In June, we will go all out to stabilize the economic market. A number of incremental new policies on finance and currency have been unveiled, including tax rebates, new special bonds, and deferred repayment of principal and interest. The industry pointed out that the fiscal and monetary policies have been strengthened and upgraded. Bailing out market players and boosting investment and consumption have become important driving directions. The stabilizing effect of fiscal and monetary policies will become more apparent. —— Tight deployment and greater efforts to rescue market players Focusing on the main body of the rescue market, the fiscal and monetary policies have been fully launched and upgraded, which is highlighted in the greater policy strength, wider support range and earlier implementation pace. In terms of fiscal policy, it is estimated that an additional 142billion yuan will be added to the original plan of 1.5 trillion yuan of tax rebate, and the total amount of tax rebate will reach about 1.64 trillion yuan, covering seven industries, including wholesale and retail, agriculture, forestry, animal husbandry, fishery, accommodation and catering. We will expand the implementation of the policy of delaying the payment of social insurance premiums, implement the three policies of delaying the payment of old-age insurance premiums until the end of this year, and extend them to industries that are seriously impacted by the epidemic. "In the next step, we should speed up the progress of tax rebate and ensure that the centralized refund of the stock tax credits of small and micro enterprises, medium-sized enterprises and large enterprises in manufacturing and other industries is basically completed in the first half of the year." Ouwenhan, Assistant Minister of finance, said. In terms of monetary and financial policies, we supported banks to postpone the repayment of principal and interest within the year for loans to small, medium-sized and micro enterprises and individual industrial and commercial households, truck loans, and personal housing loans and consumer loans that were temporarily in difficulties. Compared with the previous extension policy, the support target has clearly increased the number of truck drivers and other people seriously affected by the epidemic. "As long as the concerned truck drivers apply for loan extension, have no record of breach of contract, and have basic supporting materials such as driving license, the bank can extend the loan in accordance with the market-oriented principle. The executive meeting of the State Council proposed that the 90billion yuan commercial truck loan granted by central automobile enterprises should be extended by banks and enterprises for half a year, and the people's Bank of China would include 100billion yuan of loan for qualified banks to support the extension of central enterprise truck loans The support scope of traffic logistics refinancing. " Zoulan, director of the Monetary Policy Department of the people's Bank of China, said. For another example, from the second quarter of 2022, the proportion of incentive funds provided by the people's Bank of China through the inclusive small and micro loan support tool has increased from 1% to 2%. "We will further mobilize the enthusiasm of financial institutions, and make it clear that we will adhere to substantive risk judgment on deferred loans, and will not reduce the loan risk classification solely due to epidemic factors, which will not affect the credit investigation records." Zou Lan said. —— Closely grasp the key to boost investment and consumption Focusing on effective investment, fiscal and monetary policies will further leverage and guide financial institutions to increase support for infrastructure construction and major projects. As an important starting point to boost investment, the issuance and use of local government special bonds will further accelerate and expand the scope of support. From January to May this year, a total of 2.03 trillion yuan of new special bonds have been issued. Owen Han said that the next step is to ensure that the issuance of new special bonds this year is basically completed by the end of June, and strive to basically use them by the end of August. At the same time, new infrastructure and new energy projects will be included in the key support scope of special bonds to better play a positive role in stabilizing growth and investment. In order to further boost consumption, a new policy of halving vehicle purchase tax was introduced to further boost automobile consumption and release the potential of domestic demand. Jiaronge, director of the tax administration department of the Ministry of finance, said that compared with the vehicle purchase tax reduction policy in 2009 and 2015, the implementation scope of this policy is broader and the benefits are greater. About 8.7 million passenger cars will enjoy the policy preferences, focusing on encouraging public consumption. In terms of monetary and financial policies, according to Zou LAN, the people's Bank of China will coordinate with the national development and Reform Commission, the Ministry of water resources and other relevant ministries and commissions to sort out the list of key projects and provide effective demand for financial institutions to issue medium - and long-term loans in key areas of infrastructure construction, such as transportation, energy, water conservancy, information, science and technology, logistics, urban, agricultural and rural areas, national security, etc. In addition, we increased the 800billion yuan credit line of policy oriented development banks, guided policy oriented development banks to speed up project reserves, do a good job in task decomposition, strengthen assessment incentives, optimize loan processes, and improve the ability of lending in infrastructure. Give full play to the advantages of large state-owned commercial banks and joint-stock banks, and increase credit through syndicated loans. Support financial institutions to work together with local governments and social funds to jointly support infrastructure construction through the purchase of special bonds, government and social capital cooperation (PPP) mode, etc. Loufeipeng, a researcher of the postal savings bank, said that in the process of stabilizing infrastructure investment, various financial institutions need to recognize that stabilizing infrastructure investment is an important part of expanding domestic demand and stabilizing economic growth, and need to increase the loan in the field of infrastructure investment from the perspective of loan scale allocation and loan pricing. —— The effect of building resultant force will become more and more obvious Experts said that in the face of the unexpected changes in the current economic operation, in order to hedge against the adverse effects of the downward pressure on the economy, macroeconomic policies have taken the lead, intensified efforts and made progress. The fiscal and monetary incremental policies will form a joint force, and the "four two measures" will accelerate the stabilization and recovery of the economy. Liangguoyong, a senior economist at the United Nations Conference on Trade and development, told the economic information daily that China has a large space for economic policy. Fiscal and monetary policies can provide strong support for economic growth, which is the main means to meet the challenges. In the face of the downward pressure on the economy, fiscal and monetary policies continue to emphasize the forward force, and on the basis of the policy mix prepared in the early stage, research incremental policy tools, and implement comprehensive and accurate policies. The industry pointed out that the monetary and financial policies will go all out to stabilize the market, and the effect will be accelerated: the policy of relieving market players and delaying the repayment of principal and interest will be more powerful and support a wider range; Increasing support for infrastructure will guide policy oriented development banks and various institutions to work together; We will promote a steady decline in the real loan interest rate and continue to release the efficiency of the reform of the formation mechanism of the loan market quoted interest rate (LPR). Luozhiheng, chief economist of YueKai securities and President of the Research Institute, said that the fiscal policy has quick effect and short policy transmission time, and the finance can directly drive the expansion of the total economic demand through infrastructure investment. In addition, it has a strong leverage effect in cooperation with other policies, such as interest subsidies and guarantee subsidies, which can leverage greater social capital. ShiYingHua, director of the macroeconomic research center of the Chinese Academy of financial Sciences, said that in view of the difficulties and problems facing the current economic operation, the recent executive meeting of the State Council further deployed 33 measures in six aspects to stabilize the economy. Among them, there are 24 fiscal related policies and measures, which emphasize accuracy, practicality and speed, and the policy contains high gold content. It forms a superposition effect with the previously implemented policies, focusing on hedging the pressure on supply, demand and expectation. "The effect of the economic stabilization policy will gradually appear. It is expected that the economy will gradually stabilize and recover in the second half of the year." (Xinhua News Agency)