The heavyweight "combination punch" is being implemented, vigorously improving the effectiveness of macroeconomic policies
2023-11-20
The recently released data on the operation of the national economy in October has many highlights, with most production demand indicators showing a year-on-year growth rate rebound, and the economic operation continues to recover and improve. Based on the fiscal and financial data released during the same period, it can be seen that the implementation of macroeconomic policies has been intensified, and the policy effects have continued to be released, effectively promoting a stable economic recovery. Since the beginning of this year, facing the heavy pressure of economic recovery, macroeconomic policies have continued to increase. In terms of fiscal policies, we will continue to optimize and improve a large number of tax and fee reduction policies, accelerate the issuance and use of special bonds, and accelerate the progress of fiscal expenditures, effectively reducing the burden on business entities and promoting the expansion of domestic demand. Monetary policy has increased countercyclical regulation, and the total amount of money and credit has maintained rapid growth. The credit structure has been significantly optimized, providing strong support for the development of the real economy. In recent months, policy efforts have increased, and its effects have been fully reflected in the main indicators of economic operation. For example, in the first 10 months, more than 3.5 trillion yuan of special bonds were issued for project construction, mainly for municipal construction, infrastructure in industrial parks, social undertakings and other key areas, directly driving the expansion of fixed assets investment. Recently, a series of "heavyweight" policies have been introduced one after another. For example, an additional 1 trillion yuan of treasury bond was issued to support post disaster recovery and reconstruction and improve disaster prevention, mitigation and relief capabilities, and some new local government debt quotas for 2024 were issued in advance. These policies have a high "gold content" that even exceeds market expectations. After the introduction of various policy measures, macroeconomic policies should not only focus on "boosting", but also on "quantity" and "quality". Greater efforts should be made to improve policy effectiveness and ensure the true achievement of policy goals. To enhance the effectiveness of macroeconomic policies, we need to attach importance to accuracy and effectiveness. The implementation of policies and the direction of capital investment should meet the needs of economic operation and enterprise development, achieving precision and effectiveness. For example, the issuance of an additional 1 trillion yuan of treasury bond is of great importance to the project construction, and the implementation of project arrangements should be promoted in a coordinated manner in accordance with the principle of "funds and elements follow the project". Funds cannot be "sprinkled with pepper", and projects cannot be "rushed". Strict screening and reserve work should be carried out to ensure that the project meets the planning and investment requirements, and to avoid construction exceeding standards and duplication. Otherwise, even if physical workload is formed, it may still be an ineffective investment. For example, to maintain a reasonable growth in the total amount of monetary credit and the scale of social financing, it is necessary to pay attention to improving the efficiency of fund utilization, pay more attention to the sustainable utility of existing loans, and improve the efficiency of the use of existing loans. To enhance the effectiveness of macro policies, it is necessary to strengthen policy coordination and cooperation. We need to strike a good combination of fiscal, monetary, and industrial policies to guide and stabilize market expectations. For example, in helping business entities alleviate difficulties, it is necessary to implement a series of tax and fee reduction policies that continue to be optimized and improved, while also guiding more financial resources to flow to small and medium-sized enterprises, improving financing availability and reducing financing costs; The issuance of an additional 1 trillion yuan of treasury bond also requires reasonable and sufficient liquidity in the banking system. In addition, we will evaluate the consistency between newly introduced policies and macro policy orientations, and coordinate the effective connection of cross year macro policies. To enhance the effectiveness of macroeconomic policies, it is necessary to strictly guard against risks. The Central Financial Work Conference once again emphasized the importance of preventing and resolving risks in implementing various macroeconomic policies
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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