Forming a Strong Power to Promote High Quality Development - One of the Commentaries on Implementing the Spirit of the Central Political Bureau Conference and Doing Current Economic Work Well
2023-05-01
In the first year of fully implementing the spirit of the 20th National Congress of the Communist Party of China, it is crucial to do a good job in economic work. On April 28th, the Political Bureau of the Central Committee of the Communist Party of China held a meeting to analyze and study the current economic situation and work, pointing out that "the current improvement in China's economic operation is mainly restorative", emphasizing "adhering to the overall tone of seeking progress while maintaining stability" and "seizing the opportunity to promote the realization of qualitative and effective improvement and rational growth of the economy". The economic development is showing a rebound and positive trend. Faced with the severe and complex international environment and the arduous task of domestic reform, development, and stability, the Chinese economy has overcome difficulties and made steady progress. In the first quarter, the gross domestic product increased by 4.5% year-on-year, with a growth rate of 1.6 percentage points higher than the fourth quarter of last year, and a month on month growth of 2.2%. The economy and society have fully resumed normal operation, macroeconomic policies have been coordinated and put forward, and 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 positive trend, and economic operation has achieved a good start. Domestic demand is gradually expanding, and the "main engine" of economic growth has strengthened. In the first quarter, the total retail sales of consumer goods increased by 5.8% year-on-year, with a growth of 10.6% in March; The contribution rate of final consumption expenditure to economic growth reached 66.6%. The national fixed assets investment increased by 5.1% year on year, of which the investment in high-tech industries increased by 16%. Under the pressure of weak external demand, the total import and export value of goods trade in the first quarter increased by 4.8% year-on-year, with exports increasing by 8.4% year-on-year, a significant increase of 7.5 percentage points compared to the previous two months. Social expectations have significantly improved, and economic development vitality continues to be unleashed. In March, the Purchasing Managers' Index (PMI) of China's manufacturing industry was 51.9%, while the non manufacturing business activity index and comprehensive PMI output index were 58.2% and 57%, respectively. The three major indices have been in the expansion range for three consecutive months. In the first quarter, the development index of small and medium-sized enterprises reached 89.3, the highest increase since the fourth quarter of 2020. Transportation and logistics are the "arteries" of economic circulation. In the first quarter, the freight volume increased by 5% year-on-year, and the passenger volume increased by 26.3%; In March, the prosperity index of China's logistics industry reached 55.5%, rebounding for two consecutive months... People are "moving", logistics are "busy", and a mobile China is bursting with vitality. Recently, international organizations and institutions such as the World Bank and the International Monetary Fund have raised their expectations for China's economic growth this year, demonstrating confidence in China's high-quality development. The Chinese economy has started well, laying a solid foundation for achieving the annual economic and social development goals and tasks. However, it should also be noted that the world economy is experiencing increased instability and uncertainty, global industrial and supply chains are facing restructuring, and economic operations still face many uncertain factors. 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 requires overcoming many difficulties and challenges. The meeting made important judgments. This year's economic work is full of twists and turns, and it is necessary to start from the strategic overall situation and grasp the main contradictions. Insufficient total demand is a prominent contradiction facing the current economic operation
Edit：He Chuanning Responsible editor：Su Suiyue
Source：xinhua
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