A series of policies such as the reduction of reserve requirements continued to make efforts to stabilize the economy and consolidate the good foundation
2022-11-28
A series of policies and measures, including monetary policy, are making continuous efforts to promote the effective improvement of the quality and reasonable growth of the economy. Among them, as one of the policy tools, RRR reduction will provide an appropriate liquidity environment for consolidating the upward trend of economic stability and doing a good job in economic work at the end of the year. Recently, the People's Bank of China announced its decision to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on December 5, 2022 (excluding financial institutions that have implemented the 5% deposit reserve ratio). This RRR reduction released about 500 billion yuan of long-term funds. This is also expected. The recently held executive meeting of the State Council mentioned that "the reduction of reserve ratio and other monetary policy tools should be used in a timely and appropriate manner to maintain reasonable and sufficient liquidity". At the same time, the meeting proposed that we should deploy a package of policies and follow-up measures to stabilize the economy in an all-round way, and consolidate the foundation for economic stability; It was decided to send a supervision working group to the local government to promote the implementation of policies and measures that had been introduced in the early stage. In fact, various departments around the country are also solidly promoting and implementing relevant policies and measures to "increase salary and reserve power" to stabilize the economic market and consolidate the economic recovery. Industry is the main body and engine of economic growth, and invigorating the industrial economy is a solid support for stabilizing the economic market. On November 27, the National Bureau of Statistics released data that from January to October, the total profit of industrial enterprises above designated size nationwide was 6976.82 billion yuan, down 3.0% year on year. Zhu Hong, a senior statistician of the Industry Department of the National Bureau of Statistics, explained that, on the whole, the profits of industrial enterprises declined, the structure continued to improve, and the profits of some midstream and downstream industries rebounded significantly. However, it should also be noted that in recent years, domestic epidemics have spread frequently, the risk of world economic recession has intensified, and industrial enterprises face greater pressure to recover their benefits. A few days before the release of the data, the Ministry of Industry and Information Technology, the National Development and Reform Commission and the State owned Assets Supervision and Administration Commission of the State Council jointly issued the Notice on Consolidating the Upward Trend and Strengthening the Industrial Economy, which proposed 17 specific measures to strengthen policy efforts to further boost the industrial economy, consolidate the upward trend of the industrial economy, and better play the role of "ballast" to stabilize the economic market. In terms of expanding effective investment, the fiscal and financial policies introduced earlier to support major project construction and equipment upgrading and transformation are taking effect, and a number of major project construction is accelerating to form physical workload. In addition, relevant measures will continue to work. For example, the People's Bank of China and the Banking and Insurance Regulatory Commission jointly held a national symposium on credit work of commercial banks on November 21, which proposed that we should make good use of policy oriented development financial instruments, expand medium - and long-term loans, promote the formation of more physical work, and better play the key role of effective investment. At the same time, policies and measures to encourage private investment will continue to increase. For example, the Ministry of Finance recently issued a notice to clarify the scope of application of the government and social capital cooperation (PPP) model, social capital qualification, transfer of stock assets, performance performance management, project contract review, etc., which are widely concerned by all parties, around high-quality development goals; The Opinions on Further Improving the Policy Environment and Strengthening Support for the Development of Private Investment recently issued by the National Development and Reform Commission clearly supports the participation of private investment projects in infrastructure
Edit：wangwenting Responsible editor：xiaomai
Source：china.cn
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