Scientifically and effectively implementing macroeconomic regulation
2024-07-11
Scientific and effective macroeconomic regulation is an important guarantee for stable and healthy economic development. The coordination and coordination between macroeconomic policies is a key factor in achieving the effectiveness of macroeconomic regulation. The Central Economic Work Conference proposed to enhance the consistency of macroeconomic policy orientation, pointing out the direction for the effective implementation of policies in finance, currency, employment, industry, region, science and technology, environmental protection, etc. It also put forward higher requirements for strengthening policy coordination and amplifying policy combination effects. Enhancing the consistency of macroeconomic policy orientation is not a temporary solution to address the current challenges of economic development, but a practical solution that is inevitable in both macroeconomic theory and practice, with clear theoretical and practical logic. From the perspective of macroeconomic theory, macroeconomic operation is a systematic project, where a macroeconomic variable can affect and be influenced by other variables. The main goals of macroeconomic policies are to achieve full employment, price stability, economic growth, and balance of international payments. These goals are interrelated, interdependent, and mutually supportive. If macroeconomic policies targeting different regulatory goals are implemented independently in the long term, the effectiveness of regulation will be greatly reduced. For example, when implementing policies to stabilize economic growth, if there is a lack of coordination and cooperation between policies to promote employment and balance of international payments, the implementation effect of policies to stabilize economic growth may be twice as effective. From the perspective of macroeconomic practice, addressing complex and severe external situations, as well as insufficient domestic effective demand and weak social expectations, requires precise and effective macroeconomic regulation. The challenges faced by macroeconomic policy regulation are often not simple problems limited to a single field, but complex problems that are simultaneously influenced by multiple fields and factors. For example, insufficient domestic demand is a long-term obstacle to the sustained and stable development of China's economy. The causes of this problem involve factors such as the employment quality and wage level of residents on the demand side, as well as closely related factors such as product quality and price level on the supply side. If we only expand domestic demand from a single perspective of demand or supply, the policy effect often falls short of expectations. It can be seen that in order to effectively resolve a certain problem, it is necessary to work from multiple aspects simultaneously, coordinate and promote each other, which inevitably requires enhancing the consistency of macroeconomic policy orientation. The number and types of macroeconomic policies are numerous, and they involve multiple departments, which poses some challenges in enhancing the consistency of macroeconomic policy orientation. On the one hand, there are difficulties in coordinating regulatory goals at all levels. From a national perspective, achieving overall goals such as economic growth and employment stability is the direction of macroeconomic regulation, which inevitably requires support from various sub goals in different fields such as investment, exports, and consumption. In practice, the relationship between different levels of regulatory objectives is relatively complex, not all of which are clear linear relationships, and there may be certain deviations. It is not an easy task to coordinate the regulatory goals at all levels and achieve consistency in the orientation of different macro policies. On the other hand, the regulatory effect of any macroeconomic policy is closely related to the quality of decision-making, which in turn depends on the accuracy and comprehensiveness of the information held by decision-makers. There are significant differences in the sources of information and the difficulty of obtaining macroeconomic policies in different fields, which also poses challenges to the decision-making process of achieving consistency in macroeconomic policy orientation. In addition, due to the diversification of regulatory objectives and the complexity of regulatory targets, ensuring the effectiveness of macroeconomic regulation requires the coordination and cooperation of different macroeconomic policies. The macroeconomic regulation process often lasts for a long time and goes through multiple different stages of regulation. Throughout the entire regulatory process, the main contradictions and challenges faced by macroeconomic regulation will also change accordingly. To ensure that macroeconomic policies can form a cohesive force, it is necessary to enhance the consistency of orientation among different macroeconomic policies in terms of the time nodes of introduction, the time intervals of implementation, and the time nodes of termination. To enhance the consistency of macroeconomic policy orientation, it is necessary to identify key areas of focus. One is to unify understanding and coordinate promotion. Enhancing the consistency of macroeconomic policy orientation is an important condition for the implementation of various macroeconomic policies, accurately grasping the relationship between the overall goals and sub goals of macroeconomic regulation, and always adhering to the principle of leading sub goals with the overall goals and supporting them with sub goals. Strengthen the overall planning of the macro policy decision-making process, accelerate the construction of inter departmental communication and coordination mechanisms, clarify the priority of different macro control objectives at different stages, conduct in-depth analysis of the channels through which macro policies transmit and affect each other, accurately predict the degree of positive and negative impact between different macro policies, and ensure that the comprehensive superposition effect of macro policies is consistent with the overall goals. The second is to seize the opportunity, intensity, and rhythm. The timing of the introduction of different macroeconomic policies should be appropriate, and it is necessary to accurately identify the main and secondary contradictions of the macroeconomic situation. Policies should be implemented according to the problem, classified, and timely, in order to improve the sensitivity and pertinence of macroeconomic policies to macroeconomic issues. The implementation of different macro policies should complement each other, systematically sort out the tool set and resource library of policy regulation, conduct long-term tracking and analysis of the relationship between regulatory goals and required policy resources and intensity, and coordinate the regulatory intensity of different macro policies. The regulatory rhythm of different macro policies should be coordinated, accelerate the formation of social consensus, and guide society to form stable expectations. The third is to ensure effective results are achieved. On the one hand, the implementation process of macroeconomic policies should be monitored throughout the entire cycle, all links, and all fields. Based on the intensity and duration of policy effects, different rounds of policy regulation processes should be scientifically classified and compared, and the establishment of a database on macroeconomic policies should be accelerated to continuously optimize the macroeconomic policy regulation process. On the other hand, accelerate the establishment of policy effectiveness evaluation and feedback mechanisms, comprehensively use diversified macro indicators, scientifically evaluate the effectiveness of each round of macro policy regulation, strengthen the guiding role of evaluation effects on policy implementation, and continuously amplify the implementation effect of macro policies in a positive dynamic feedback. (Lai Xin She)
Edit：Xiong Dafei Responsible editor：Li Xiang
Source：GMW.cn
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Think Tank
Recommended Reading Change it 
Home
