Central deployment of economic work, releasing five major signals
2023-04-29
The Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 28th to analyze and study the current economic situation and work. The current improvement in China's economic performance is mainly restorative. After a scientific analysis of the economic situation, the meeting deployed the next steps of economic work, proposing measures such as "valuing the development of general artificial intelligence", "helping enterprises recover their vitality", and "placing attracting foreign investment in a more important position", releasing many heavyweight signals. What is the current economic situation like? ——The triple pressure has been alleviated, and economic growth has exceeded expectations. According to data from the National Bureau of Statistics, China's economy grew by 4.5% year-on-year in the first quarter, exceeding external expectations. Regarding the current economic situation, the meeting believes that the triple pressures of demand contraction, supply shock, and weakening expectations have been alleviated, economic growth has exceeded expectations, market demand has gradually recovered, economic development has shown a rebound and a good start to economic operation. At the same time, the meeting pointed out that the current improvement in China's economic performance is mainly restorative, with weak endogenous momentum and insufficient demand. Economic transformation and upgrading face new obstacles, and promoting high-quality development still needs to overcome many difficulties and challenges. Xu Hongcai, Deputy Director of the Economic Policy Committee of the China Policy Science Research Association, told China New Finance that the GDP growth in the first quarter was 4.5%, and the growth of major service industries has driven the rebound of the economy, especially the rebound in consumption such as transportation, catering, and tourism. The improvement in economic performance is mainly restorative, and the endogenous driving force is not yet strong. This judgment is in line with reality, which means that the next step is still to vigorously stabilize growth, solve structural problems, and make up for shortcomings. Zhao Xijun, co dean of the China Capital Market Research Institute at Renmin University of China, told China New Finance that the economic growth was better than expected but still in a recovery stage. This is a very scientific and objective judgment. Some sub data of the macro economy, such as private investment, are still far from normal growth rates and need to further promote the continued improvement of the economy and the sustained growth of endogenous momentum. What is the next step for the Chinese economy? For the next step of economic work, the meeting called for "adhering to the overall tone of seeking progress while maintaining stability" and "seizing the opportunity to promote the effective improvement of quality and reasonable growth of quantity in the economy", and proposed a series of key measures. ——The meeting on restoring and expanding demand emphasized that restoring and expanding demand is the key to the sustained recovery and improvement of the current economy. Active fiscal policies need to be strengthened to improve efficiency, while prudent monetary policies need to be precise and powerful, forming a joint force to expand demand. We need to increase the income of urban and rural residents through multiple channels, improve the consumption environment, and promote service consumption such as cultural tourism. We should give full play to the guiding role of government investment and policy incentives, and effectively drive and stimulate private investment. Zhao Xijun believes that the current demand is a structural recovery, with some demands that could not have been achieved during the epidemic period accelerating their release, such as catering, tourism, and transportation. However, in the medium to long term, some durable consumer goods, such as cars and housing, have not recovered so quickly, and a lot of work still needs to be done to restore and expand demand. Dong Ximiao, Chief Researcher of Zhaolian, stated in an interview with China New Finance that from the perspective of residents' consumption
Edit：Hou Wenzhe Responsible editor：Weize
Source：China News
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