General

This year, the complexity and uncertainty of my country's economic development environment have increased. Especially since March, due to factors such as the new crown pneumonia epidemic and geopolitical conflicts, the downward pressure on the economy has increased. Faced with this situation, in the past few days, my country has issued a series of policies and measures to stabilize the economy, such as "A Package of Policy Measures to Stabilize the Economy", "Opinions on Further Revitalizing Stock Assets and Expanding Effective Investment", "On Supporting High-tech and "Specialized" "Jingtexin" "Notice on the Pilot Program of Cross-border Financing Facilitation" and "Notice on Promoting the Establishment of a Long-term Mechanism for Financial Services for Small and Micro Enterprises that Dare to Loan, Willing to Loan, Can Loan, Can Loan, and Will Loan to," and so on. Experts interviewed said that this series of policies "combined punches" with unprecedented intensity and intensity. In the future, it is necessary to promote these economic stabilization policies and measures to be implemented as soon as possible.

Intensive introduction of policies to boost market confidence

Recently, the "Package of Policy Measures for Solidly Stabilizing the Economy" issued by the State Council proposed 33 specific policy measures in six areas, including seven measures for fiscal policy; five measures for monetary and financial policies; six measures for stabilizing investment and promoting consumption. measures, including promoting the regulated and healthy development of the platform economy, etc.; a total of 5 measures to ensure food and energy security; a total of 7 measures to ensure the stability of the industrial chain and supply chain, including improving transportation and logistics, ensuring smooth and smooth policies, etc.; measures.

"At present, affected by the epidemic and other aspects, my country's investment and consumption confidence is insufficient. In this regard, my country has made both efforts to promote epidemic prevention and control and promote economic development. A series of fiscal, financial, investment stabilization, consumption promotion and other policies have been released, releasing A positive signal that boosts market confidence." Xu Hongcai, deputy director of the Economic Policy Committee of the China Policy Science Association, said in an interview with a reporter from China Trade News.

Chen Li, chief economist of Chuancai Securities and director of the research institute, said that this year's "six stability and six guarantees" work, the relative responsibility and pressure are more difficult, in order to further stabilize and stimulate economic development, through fiscal, monetary, investment and other means It is very important to play "combination punches" well. One of the major features of the package of key measures to stabilize the economy issued by the State Council is that the relevant measures focus on stabilizing the economy, increasing investment and bailouts on the premise of focusing on people's livelihood. , the tilt of the energy sector, etc.

The General Office of the State Council recently issued the "Opinions on Further Revitalizing Existing Assets and Expanding Effective Investment", proposing to revitalize existing assets in various ways, develop real estate investment trust funds in the infrastructure sector, promote government-social capital cooperation in an orderly manner, and actively promote standardized transactions of property rights. , give full play to the functions of state-owned capital investment and operating companies, tap the value of idle and inefficient assets, and support mergers and reorganizations and other revitalization methods.

Zhao Chenxin, deputy director of the National Development and Reform Commission, said that revitalizing the stock is a way and means, and expanding effective investment is the purpose of the work. To revitalize the stock assets, it is necessary to use the recovered funds for the construction of key areas, form new effective investments, and realize a virtuous circle. This is also conducive to the implementation of major national strategies and the realization of the main goals of economic and social development during the "14th Five-Year Plan" period.

At the same time, policies to stabilize growth have been introduced intensively in various regions recently. For example, Beijing issued the "Beijing Implementation Plan for Coordinating Epidemic Prevention and Control and Stabilizing Economic Growth", with a total of 45 measures in 6 areas; Shanghai formulated the "Shanghai Action Plan for Accelerating Economic Recovery and Revitalization", involving 8 aspects, 50 policies and measures; Jilin issued "Several Measures to Stabilize the Province's Economy", focusing on 8 aspects and proposing 43 specific policy measures, including both supporting measures to implement the State Council's 33 economic stabilization policies, as well as its own incremental measures.

Financial efforts to stabilize the economy, policy implementation must be coordinated

In order to stabilize the economy, my country's current financial policy is also continuing to make efforts. The People's Bank of China issued the "Notice on Promoting the Establishment of a Long-term Mechanism for Financial Services for Small and Micro Enterprises Dare to Loan, Willing to Loan, Can Loan and Meeting Loans", further deepening the supply-side structural reform of financial services for small and micro enterprises, accelerating the establishment of a long-term mechanism, and focusing on improving financial services. The willingness, ability and sustainability of institutions to serve small and micro enterprises, help stabilize market entities, stabilize employment and entrepreneurship, and stabilize economic growth. In order to implement a package of policies and measures to stabilize the economy and better serve the real economy, the State Administration of Foreign Exchange issued the "Notice on Supporting High-tech and "Specialized, Specialized and New" Enterprises to Carry out the Pilot Program of Cross-border Financing Facilitation, and decided to further expand the pilot program to facilitate more Many high-tech and "specialized and new" enterprises independently borrowed foreign debts within a certain amount to help enterprises accelerate innovation and development.

Xu Hongcai said that at present, my country has issued many policies, and the key lies in how local governments implement these policies. This requires a good policy "combination punch" and a good policy synergy. For example, since mid-March, the domestic epidemic has spread in many places and has lasted for a long time. Many places such as the Yangtze River Delta and the Pearl River Delta have been affected to varying degrees. Coupled with the relaxation of overseas epidemic prevention and control and the recovery of production capacity, it may increase the stability of my country's foreign trade. To stabilize the pressure of foreign investment, my country needs to seize the time to adjust policies, strengthen coordination and cooperation between departments, create a favorable business environment, and enhance the attractiveness of foreign investment. In addition, boosting investment in domestic demand is the key. The government can expand investment in infrastructure, drive social capital, increase investment activity, and create more employment opportunities through investment promotion.

At present, economic and social development is still facing severe challenges. The supply side is facing the dual constraints of "blocking" and "lack", and the demand side is facing insufficient domestic demand and slowing growth of external demand. Zhao Chenxin said that it is necessary to intensify the adjustment of macroeconomic policies, make efforts to advance and exert appropriate efforts, focus on opening up the stuck points that restrict the economic cycle, reasonably expand effective demand, ensure the safety and stability of food, energy, and industrial chain supply chains, and promote key points. We will speed up the resumption of work and production in the field, ensure the supply and price of important commodities for people's livelihood, and keep the economy operating within a reasonable range.

"Under such a complex and severe situation, we must put stable growth in a more prominent position, do everything possible to stabilize the macroeconomic market, and strive to ensure that the economy achieves reasonable growth in the second quarter and the unemployment rate drops as soon as possible, so as to keep the economy operating within a reasonable range." Wang Yiming, vice chairman of the Exchange Center, said that at present, stabilizing expectations is an important prerequisite for stabilizing growth. We must pay more attention to expectation management, respond to market concerns in a timely manner, strengthen communication with market players, improve policy transparency, and allow market players to better understand policy intentions , strengthen confidence in development.