to promote the steady growth of investment. The following is supplemented by the implementation of the implementation work from five aspects.
The first is to pay close attention to the early issuance of the list of some "double" construction projects in 2025 and the investment plan in the central budget. Supporting the "two-fold" construction is a major decision and deployment made by the CPC Central Committee with a view to building a strong country and the great cause of national rejuvenation. In 2025, we will continue to issue ultra-long-term special treasury bonds and optimize the investment direction, and the "two-fold" construction will still maintain a strong arrangement. At present, the National Development and Reform Commission, together with relevant departments and localities, is planning and reserving a number of major projects of "double" construction from top to bottom, and simultaneously accelerating the "soft construction" of policy, planning, institutional and mechanism innovation, and jointly achieving the "double" goal by continuously improving the investment mechanism and improving investment efficiency, and coordinating "hard investment" and "soft construction". The central budget will continue to support basic, public-welfare, and long-term projects, and speed up the completion of the shortcomings and weaknesses of the mainland's modernization drive. Considering that the early issuance of the project list and investment plan will help speed up the preliminary work of the project and start the implementation in advance, we plan to issue the list of 100 billion yuan of "double" construction projects and the 100 billion yuan central budget investment plan in advance according to the procedures at the end of this month. The projects involved have been carefully screened by the National Development and Reform Commission and relevant departments, and meet the investment direction, mature preliminary work, and have the conditions for issuance, and can form a physical workload as soon as possible within the year.
The second is to increase the promotion of 102 major projects in the "14th Five-Year Plan". Of the 5,100 specific projects involved in 102 major projects, 92% of the projects have started construction or have been completed so far. In the next step, we will further strengthen overall planning and coordination, consolidate the responsibilities of all parties, strengthen financial support and factor resource guarantees, and promote the construction of 409 projects that have not yet started as soon as possible, so as to ensure the smooth completion of 102 major projects in the "14th Five-Year Plan" by the end of next year.
The third is to make full use of local government special bonds. On the one hand, we will urge the relevant localities to complete the issuance of the remaining 290 billion yuan of local government special bonds by the end of October, and at the same time speed up the implementation of the local government special bond projects that have been issued and the progress of the use of funds, so as to promote the formation of more physical workload. On the other hand, in view of some outstanding problems in the issuance, use and management of local government special bonds, the National Development and Reform Commission and the Ministry of Finance are currently stepping up research on reasonably expanding the scope of support for local government special bonds in accordance with the deployment, appropriately expanding the field, scale and proportion of capital funds, studying and carrying out pilot projects for project review autonomy, implementing "green channels" for continued projects, etc., and introducing new measures to optimize and improve the management of local government special bonds as soon as possible.
Fourth, strengthen the whole-process management of government investment projects. Mainly through online monitoring, on-site supervision, on-site verification and other ways to strengthen the scheduling of projects, supervise and guide local and departmental organizations to organize and implement various government investment projects, and accelerate the construction of projects. At the same time, we should vigorously deepen the reform of the investment examination and approval system, and step up the study and formulation of policies and measures to further improve the government's investment decision-making mechanism and improve the government's investment efficiency.
Fifth, support and encourage the healthy development of private investment. Accelerate the improvement of the long-term mechanism for private enterprises to participate in the construction of major national projects, focusing on continuing to do a good job in the promotion of high-quality projects, promoting more private capital to participate in the construction of major infrastructure projects such as railways, energy, and water conservancy, and accelerating the selection and formation of a new batch of national key private investment projects. At the same time, we will standardize the implementation of the new mechanism of public-private partnership, support more qualified private investment projects to issue infrastructure REITs, and deepen pilot cooperation on investment-loan linkage.
Singapore Lianhe Zaobao reporter:
How does the Chinese government plan to boost the investment confidence of private entrepreneurs and attract more foreign investment? What policies will be introduced to further improve the business environment?
Zheng Bei, Deputy Director of the National Development and Reform Commission:
On September 26, the meeting of the Political Bureau of the Central Committee pointed out that it is necessary to help enterprises tide over difficulties, further standardize the law enforcement and supervision behaviors related to enterprises, and further optimize the market-oriented, law-based, and international first-class business environment. The National Development and Reform Commission will adhere to the problem-oriented approach, and work with relevant departments to continue to work hard to optimize the business environment, focusing on the "three furthers".
The first is to further improve the legal system related to enterprises. On the one hand, we will speed up the legislative process of the Law on the Promotion of the Private Economy, and legally put down the requirements for equal treatment of state-owned enterprises and private enterprises. Accelerate the revision of the Tendering and Bidding Law, focus on cracking down on local protection, and promote the fair participation of enterprises of all types of ownership in market competition. Promote the revision of the "Regulations on Guaranteeing the Payment of Small and Medium-sized Enterprises", and promote the timely payment of small and medium-sized enterprises by government agencies, public institutions, and large enterprises. On the other hand, for laws, regulations and policies involving unequal treatment of enterprises, we will speed up the clean-up progress and break down the institutional barriers that hinder fair competition of enterprises.
The second is to further standardize the law enforcement and supervision behaviors related to enterprises. We will promote the acceleration of the improvement of the standards for administrative discretion, and adopt more inclusive and prudential supervision and soft law enforcement methods for administrative law enforcement, so as to avoid or reduce the impact on the normal production and business activities of business entities. Standardize the conduct of administrative law enforcement in different places, establish and improve the system of assistance in administrative law enforcement in other places, and prevent selective law enforcement and profit-seeking law enforcement. Strengthen supervision of administrative law enforcement, resolutely correct and seriously pursue responsibility for arbitrary collection of fees, arbitrary fines, and arbitrary apportionment.
The third is to further help enterprises solve practical difficulties. We will give full play to the role of the inter-ministerial joint conference system to promote the development and growth of the private economy, build and make good use of the comprehensive service platform for the development of the private economy, strengthen the normalized communication at the national, provincial, municipal and county levels, listen carefully to the opinions and suggestions of enterprises, and promote the solution of urgent and difficult problems. For example, in response to the relatively concentrated financing problems reported by enterprises, under the framework of the inter-ministerial joint conference, we have promoted the expansion of the coverage of the non-repayment renewal policy, and expanded from small and micro enterprises to medium-sized enterprises in the fields of science and technology, manufacturing, and agriculture in stages, improving the efficiency of loan renewal and reducing the cost of capital.
On the question of how to attract more foreign investment, we will take five measures, including increasing investment and stabilizing investment, further expanding independent opening up, and launching a new batch of major foreign-funded projects, to encourage foreign-funded enterprises to deepen their cultivation in China and win in China.
Reuters:
I would like to ask, is there an approximate size of this policy package, and what are the goals we want to achieve? Will this year's economic growth target of about 5% be achieved? Will the current deflationary pressure on the economy ease?
Zhao Chenxin, Deputy Director of the National Development and Reform Commission:
For example, the research and formulation of this package of incremental policies reflects the "three more emphasis" and the "four insistences", that is, to pay more attention to the quality of economic development, pay more attention to supporting the healthy development of the real economy and business entities, and pay more attention to coordinating high-quality development and high-level security; Adhere to goal-oriented, problem-oriented, systematic policy-making, and adhere to the combination of long and short. For example, a package of incremental policies is a comprehensive and systematic policy, and comprehensive and systematic are the key words. Another example is that in the process of implementation and implementation, it is necessary to improve pertinence and precision, and enhance effectiveness and sustainability. As long as we grasp these core contents, we will certainly be able to help understand and grasp the package of incremental policies. The package of incremental policies is to fully stimulate the enthusiasm, initiative and creativity of the whole society to promote high-quality development, and promote the sustained recovery of the economy.
In the first half of this year, the mainland's economic growth rate was 5 percent, and employment and prices remained basically stable. Today is 8 October, and the first three quarters have passed, and judging from what we have learned, the mainland's economy has been able to maintain an overall stable and steady development trend in the first three quarters. With the implementation of the decisions and arrangements of the CPC Central Committee and the State Council, especially the continuous emergence of the effect of the package of incremental policies, the vitality and momentum of development will be further released, market confidence will be further enhanced, and the foundation for high-quality development and stable economic operation will be further consolidated. We have the conditions, the ability and the confidence to achieve the expected goals and tasks of economic and social development for the whole year.
Bloomberg News:
With the transformation of China's economy to high-quality development, how will the country create employment opportunities for the labor outflow from traditional real estate and other labor-intensive industries? Especially considering that the youth unemployment rate in August this year was about 18%, how can China achieve full employment? At the same time, as you mentioned earlier, the remaining quota of local government special bonds will be issued in October this year, does that mean that China will issue some new bonds in November and December?
Li Chunlin, Deputy Director of the National Development and Reform Commission:
Among the ultimate goals to be achieved by the "three more emphasis", promoting high-quality and full employment is one of the main goals.
Since the beginning of this year, various policies to stabilize growth and employment have continued to exert force, and the employment situation has remained stable overall. In the first eight months of this year, the surveyed unemployment rate in urban areas averaged 5.2 percent, down 0.1 percentage points year-on-year. It is a very normal phenomenon for labor to move from industries with low labor productivity to industries with high labor productivity. Technological progress will not only promote economic transformation and industrial upgrading, but also give rise to many new occupations and new jobs. For example, the boom in the low-altitude economy has given rise to a new job as a drone operator. According to the estimates of relevant departments, there is now a shortage of 1 million people in this position on the mainland. Another example is the new energy vehicle maintenance industry, where the overall employment in China is less than 100,000. The relevant departments predict that by 2025, that is, next year, the shortage of professionals in the maintenance and research and development of new energy vehicles will reach 1.03 million, which is a huge number of jobs.
On September 26, the meeting of the Political Bureau of the CPC Central Committee made a series of clear arrangements for doing a good job in employment. The key to expanding employment is development, especially high-quality development. In the next step, the National Development and Reform Commission will vigorously implement the employment priority strategy, strengthen the coordination and cooperation of macro policies, guide the establishment of a correct employment concept, and insist on relying on development to promote employment. On the basis of Director Zha Jie's briefing just now, I would like to add four more:
The first is to expand effective demand and create new employment growth points. Give full play to the leading role of investment in the central budget, and take multiple measures to stimulate the vitality of private investment. Accelerate the implementation of major measures such as "two heavy" and "two new", and increase support for projects with good employment absorption effects. Last year, the National Development and Reform Commission (NDRC) allocated 10.9 billion yuan in the central budget for work-for-work relief, which led to 290,000 low-income rural groups to find employment in the nearest place, and the per capita income reached 10,000 yuan.
The second is to enhance the employment creation effect of emerging industries. Develop new quality productive forces in accordance with local conditions, cultivate and expand a new generation of information technology, energy conservation and environmental protection, biotechnology, new materials, new energy and other strategic emerging industries and future industries, and create more knowledge-based and skill-based jobs.
The third is to broaden the employment space of the life service industry. Innovate and develop service consumption, accelerate the cultivation of new consumption scenarios, and vigorously develop the silver economy, China's aging population is increasing year by year, and we must fully release the employment potential in the field of social services such as pension, housekeeping, childcare, and logistics. Taking the housekeeping industry as an example, there are currently about 30 million employees in the domestic service industry in mainland China, but the actual market demand is as high as 50 million, especially the extreme shortage of high-quality and high-level domestic service personnel.
Fourth, we should give full play to the role of vocational education and skills training in promoting employment. Coordinate multi-channel resources to increase investment in the construction of skills training infrastructure, guide local governments to build and make good use of platform carriers such as public training bases and training bases for the integration of industry and education, accurately meet the employment needs of enterprises, and carry out order-based, targeted and project-based training for the majority of workers, so that they can open up the road to employment and income with one skill.
Liu Sushe:
This year, 3.12 trillion yuan of special bonds have been used for project construction, and 2.83 trillion yuan has been issued by the end of September, and 290 billion yuan has been issued.
In the next step, the focus is to make full use of and give full play to the benefits of special bonds, ensure that special bond projects start as soon as possible, and ensure that special bonds really play a role. At the same time, the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) are studying new measures to optimize and improve the management of local government special bonds. After the introduction of special bonds, it will promote special bonds to play a greater role in investment. I will add to that briefly.
Reporter of Economic Daily:
As mentioned earlier, in the package of incremental policies, there is a large demand for incremental funds in the field of urban renewal. We understand that urban renewal includes the renovation of old residential areas, the renewal of underground pipe networks, etc., what are the specific support policies, and is there any financing support?
Liu Sushe:
At present, the urban development of the mainland has entered the stage of paying equal attention to incremental construction and stock renewal, and it can be said that in the coming period, the task of urban transformation and renewal will become more and more heavy. Taking the construction and renovation of the underground pipe network of the important "Lizi Project" in the city as an example, the relevant parties expect that the total amount of urban gas, water supply and drainage, heating and other pipe networks that need to be renovated in the next five years will be nearly 600,000 kilometers, and the total investment demand will be about 4 trillion yuan.
In the next step, we will combine our functions, continue to make overall plans for the use of all kinds of funds, arrange the list of relevant projects and investment plans in advance, accelerate the start of construction of eligible projects, and improve the sustainable renewal and transformation mechanism, actively promote the upgrading and transformation of urban infrastructure, make up for the shortcomings of urban infrastructure as soon as possible, fully release the huge potential of new urbanization in the mainland, and form a new economic growth point. There are a few things to do next:
The first is to promote the implementation of the modernization task in a classified and orderly manner. Distinguish the priority of the task, in accordance with the short-term focus on eliminating potential safety hazards, medium-term promotion of the renewal of aging facilities, and long-term promotion of the improvement of facilities functions, organize the implementation of urban infrastructure upgrading and transformation actions, give priority to promoting the safety improvement of urban pipe networks, livable transformation of old residential areas, comprehensive transformation of urban villages, safety transformation of urban transportation facilities and other projects involving major public safety and important people's livelihood guarantees, and orderly promote the transformation and quality improvement of old blocks (old factories) and the improvement of urban public service functions.
Second, in the list of some "double" construction projects next year and the investment plan in the central budget, priority will be given to supporting a number of key urban renewal projects. At present, the capital demand of the urban underground pipe network is relatively large, and many projects are relatively mature, so we want to give priority to supporting a number of key urban renewal projects in the early approval. From 2023 to 2024, the NDRC will arrange more than 470 billion yuan of investment in the central budget, additional issuance of treasury bonds and ultra-long-term special treasury bonds, focusing on supporting urban renewal projects such as the renovation of underground pipe networks such as urban gas and drainage, and the renovation of old urban communities. In the coming years, urban renewal will continue to be the focus of government investment support, and it will continue to increase efforts in 2025. In the two 100 billion project list and investment plan, urban renewal occupies a certain proportion, mainly arranging the construction of urban gas, water supply and drainage, heating and other pipe networks, highlighting the key cities and central urban areas with large population and high density, focusing on supporting projects under construction and projects that can be started in the fourth quarter of this year, and promoting the solution of outstanding problems such as aging gas pipeline network, urban waterlogging, and leakage of water supply pipe network. Support for urban renewal projects such as the renovation of dilapidated housing. It is also necessary to study the inclusion of urban renewal projects with certain benefits, such as the renovation of old blocks (old factories), into the scope of local government special bond support.
The third is to actively explore innovative financing models. Urban renewal contains huge market potential, the amount of investment in the project is relatively large, relying on government investment alone is far from enough, we must establish a diversified investment mechanism, and we must also vigorously attract the extensive participation of private capital. We will improve the investment mechanism, improve the efficiency of investment, and give full play to the role of the market mechanism in areas with a high degree of marketization and strong business attributes. For areas with moderate returns and the willingness of social capital to invest, we will also give full play to the role of the new mechanism of public-private partnership, that is, the new mechanism of PPP, as well as the role of infrastructure REITs, so as to form a sustainable renewal and transformation model guided by the government, operated by the market and participated by the whole society.
Shenzhen Satellite TV direct news reporter:
We know that energy is an important support for economic and social development, and it is also very important for the development of enterprises. So I would like to ask in particular, is there any specific arrangement for the package of incremental policies to strengthen the energy guarantee for major projects?
Zhao Chenxin:
Indeed, energy use guarantee is also a very important part of factor allocation guarantee. Energy use guarantee is very important for high-quality development, and it can be said that it is the key to supporting high-quality development. In order to implement the decisions and arrangements of the Political Bureau of the Central Committee on September 26, strengthen the allocation of factors, and help the development of the real economy, the National Development and Reform Commission further clarified the specific measures for the regulation and control of total energy consumption and intensity.
The first is to effectively expand the incremental energy consumption space. Since the 14th Five-Year Plan, the National Development and Reform Commission (NDRC) has made it clear that raw material energy use and non-fossil energy consumption will no longer be included in the regulation of energy consumption by improving the regulation and control policies on total energy consumption and intensity. As you know, with the rapid development of renewable energy, the scale of energy consumption space that can be expanded by this policy is gradually expanding. Judging from what we have learned so far, there are still many things that need to be strengthened to make good use of this policy. To this end, in this incremental policy, it is further clarified that when carrying out the energy-saving review of fixed asset investment projects and the evaluation and assessment of energy-saving target responsibility, it is necessary to strictly deduct the consumption of raw materials and non-fossil energy, so as to guide local governments to focus on controlling fossil energy consumption and encourage the purchase of green electricity and green certificates to increase renewable energy consumption, so as to make room for incremental energy consumption for economic and social development. At the same time, we will continue to intensify our efforts to resolutely curb the blind and disorderly launch of high-energy-consuming and high-emission projects, effectively curb unreasonable new energy demand, and promote industrial optimization, upgrading and healthy development.
The second is to dig deep into the potential of energy conservation in the stock. At present, the scale of the stock energy consumption of the whole society in the mainland is about 10 times that of the new energy consumption space in the "14th Five-Year Plan", and in-depth exploration of the energy saving potential of the stock can free up huge energy space for economic and social development. We will make overall use of funding channels such as investment in the central budget and ultra-long-term special treasury bonds, combined with the in-depth implementation of the "two new" and other work, to strengthen support the energy-saving and carbon-reduction transformation in key areas and the renewal of energy-using equipment, so as to tap the potential of the stock and actively ensure the transformation and upgrading of traditional industries and the development of emerging industries.
The third is to strengthen the implementation of the energy consumption of major national projects. A number of major projects that are in line with the layout of major national productive forces, improve the resilience and safety of industrial and supply chains, and support the development of new productivity will be included in the scope of energy consumption in the "14th Five-Year Plan".
In the next step, the National Development and Reform Commission will continue to implement relevant policies, take higher level and higher quality energy conservation as the starting point, effectively strengthen the guarantee of high-quality development of energy consumption, and provide strong energy support for the stable, healthy and sustainable development of the economy.
The Paper:
Promoting people-oriented new urbanization is a systematic project, so that farmers can have the willingness, ability and conditions to live in the city for a long time after entering the city, what measures are in the package of incremental policies to accelerate the construction of new urbanization?
Zheng Bei:
As you said, promoting a new type of people-oriented urbanization is a systematic project. On July 28, after the State Council issued the "Five-Year Action Plan for the In-depth Implementation of the People-oriented New Urbanization Strategy", we will work with relevant departments to refine the key tasks for this year and next year, and are carrying out special training at the provincial, municipal and county levels, and will focus on solving the bottleneck problem of promoting new urbanization to start the pilot work. In order to accelerate the people-oriented construction of a new type of urbanization, in the package of incremental policies, we focus on the four major actions deployed in the five-year action plan, and increase policy support and implementation.
First, in the implementation of a new round of urbanization of the rural migrant population, we have focused on breaking down the blockages in the process of urbanization of the more than 170 million migrant workers and their family members who have migrated to the cities, and in view of the difficulty of settling down in large cities, we have focused on accelerating the liberalization and relaxation of settlement conditions in cities with a permanent population of more than 3 million in urban areas, comprehensively establishing public household registration in neighborhoods and communities, and improving the policy of renting houses and settling down; Support for projects such as the renovation of hospital wards.
Second, in terms of implementing actions to improve the level of urbanization in potential areas, we focus on solving the problems of insufficient comprehensive carrying capacity and weak industrial foundation of counties, and actively support the construction of infrastructure and industrial supporting facilities in counties through local government special bonds and medium and long-term loans from policy banks, promote industrial docking and cooperation between the central and western regions and the eastern region, and promote the implementation of a number of major projects.
Third, in the implementation of the cultivation of modern metropolitan areas, we focus on opening up the "broken roads" and "bottleneck roads" of intercity transportation, strengthen financial support such as local government special bonds, build a number of urban (suburban) railways, intercity railways and urban expressways, accelerate the formation of commuting circles, industrial circles and living circles, and improve the level of urban development.
Fourth, in terms of implementing actions to improve the level of urban safety and resilience, we focus on eliminating risks and hidden dangers in urban construction and operation, focusing on the construction of underground pipe networks and other "lining" projects, arranging investment projects for next year in advance, vigorously implementing urban lifeline safety projects, accelerating the improvement of flood control and drainage projects and other systems, and making up for the shortcomings of urban safety and resilience as soon as possible.
The new type of urbanization is a "multiplier" for expanding consumption and an "accelerator" for stimulating investment. We will work with relevant departments to give full play to the important role of new urbanization in expanding domestic demand and provide strong support for the steady, healthy and sustainable development of the economy.
Hong Kong South China Morning Post reporter:
I would like to ask whether the National Development and Reform Commission will consider speeding up the approval and construction of local infrastructure and other government investment projects, especially some large-scale cross-regional ones, is there a specific list?
Liu Sushe:
At the meeting of the Political Bureau of the CPC Central Committee on September 26, it was emphasized that it is necessary to issue and use ultra-long-term special treasury bonds and local government special bonds to better play the leading role of government investment. Under the current economic situation, a reasonable increase in infrastructure investment will help maintain steady growth in investment and promote steady and healthy economic development. From the perspective of the NDRC, there are three main points on whether you will speed up the approval and construction of local infrastructure investment projects:
First, choose the right investment direction. We must focus on the needs of economic development and improvement of people's livelihood, and accurately make up for shortcomings, strengths and weaknesses. For example, the urban renewal and transformation just mentioned have great investment potential and obvious economic and social benefits, which is the key direction of local infrastructure investment in the next step.
Second, do the preliminary work. Local investment projects must carry out in-depth preliminary demonstration of the project, adhere to the principle of first evaluation and then decision-making, and scientifically determine the project construction plan. Efficiently perform the approval procedures related to the project and implement the construction conditions in accordance with regulations to ensure the smooth implementation of the project.
Third, implement project construction funds. It is necessary to fully demonstrate the project financing plan, implement the construction funds of various channels in accordance with the law and compliance, especially for eligible projects, consider appropriately increasing the central investment support, and effectively reduce the pressure on local governments to contribute.
Southern Metropolis Daily reporter:
After October, all localities have entered the peak of electricity and heating in winter, how to do a good job in ensuring the supply of energy and ensuring the supply and price stability of important materials such as people's livelihood commodities this winter?
Li Chunlin:
Just after the National Day holiday, it is close to late autumn, and the northern region will enter the heating season one after another, followed by the New Year's Day and the Spring Festival, and this work has been made a comprehensive and systematic arrangement at the meeting of the Political Bureau of the Central Committee on September 26. Let me briefly answer these two questions.
The first is about energy security. The National Development and Reform Commission (NDRC) has made a series of arrangements in advance with relevant parties, and on the whole, there is a good foundation for energy supply security. In terms of coal, the national coal production continued to remain stable, with more than 200 million tons of coal stored in the unified power plants, and the average available days exceeded 30 days, which was at a high level in the same period in history. In terms of electricity, as of the end of August, the country's installed power generation capacity was 3.13 billion kilowatts, and in the case of more than half of the installed capacity of renewable energy such as hydropower, wind power, and photovoltaic power, and the uncertainty of power supply has increased, a stable and reliable power supply can be achieved by strengthening intelligent dispatching and improving the level of cross-provincial and cross-regional mutual assistance. In terms of natural gas, the supply of resources is relatively sufficient, and the peak gas storage capacity has increased by 8 billion cubic meters compared with last year, and the storage capacity will be exhausted before the winter.
In the next step, the National Development and Reform Commission will continue to strengthen monitoring and analysis, consolidate the responsibilities of all parties, and make every effort to ensure a stable supply of energy. The first is to increase the production and supply of coal, natural gas and other resources, promote the full development of all kinds of power generation units, and promote the efficient consumption of new energy. The second is to focus on increasing thermal coal and natural gas reserves, strengthening inter-provincial and inter-regional power dispatching, doing a good job in the refined use of energy storage, and improving the peak guarantee capacity. The third is to give priority to ensuring people's livelihood and energy consumption, and minimize the impact of extreme weather and other emergencies on normal production and life. In the past summer, affected by extreme high temperatures, the country's maximum electricity load and daily maximum electricity consumption hit a record high of 1.451 billion kWh and 32.5 billion kWh, respectively, 106 million kWh and 2.4 billion kWh higher than the peak in 2023. Even if the impact of typhoons and floods caused short-term power outages in some areas, emergency repairs were organized at the first time to restore power supply in time. With the joint efforts of all parties, the energy supply in this winter's heating season can be effectively guaranteed, providing solid and strong support for the sustained economic recovery and the people's warm winter.
On ensuring the supply and price stability of important livelihood commodities. At present, the supply of important livelihood commodity markets across the country is sufficient and running smoothly. The summer grain output has increased, and the autumn grain harvest is in sight; The production capacity of pigs is at a reasonable level, and the inventory of laying hens remains high; the area of vegetables in the field increased; At the same time, 36 large and medium-sized cities can meet the consumption of refined grain and oil for more than 15 days, the adjustment capacity of pork reserves has been continuously enhanced, and the winter and spring vegetable reserves of large cities in the north continue to be sound, and there is a solid material foundation for ensuring supply and stable prices. Recently, in response to the increase in consumption during the National Day holiday, many places have launched affordable sales for the people, increased the delivery of affordable vegetables and other commodities, and ensured that the market volume is sufficient and the price is stable.
In the next step, our committee will pay close attention to market dynamics, combine the characteristics of the situation in key periods such as winter, New Year's Day and Spring Festival, and take measures in advance with relevant parties to do a good job in agricultural production in autumn and winter, consolidate local reserve responsibilities, strengthen the connection between production and marketing, smooth logistics and transportation, timely release of goods, strengthen market supervision, improve emergency plans, effectively ensure the supply of important livelihood commodities in the market, and create a good environment for the effective implementation of incremental policies.