Grasping the Recovery Window and Expanding Domestic Demand
2023-03-29
In the government work report, "Striving to expand domestic demand" was listed as the top priority of this year's work. At present, seizing the window period of promoting the recovery of consumption and investment, from ministries and commissions to local governments, is accelerating the preparation and launch of a series of measures, combined with supply-side structural reform, to accelerate the release of domestic demand potential. Multiple measures to comprehensively implement policies to expand domestic demand are pending in the near future. Ministries, commissions, and local governments have frequently released signals of efforts to expand domestic demand. The relevant person in charge of the National Development and Reform Commission previously stated that in 2023, China will expand domestic demand in five aspects: restoring and expanding consumption, and expanding effective investment. Increase the income of urban and rural residents through multiple channels, especially improving the consumption ability of low - and middle-income residents. Support consumption such as housing improvement and new energy vehicles, and cultivate new types of consumption such as online and offline integration. At the same time, we vigorously and orderly promoted the implementation of 102 major projects in the "14th Five Year Plan". Encourage and attract more private capital to participate in the construction of national major projects and complementary board projects. The Ministry of Commerce has designated this year as the "Year of Boosting Consumption", and will consider introducing new measures while implementing existing policies. For example, guiding local governments to carry out new energy vehicle activities in the countryside; Promote the introduction of green smart home appliances to the countryside and the exchange of old for new, and promote household appliance consumption; Support the healthy development of new forms and models of consumption, stimulate consumption vitality, etc. At the local level, many regions have taken expanding domestic demand as an important means of stabilizing the economy. For example, on March 22, Hubei Province issued the 2023 Provincial Work Plan for Stabilizing Expectations, Expanding Domestic Demand, and Promoting Consumption. The plan focuses on ten major actions such as enhancing confidence and stabilizing expectations, recovering and expanding consumption, and improving investment quality and efficiency, and proposes 33 specific tasks. In addition, following the issuance of the "Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)" by the Central Committee of the Communist Party of China and the State Council in December last year, and the issuance of the "Implementation Plan for Expanding Domestic Demand during the 14th Five Year Plan" by the National Development and Reform Commission, this year, local versions of the plan for expanding domestic demand have also been intensively released. Recently, the website of the Shandong Development and Reform Commission released the "Three Year Action Plan for Expanding Domestic Demand in Shandong Province (2023-2025)" (draft for comments), which contains many quantitative indicators. For example, by 2025, the total retail sales of social consumer goods in the province will steadily increase, and the contribution rate of consumption to economic growth will reach about 60%; We will strive to expand effective investment, promote the transformation and upgrading of key traditional industries such as steel, chemical industry, and nonferrous metals, and implement about 10000 technical transformation projects with an investment of more than 5 million yuan each year. The reporter noted that Sichuan and Tianjin have previously issued local "14th Five Year Plan" plans or strategic implementation plans to expand domestic demand, combining local conditions and proposing specific measures and objectives. For example, focusing on improving traditional consumption, cultivating new types of consumption, and developing service consumption, further boosting consumption. Focusing on major projects, we will accelerate the construction of new types of infrastructure, complement weaknesses in key areas, and strive to expand effective investment. Release the potential of domestic demand in new urbanization. Seizing the recovery window period to activate consumption, investment and consumption are the "two wings" of expanding domestic demand. At present, restoring and expanding consumption is given priority. "Restoring and expanding consumption should be the policy focus of expanding domestic demand." Wang Yiming, Vice Chairman of the China Center for International Economic Exchanges and former Vice Director of the Development Research Center of the State Council, was in the
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic dairy
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