Escort economic operation and stimulate development potential - more proactive and effective macro policies are being implemented

Effective macroeconomic policies and precise macroeconomic regulation are important means to safeguard the stability and long-term development of the Chinese economy.

Policies are being formulated and introduced in response to the times and circumstances, with funds accelerating their implementation and benefiting enterprises and the people... The effectiveness of these policies continues to be transformed into surging development momentum, effectively consolidating and enhancing the stable and positive trend of the Chinese economy, and providing solid support for the high-quality completion of the annual economic and social development goals and tasks.

Make good use of fiscal and monetary policies to ensure stable and healthy economic development

From the inclusion of consumer goods such as mobile phones and tablets in the "national subsidy", to the gradual implementation of childcare subsidies and free preschool education, to the construction of railways along the Yangtze River and the new land sea corridor in the western region... Since the beginning of this year, a series of major development events and people's livelihoods have all relied on the support of macro policies.

Implementing more proactive macro policies is a timely and accurate assessment of the situation at important junctures, and a proactive response to complex situations that deeply grasp the requirements of high-quality development.

The supporting conditions and basic trends for the long-term improvement of the Chinese economy have not changed. To fully utilize the positive factors and favorable conditions, more proactive macro policies are needed, "said Guo Liyan, Deputy Director of the Economic Research Institute of the National Development and Reform Commission.

As two important policy tools for macroeconomic regulation, this year's fiscal and monetary policies have been adjusted in both directions: fiscal policy has shifted from "active" to "more active", and the "prudent monetary policy" implemented for 14 consecutive years has been adjusted to "moderately loose monetary policy".

Fiscal policy is more proactive, concentrating financial resources to accomplish major tasks——

In mid October, the issuance of 1.3 trillion yuan of ultra long term special treasury bond ended successfully. As of now, the relevant funds have been basically disbursed.

"This year, China has arranged 1.3 trillion yuan of ultra long-term special treasury bond to support" double "and" two new ", which is a major manifestation of a more active fiscal policy and an important starting point for expanding domestic demand in an all-round way." He Daixin, director of the financial research office of the Institute of Financial Strategy, Chinese Academy of Social Sciences, said.

Since the beginning of this year, the fiscal policy has been more awesome, and new incremental policies have been added while the effect of stock policy has been continuously released.

The deficit rate is arranged at around 4%, an increase of 1 percentage point from the previous year; In the first 10 months, the national general public budget expenditure exceeded 22.5 trillion yuan; Finance at all levels accelerated the use of bond funds. In the first 10 months, 4.54 trillion yuan was spent on local government special bonds, ultra long term special treasury bond, central financial institutions' capital injection of special treasury bond and other funds... The finance has played a policy "combination punch", becoming an important driving force for strengthening macro-control.

Moderately loose monetary policy, financial 'live water' stimulates economic vitality——

Recently, in the production workshop of Elite Energy Equipment Co., Ltd. located in Jinan, Shandong, workers are debugging and installing a 22 meter ultra large ring roller. We obtained a 190 million yuan equipment upgrade loan from ICBC this year and enjoyed the support of the refinancing policy, effectively reducing the cost of equipment upgrades for enterprises, "said Niu Dongmei, the financial director of the company.

Since the beginning of this year, China has implemented a moderately loose monetary policy, strengthened countercyclical regulation, maintained relatively loose social financing conditions, and created a suitable environment for promoting economic recovery and improvement by creating and implementing multiple structural monetary policy tools, reducing reserve requirement ratios by 0.5 percentage points, and lowering policy interest rates by 0.1 percentage points.

At the end of October, the stock of social financing in China exceeded 43 trillion yuan, the balance of broad money (M2) exceeded 330 trillion yuan, and the balance of RMB loans exceeded 270 trillion yuan... The financial "living water" was abundant and stable, continuously flowing into the fertile land of the real economy.

Since the fourth quarter, several foreign institutions have raised their expectations for China's annual economic growth rate. International experts believe that the stable and positive operation of the Chinese economy is achieved through effective response to complex situations, which cannot be separated from a series of macroeconomic policies such as fiscal and financial precision. The potential and resilience of the Chinese economy are fully demonstrated.

Strengthening macro policies and guiding people's livelihoods, investing more financial resources in people

Strengthening the orientation of macro policies towards people's livelihood is an important innovation in formulating macro policies and strengthening macroeconomic regulation this year. More financial resources' investing in people 'has enhanced the sense of gain and happiness of the people, injecting greater confidence and motivation into high-quality development.

In July of this year, the Implementation Plan for the Parenting Subsidy System was announced, which is expected to benefit over 20 million families with infants and young children every year.

Parenting subsidies are a 'timely rain' that alleviates the financial pressure on families, "said Yang Geji, the" treasure mother "of Qiaqing Village, Zhongtie Township, Xinghai County, Hainan Tibetan Autonomous Prefecture, Qinghai Province. As of the end of November, Qinghai has provided subsidies of 540 million yuan to 170000 infants and young children under the age of 3.

During the 14th Five Year Plan period, the government will invest nearly 100 trillion yuan in people's livelihoods; In the first 10 months of this year, national social security and employment expenditures increased by 9.3% year-on-year, while education expenditures increased by 4.7% year-on-year; As of the end of September, inclusive loans and pension industry loans increased by 11.2% and 58.2% respectively year-on-year, higher than the growth rate of all loans... More "real money" has been spent on areas that people care about.

Boosting smooth economic circulation through consumption, leading industrial upgrading through consumption upgrading, and creating new economic growth points while ensuring and improving people's livelihoods.

In May of this year, the People's Bank of China established a 500 billion yuan service consumption and elderly care re loan to encourage and guide financial institutions to increase financial support for key areas of service consumption and the elderly care industry.

With the support of a loan of over 18 million yuan from China Construction Bank, we have further accelerated the development of aging friendly renovation services and have carried out aging friendly renovations for more than 300000 households, "said Wang Ming, founder of Jiangsu Nanjing Fukangtong Health Industry Co., Ltd.

300 billion yuan of ultra long term special treasury bond was allocated to support the exchange of old for new consumer goods; Expand service consumption in key areas such as elderly care and childcare, cultural tourism and sports, and home services; 19 key measures have been launched to boost and expand consumption through financial support... Since the beginning of this year, multiple policies have focused on benefiting people's livelihoods, promoting consumption, fully unleashing consumption potential, and effectively stimulating market vitality.

Adhering to the people-centered approach, this year's macro policies will focus on areas such as employment, social security, and consumption, promoting the formation of a virtuous cycle of economic development and improvement of people's livelihoods, "said He Daixin.

Strengthening the Policy 'Combination Fist' to Enhance the Overall Efficiency of Macro Policies

In September of this year, the consumer loan field welcomed the "national subsidy"! Subsidies for personal consumption loans and loans for service industry operators - these two interest subsidy policies jointly formulated by the Ministry of Finance, the People's Bank of China, the State Administration of Financial Regulation, etc., have become vivid practices of coordinated fiscal and financial policies.

According to data from China Construction Bank, as of the end of November, the bank had 1.28 million customers who had signed financial discount service agreements, and the balance of consumer loans increased by 37.9 billion yuan compared to the same period last year. The two interest subsidy policies fully reflect the coordinated efforts and 'precise drip irrigation', leveraging more financial vitality to flow into key consumer areas, "said Jiang Jie, Vice Dean of the School of Economics and Business Administration at Beijing Normal University.

Macro policies cover areas such as finance, currency, employment, industry, region, technology, and environmental protection. Since the beginning of this year, the formulation and implementation of multiple policies have paid more attention to working in the same direction, promoting the effect of "1+1>2".

With the assistance of the National Biomedical Regional Technology Transfer and Transformation Center (Nanjing, Jiangsu), a new drug project developed by Professor Guo Qinglong's team from China Pharmaceutical University has completed technology transfer. Our team has received funding support for the concept validation of the conversion center, and has obtained millions of yuan in credit from multiple banks, as well as subsidies and risk sharing from government funds, providing guarantees for future research and development, "said Guo Qinglong.

At the end of September, the proportion of new technology loans to total new loans was 30.5%; The balance of domestic and foreign currency loans for technology-based small and medium-sized enterprises increased by 22.3% year-on-year; 277 entities in the interbank bond market have issued technology innovation bonds worth 669.1 billion yuan... Since the beginning of this year, policies such as technology innovation and technological transformation refinancing, and the "technology board" in the bond market have continued to be strengthened.

Just last week, the People's Bank of China, the Ministry of Science and Technology, and other departments jointly held the first meeting of the technology finance coordinated promotion mechanism. The People's Bank of China stated that it will strengthen coordination and cooperation with relevant departments, give full play to the role of technology innovation and technological transformation refinancing policies, build a high-quality bond market "technology board", improve supporting mechanisms such as financing docking, information sharing, and intellectual property transformation and application, and promote the use of high-quality financial services to support high-level technological self-reliance and self-improvement.

Conducting a consistency assessment of macro policy orientation is an important means to strengthen the overall coordination of macro policies.

The "Special Action Plan for Boosting Consumption" released in March clearly proposes to "improve and make good use of the macro policy orientation consistency evaluation mechanism, strengthen the coordination between fiscal, taxation, finance, industry, investment and consumption policies".

Since the beginning of this year, the mechanism for evaluating the consistency of macro policy orientation has been effective. In the process of formulating and implementing multiple policies, it has strengthened policy coordination, grasped the timing, intensity, and pace of policy implementation, and improved the overall effectiveness of policies.

The National Development and Reform Commission stated that during the 15th Five Year Plan period, it will further carry out a solid evaluation of the consistency of incremental policies and strengthen the coordination between economic and non economic policies. At the same time, include stock policies in the evaluation.

The midstream hits the water more vigorously. The macro policy "toolbox" that is constantly improved, enriched and more awesome will further improve the forward-looking, targeted and effective macro-control, release strong signals, play a greater role, and escort China's economy to ride the wind and waves and move forward steadily.