The Political Bureau of the CPC Central Committee held a meeting on September 26 to analyze and study the current economic situation and deploy the next economic steps.

The current Politburo meeting of the Central Committee comprehensively and objectively examined the current economic situation, made a series of important arrangements, and released clear policy signals to strive to complete economic and social development goals throughout the year. It will surely inspire the vast number of cadres and masses to have firm confidence and initiative, and gather strong synergy to push the economy to continue to improve.

Facing up to difficulties, strengthening confidence and strengthening a sense of responsibility and urgency

Scientific understanding of the economic situation is a basic prerequisite for doing a good job in the economy.

Dong Yu, executive vice dean of the China Development Planning Research Institute at Tsinghua University, pointed out that the conference proposed to take a comprehensive, objective and calm view of the current economic situation, not only emphasizing that “the fundamentals of China's economy and favorable conditions such as broad markets, strong economic resilience, and great potential have not changed,” but also not shied away from the emergence of some new situations and problems in the current economic operation, which highlights the comprehensive and scientific nature of the Party Central Committee's investigation and judgment of the economic situation, and helps guide the whole society to face up to difficulties, firm confidence, and effectively enhance the sense of responsibility and urgency to do a good job in the economy.

Since this year, in the face of complex and severe domestic and international environments, China's economy has generally been running smoothly and steadily, new productivity has developed steadily, people's livelihood security has been solid and strong, positive progress has been made in preventing and mitigating risks in key areas, high-quality development has progressed steadily, and the overall social situation has remained stable.

Regarding the next economic work, the conference emphasized the need to grasp key points and take the initiative, effectively implement stock policies, step up the introduction of incremental policies, further improve the pertinence and effectiveness of policies and measures, and strive to complete economic and social development goals throughout the year.

Dong Yu believes that the arrangements made at the conference are a set of macroeconomic policy punches. The direction is clear, the measures are strong, and the significance is significant, and it sends a clear signal of continuous improvement in the development environment and unswervingly promoting high-quality development.

The comrade in charge of the Policy Research Office of the National Development and Reform Commission said that we must fully implement the decisions and arrangements of the Party Central Committee, adhere to goal orientation and problem orientation, implement stock policies and incremental policies in an integrated manner, accelerate the implementation of existing policies and measures, step up “dual” construction and “two new” work, form more and more physical workloads faster, expand effective domestic demand with a focus on boosting consumption, and increase precise support for physical enterprises to prevent and mitigate risks in key areas and effectively guarantee the improvement of people's livelihood; on the other hand, anchor annual goals, focus on business entities and social concerns, and speed up introduction Implement targeted incremental policies with obvious results, play a combo punch, stimulate enthusiasm, initiative and creativity to promote high-quality development, push the economy to continue to recover and improve, and complete the target tasks for the whole year.

Strengthen macroeconomic policy adjustments to form strong policy synergy

Continuing efforts and taking advantage of the momentum, the conference sent a clear signal to step up macro-control efforts and form policy synergies.

In response to the conference's proposal to step up countercyclical adjustment of fiscal and monetary policies, Zou Lan, director of the monetary policy department of the People's Bank of China, said that the People's Bank of China will implement the relevant arrangements of the conference on “reducing deposit reserve ratios and implementing strong interest rate cuts” and expedite the issuance of financial incremental policy initiative documents. On the basis of a 0.5 percentage point reduction in the reserve ratio, it will be further lowered during the year depending on market liquidity conditions. The policy interest rate was lowered by 0.2 percentage points to continue to guide the loan market's quoted interest rate and deposit interest rate downward at the same time, and push commercial banks to lower interest rates on existing mortgages. Take good care of the implementation of various policies and measures to strongly promote economic recovery and improvement.

Any Dai Xin, head of the Finance Research Office of the Institute of Financial Strategy of the Chinese Academy of Social Sciences, believes that the conference called for guaranteeing necessary financial expenditure, doing a good job in the “Three Guarantees” at the grassroots level, and proposed issuing and using ultra-long-term special treasury bonds and local government special bonds. These arrangements send a positive signal that fiscal policies should be strengthened and made more effective. They are more closely integrated with monetary policy to link new arrangements in fields such as real estate and capital markets, and are expected to better form policy synergies to promote economic improvement.

Yu Xiaofen, director of the China Housing and Real Estate Research Institute at Zhejiang University of Technology, noticed that the conference clearly put forward the requirement to “stop the decline and stabilize the real estate market” and deployed a series of measures such as “strictly controlling growth, optimizing inventory, and improving quality in commercial housing construction,” “increasing loan investment for 'white list' projects,” and “adjusting housing purchase restriction policies to reduce interest rates on existing mortgages.” “This sends a strong signal of steady growth and stabilizing the property market. At the same time, it clarifies specific ideas and measures to stop the decline and stabilize. The effects of implementing the policy can be expected.” Yu Xiaofen said.

The smooth operation of capital markets is essential. “The conference made arrangements around efforts to boost the capital market, which will help enhance the internal stability of the capital market and further serve the recovery and high-quality development of the real economy.” Zhang Yuewen, director of the Capital Market Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, said that recent reforms such as mergers, acquisitions, restructuring, and market value management have been introduced one after another, which is conducive to further stabilizing market investor confidence and accelerating market recovery.

Further optimize the business environment to help enterprises overcome difficulties

“We need to help enterprises get through difficult times” - Chen Lifen, a researcher at the Market Economy Research Institute of the Development Research Center of the State Council, was deeply impressed by this statement at the conference. She said that the conference was fully concerned about the development needs of various business entities and made a series of arrangements to further optimize the business environment, which would help stabilize and enhance the confidence and expectations of enterprises and residents.

Tang Weikun, president of Yuanda Pharmaceutical (China) Co., Ltd., noticed that the conference clearly proposed that “a private economy promotion law should be introduced to create a favorable environment for non-public economic development.” “From this meeting, we can feel the Party Central Committee's concern and importance for the development of private enterprises. These measures are conducive to creating a transparent and fair legal environment and a stable and predictable business environment for enterprises, better protecting the legitimate rights and interests of enterprises, stimulating enterprise vitality and creativity, and making us more confident in dealing with current difficult challenges.” Tang Weikun said.

The conference proposed that promoting consumption should be combined with benefiting people's livelihood to increase income for low- and middle-income groups, and enhance the consumption structure. It is necessary to cultivate new forms of consumption.

“Combining expanding consumption with improving people's livelihood indicates the direction for enterprises to raise supply levels and tap consumption potential.” Gao Shaoyun, general manager of Xidan Shopping Mall, said that the “90s” Xidan shopping mall is being upgraded to meet new consumer trends, build a business platform that brings together new consumption models and new business formats, and better meet and create people's new consumption needs.

Focusing on increasing efforts to attract and stabilize capital, the conference proposed urgent promotion and implementation of reform measures such as foreign investment access in the manufacturing sector. Takeo Keizo, managing director of Sumitomo Electric Group's sales in China, believes that against the backdrop of increased uncertainty in the global investment environment, China continues to send positive signals of increasing efforts to attract foreign investment, continue to expand access to foreign investment, and has firm confidence and stable expectations for the development of foreign-funded enterprises in China. “Sumitomo Electric has always been optimistic about China's development prospects and is committed to long-term investment.”

Keep the bottom line of people's livelihood secure, and lead the way in overcoming difficulties in the long term

The happiness and well-being of the people is the ultimate goal of promoting high-quality development.

Song Xin, head of the Employment Promotion Department of the Ministry of Human Resources and Social Security, said that the conference made a series of arrangements around maintaining the bottom line of people's livelihood. Among them, emphasis was placed on doing a good job in employment for key population groups and pointing out the direction for government departments to further refine relevant support policies. Since this year, the Ministry of Human Resources and Social Security, together with relevant departments, has introduced a new round of employment policies to find jobs, provide employment services, and carry out hardship assistance. In the next step, relevant departments will use the employment service campaign for unemployed graduates as a starting point and continue to make efforts in implementing policies, matching recruitment, and improving abilities to promote youth employment and entrepreneurship.

Livelihood security, safety, and warmth for disadvantaged groups always touch people's hearts. Wang Junwei, head of the Rights Protection Department of the National Federation of Trade Unions, said that the conference proposed strengthening assistance for groups with difficulties in employment, such as the elderly, the disabled, and those who have been unemployed for a long time, and strengthening aid for the low-income population. For trade unions at all levels, it is necessary to keep in mind their mission and responsibilities, earnestly do a good job of helping workers in difficult circumstances, increase employment services, and do a good job as an employee's “mother family.”

If supplies are sufficient and prices are stable, people feel at ease. “The conference emphasized making good efforts to secure the supply and price of important materials such as food, water, electricity, and heat. This is the key to maintaining social stability and ensuring people's happy lives.” Ning Fengguo, deputy director of the Jinzhou Municipal Development and Reform Commission of Liaoning Province, said that all relevant departments in Jinzhou will start at the source of production to ensure stable planting and breeding of agricultural products; further strengthen market supervision to prevent hoarding and driving up prices; and do a good job of securing supply and price stability.

Currently, it is the harvest season for autumn grains. He Licheng, a villager from Gusheng Village in Dali, Yunnan, was deeply moved by the conference's emphasis on “earnestly carrying out food and agricultural production, and concerned about increasing farmers' income.” “Thanks to the support of agricultural science and technology, the quality of rice grown this year is better and sales are stronger. We are confident that we will further increase production and income through green organic cultivation.” Ho Licheng said.

The vast majority of cadres and masses said that the final quarter will soon be entered to ensure the achievement of development tasks and goals for the whole year. The key is for the Party Central Committee to implement its decisions and deployments effectively.

Deploy in 1 minute, implement in 9 minutes. Ai Xuefeng, director of the Guangdong Provincial Development and Reform Commission, said that the conference proposed “dry words at the head and common goals”. We will use actual work to show the innovative style of major economic provinces, further comprehensively deepen reform and opening-up, step up efforts to cultivate new quality productivity, seize the opportunities of a new round of scientific and technological revolution and industrial transformation, unswervingly promote high-quality development, and strive to take the lead in advancing Chinese-style modernization. (end)

This article is reprinted from “Xinhua News Agency”, Zhitong Finance Editor: Liu Jiayin.