Intensive voices from multiple departments revealed the four major policy "wind directions" in the second half of the year
2023-07-04
Recently, multiple departments such as the National Development and Reform Commission, the Ministry of Finance, and the Ministry of Industry and Information Technology have made intensive statements, releasing positive signals of increasing macroeconomic policy regulation and stabilizing growth and expectations. Especially in terms of expanding investment, promoting consumption, developing technology, and stabilizing employment, multiple departments have revealed the key policy directions for the second half of the year. The data from the National Bureau of Statistics showed that fixed assets investment in the first five months of this year increased 4.0% year on year. Infrastructure investment increased by 7.5%, but the growth rate slowed down compared to before. Multiple departments have clearly proposed to "actively expand effective investment". For example, the Ministry of Transport mentioned that since this year, transport investment has been running at a high level, which has provided a strong guarantee for promoting the economic recovery. The next step is to do a good job in policy reserves and do everything possible to stabilize the "Political base" of transport investment. Zheng Shanjie, director of the National Development and Reform Commission, proposed to optimize the investment structure within the central budget, focus on major, difficult and urgent matters, and vigorously and orderly promote the construction of 102 major Megaproject in the 14th Five Year Plan; We will remove institutional barriers that restrict private enterprises' fair participation in market competition, further expand the scope of access for private investment, and encourage and attract more private capital to participate in the construction of national Megaproject and projects to address weaknesses. Ning Jizhe, Deputy Director of the Economic Committee of the CPPCC National Committee and Vice Chairman of the China Center for International Economic Exchanges, believes that we should adhere to the major policies and policies of promoting private investment and private enterprises to be implemented as soon as possible. To address the issues of declining investment and lagging industrial sectors, we need to prioritize the modern industrial system, combine the digital economy with the real economy, promote the development of low-carbon and green economies, and attract social investment. Quickly formulate and introduce policies to restore and expand consumption. From the recent deployment of multiple departments, bulk consumption remains the focus of boosting consumption in the second half of the year, and a batch of policies to restore and expand consumption will be introduced as soon as possible. The National Development and Reform Commission has made it clear that we should promptly formulate and introduce policies to restore and expand consumption, continuously improve the consumption environment, and unleash the potential for service consumption; Stabilize automobile consumption, accelerate the construction of facilities such as Charging station and energy storage and the transformation of supporting power grids, and vigorously promote new energy vehicles to the countryside. The spokesperson for the Ministry of Commerce, Shu Jueting, also mentioned a series of policy measures to support the recovery and expansion of consumption. At the same time, based on the positioning of business functions, targeted supporting measures are introduced to promote high-quality development of the automotive, home furnishing, brand consumption, and catering industries, enhance the combination, synergy, and effectiveness of policies, and ensure their implementation. Consumption has become the primary driving force behind China's economic growth. "Lian Ping, Chief Economist and Research Institute President of Zhixin Investment, believes that the central government should increase transfer payments and support local governments in issuing larger scale consumption subsidies, such as shopping vouchers, car purchase subsidies, and home purchase subsidies; We can explore the establishment of consumer refinancing, with a refinancing interest rate set below 1.75%. We support banks in significantly lowering interest rates on credit loans, renovation loans, car loans, etc., increasing the investment of consumer loans, improving the accessibility of residents' funds, stabilizing residents' expectations, and reducing defensive savings levels. The "Specialized, Refined, and New" Small and Medium sized Enterprise Listing and Cultivation Project will be implemented to continuously increase investment in technology innovation
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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