Caixin News reported on October 8th that the State Council Information Office held a press conference at 10 a.m. this morning, with Zheng Zhijie, Director of the National Development and Reform Commission, along with deputy directors Liu Sushe, Zhao Chenxin, Li Chunlin, and Zheng Bei, introducing the situation regarding the implementation of a package of incremental policies to solidly promote the upward structural direction and continuous improvement of economic development, and answering questions from reporters.

Director of the National Development and Reform Commission, Zheng Zhijie, stated that the overall operation of the domestic economy remains stable, with progress being made.

Director of the National Development and Reform Commission, Zheng Zhijie, stated at the press conference today that to accurately grasp the actual situation of China's economy, one must be comprehensive, objective, and calm, focusing on the macro situation and development trends; one must consider both the present and the long-term future. From a macro perspective, we are facing a more complex domestic and international environment, with the overall stable operation and progress in our economy, an accelerated formation of new productive forces, continuous key progress in preventing and defusing risks in key areas, and maintaining social stability overall.

Director Zheng Zhijie of the National Development and Reform Commission: The consumer market during the National Day holiday is booming, full of confidence in achieving the goals and tasks of the year for economic and social development.

Zheng Zhijie stated that the consumer market was strong during the recent National Day holiday, expressing confidence in achieving the annual economic and social development goals, as well as confidence in maintaining stable and healthy economic and social development.

Director Zheng Zhujie of the National Development and Reform Commission: The country is intensifying efforts to introduce a package of incremental policies.

Zheng Zhijie introduced at the State Council Information Office press conference that in response to the new situations and issues in the current economic operation, the Party Central Committee and the State Council have made scientific and resolute decisions, while effectively implementing existing policies, focusing on increasing countercyclical adjustments in macro policies, expanding domestic effective demand, intensifying support for enterprises, stabilizing and revitalizing the real estate market, and boosting capital markets. They have vigorously introduced a package of incremental policies to promote sustained economic recovery and improvement.

Director Zheng Zhujie of the National Development and Reform Commission: China will strengthen macroeconomic policies for counter-cyclical adjustments.

Zheng Zhijie stated that in response to the downward pressure on economic operations, it is necessary to strengthen the countercyclical adjustment of macroeconomic policies, with all aspects continuously exerting more effort. To address issues such as insufficient domestic effective demand, the key focus of expanding domestic demand and increasing increment policy should be more placed on benefiting people's livelihoods and promoting consumption, actively leveraging investment to stimulate economic growth. In response to the current operational difficulties faced by some enterprises, efforts should be increased to assist and support these enterprises, effectively optimize the business environment, and help companies overcome challenges. To address the sustained weakness in the real estate market, comprehensive policy measures should be taken to promote the stabilization of the real estate market. In response to the previous fluctuation and downturn in the stock market, powerful and effective series of measures should be introduced to strive for a revitalization of the capital markets.

Director Zheng Zhijie of the National Development and Reform Commission: Make greater efforts to support local debt-to-bond swaps.

Zheng Zhijie stated that it is necessary to ensure essential fiscal expenditures, accelerate the pace of expenditure, increase the positive role in promoting economic development, strengthen support for local debt replacement, and resolve debt risks.

Director Zheng Zeguo of the National Development and Reform Commission: Enhance the consistency of macroeconomic policy orientation. Inconsistent policies should be adjusted or suspended in a timely manner.

Zheng Zhijie stated that enhancing the consistency of macroeconomic policy orientation, making good use of the consistency assessment mechanism, and improving the consistency and matching of goals, tools, intensity, timing, and pace of policies in various fields. Before the policy is introduced, it must undergo a thorough consistency assessment for full verification. During policy implementation, the consistency of the macroeconomic policy orientation must be maintained continuously, and the effects of the policy should be timely monitored and evaluated after implementation. Any inconsistencies with the macroeconomic policy orientation should be promptly adjusted or suspended.

Director of the National Development and Reform Commission Zheng Zhijie: Next year, it is planned to continue issuing ultra-long-term special national bonds to further support the "dual" development.

Zheng Zhijie stated that the current 700 billion yuan of central budget investment has all been allocated for the "dual" development. The 1 trillion ultra-long-term special national bonds for the "two highs and one new" have already been fully allocated to projects and local areas. Next year, there will be continued issuance of ultra-long-term special national bonds, optimizing the allocation, and increasing support for the "dual" development.

Director Zheng Zhaojie of the National Development and Reform Commission: To quickly introduce specific reform measures to reasonably expand the scope of local government special bonds support.

Zheng Zhaojie stated that efforts are being made to study the appropriate expansion of special bonds for capital use in terms of areas, scale, and proportion, and to quickly introduce specific reform measures to reasonably expand the scope of local government special bonds support.

Director Zheng Zhaojie of the National Development and Reform Commission: Timely reminder to regions where abnormal growth in confiscated income is detected, and if necessary, conduct rechecks.

Zheng Zhaojie emphasized the importance of further regulating the administrative enforcement actions of administrative law enforcement agencies, emphasizing the need to avoid arbitrary fines, inspections, and seizures. It is necessary to timely alert regions with abnormal growth in confiscated income and conduct rechecks when needed.

Director Zheng Zhaojie of the National Development and Reform Commission: Urgently studying the expansion of special bonds for capital use in terms of areas, scale, and proportion.

Zheng Zhaojie mentioned the importance of expeditiously studying the expansion of special bonds for capital use in terms of areas, scale, and proportion. They aim to quickly introduce specific reform measures to reasonably expand the scope of local government special bonds support. Furthermore, stimulate private investment enthusiasm by implementing new mechanisms for government and social capital cooperation (PPP) and supporting social capital participation in the construction of new infrastructure and other areas.

Director Zheng Zhijie of the National Development and Reform Commission: will study whether to extend some tax and fee support for unemployment insurance, stable employment for enterprises, and subsidies for skills enhancement.

Zheng Zhijie stated to clarify the follow-up arrangements for phased tax preferential policies in advance. According to the review, by the end of this year, some tax and fee support for unemployment insurance, stable employment for enterprises, subsidies for skills enhancement, and other policies will expire. Relevant departments will accelerate the clarification of whether the policies will be extended based on research and evaluation. If it is determined to extend implementation, the implementation period should be clarified as soon as possible.

National Development and Reform Commission Director Zheng Zhejie: The National Development and Reform Commission has established a coordination mechanism to support financing for small and micro enterprises led by the financial regulatory authority.

Zheng Zhijie stated that recently, the National Development and Reform Commission and the China Banking and Insurance Regulatory Commission have jointly established a mechanism to support the financing coordination of small and micro enterprises, guiding financial institutions to provide financing support in accordance with market principles, and striving to ensure that all eligible applicants receive loans.

Director Zheng Zhijie of the National Development and Reform Commission: Making efforts to boost the capital markets, various policies are accelerating.

Zheng Zhijie stated that efforts are being made to boost the capital markets. Relevant departments will take powerful and effective comprehensive measures, vigorously guide long-term funds into the market, remove bottlenecks for social security, insurance, wealth management, and other funds entering the market, support the mergers and acquisitions of listed companies, steadily promote the reform of public funds, and research and introduce policy measures to protect small and medium-sized investors. Currently, various policies are accelerating introduction.

Deputy Director Liu Susha of the National Development and Reform Commission: Nearly 6 trillion government investments this year have been mostly implemented in specific projects.

Liu Su, Deputy Director of the National Development and Reform Commission, stated that the vast majority of this year's nearly 6 trillion government investments have been implemented in specific projects. Among them, 700 billion central budget investments have already been issued, with a current project commencement rate of 58%; the 1 trillion yuan ultra-long-term special national bonds used for the "dual" construction have reached 700 billion yuan, and have all been issued to projects.

National Development and Reform Commission Deputy Director Liu Susha: Currently working closely with the Ministry of Finance to expand the scope of support for local government special bonds.

Liu Susha stated that, addressing the prominent issues in the management of local government special bond issuance and usage at present, the NDRC and the Ministry of Finance are currently conducting in-depth research according to the deployment, working together to expand the scope of support for local government special bonds. They are considering expanding the areas, scale, and proportion used as capital, exploring the pilot of project approval autonomy, implementing a green channel for continued construction projects, etc., in order to quickly introduce new measures to optimize and improve the management of local government special bonds.

NDRC Deputy Director Liu Sushen: Promote more private capital to participate in major infrastructure projects such as railroads, energy, and water conservancy.

Liu Sushe stated that the long-term mechanism for private enterprises to participate in major national projects will be improved quickly. The focus is on continuously promoting high-quality projects, encouraging more private capital to participate in the construction of major infrastructure projects such as railroads, energy, water conservancy, and accelerating the formation of a new list of key national private investment projects. At the same time, new mechanisms for implementing government and social capital cooperation will be standardized to support more eligible private capital projects issuing infrastructure REITs. Deepen the pilot cooperation of investment and loans.

Deputy Director of the National Development and Reform Commission, Liu Sushe: Priority support for a batch of urban renewal key projects such as the construction of underground pipe networks.

Liu Sushe stated that according to relevant studies, the construction and reconstruction of the local underground pipe network is expected to reach a total of 0.6 million kilometers in the next 5 years, with a total investment demand of 4 trillion. The next step will continue to coordinate the use of various funds, arrange project lists and investment plans in advance, and continue to promote the improvement and transformation of urban infrastructure. Among the two investment project lists of 100 billion yuan each issued in advance for next year, priority will be given to supporting a batch of key urban renewal projects. Currently, there is a high demand for funds for urban underground pipe networks, and mature projects will be given priority support for underground pipe network construction projects.

Vice Chairman Zheng Bei of the National Development and Reform Commission: Resolutely correct behaviors such as arbitrary charges, fines, and assessments.

Zheng Bei, Deputy Director of the National Development and Reform Commission, stated that it is necessary to further standardize law enforcement and supervision actions involving enterprises. The National Development and Reform Commission will promote the acceleration of improving the standards for administrative discretion, with administrative law enforcement adopting more inclusive and cautious regulatory and flexible law enforcement methods to avoid or minimize the impact on the normal production and operation activities of business entities. At the same time, Zheng Bei mentioned the need to standardize cross-regional administrative law enforcement actions and establish a sound cross-regional administrative law enforcement assistance system to prevent selective law enforcement, profit-oriented law enforcement, strengthen the supervision of administrative law enforcement, resolutely correct acts of unauthorized charges, fines, and assessments, and hold offenders accountable.

Zhao Chenxin, Deputy Director of the National Development and Reform Commission: With conditions, capabilities, and more importantly, confidence, we will achieve the expected goals and tasks for economic and social development throughout the year.

Vice Chairman Zhao Chenxin of the National Development and Reform Commission stated that from the situation at hand, China's economic development in the first three quarters can still maintain an overall stability and a steady progress, as various decision deployments are implemented in detail. The comprehensive policy effects will continue to manifest, and the vitality and driving force of development will definitely be further unleashed. Market confidence has been continuously improving, and as policies take effect successively, market confidence will further grow. With the conditions, capabilities, and more confidence, it is possible to achieve the target tasks for the annual economic and social development expectations.

Li Chunlin, Deputy Director of the National Development and Reform Commission: will vigorously implement the employment priority global strategy from four aspects.

National Development and Reform Commission Vice Chairman Li Chunlin stated that the next step will vigorously implement the employment priority strategy, strengthen coordination and cooperation of macroeconomic policies, and adhere to promoting employment through development. First, expand effective demand, create new employment growth points, leverage the leading role of central budget investments, take multiple measures to stimulate private investment, accelerate the implementation of major initiatives such as the 'two major' measures, and strongly support projects with good employment absorption effects. Second, enhance the employment creation benefits of emerging industries, develop new productive forces according to local conditions. Third, broaden the employment space of life service industries, develop service consumption. As the aging of the Chinese society is increasing year by year, it is necessary to fully unleash the employment potential in the areas of retirement, housekeeping, childcare, and logistics in the social service sector. Fourth, play the role of vocational education and skill training in promoting employment, coordinate resources from multiple channels, and increase investment in the construction of skill training infrastructure.

National Development and Reform Commission Vice Director Li Chunlin: The solid material foundation is in place to ensure supply stability and price stability.

Li Chunlin stated that there is a solid material foundation for ensuring supply, stability, and price. In the second half of the year, a good harvest of autumn grain is expected, the production capacity of pigs is at a reasonable level, the vegetable planting area is increasing, the grain and oil reserves in 36 large and medium-sized cities can meet consumption for more than 15 days, and the adjustment capacity of pork reserves continues to strengthen.

Editor/Somer