韩文秀表示，实施更加积极有为的宏观政策，也就是要实施更加积极的财政政策、适度宽松的货币政策，这与以往多年相比，在提法上发生了重大变化。“这有利于加大逆周期调节力度，更好应对经济运行中的不稳定、不确定因素，为实现全年目标任务提供强有力的政策支撑。这些政策新提法的背后，Today (14th), at the 2024-2025 China Economic Annual Conference held at the China International Economic Exchange Center, Han Wenxiu, Deputy Director of the Office of the Central Financial and Economic Committee responsible for daily operations and Director of the Office of the Central Rural Work Leading Group, stated that China's GDP is expected to grow by about 5% this year.
Han Wenxiu: This year's GDP in China is expected to grow by about 5%.
Han Wenshou stated that this year is a key year for achieving the goals and tasks of the 14th Five-Year Plan. China is facing increased external pressures and growing internal difficulties in economic development. Under the leadership of the Party Central Committee with Comrade **** at its core, the entire Party and people of all nationalities have remained calm and responded to changes with comprehensive measures, leading to a generally stable economic operation, steady progress, and solid advancement of high-quality development. A new solid step has been taken towards Chinese modernization. It is necessary to fully recognize the achievements and potential of China's economic development; the journey that China's economy has gone through over the past year has been extraordinary, and the achievements are encouraging.
Han Wenshou stated that the main expected goals for economic and social development are about to be successfully achieved, with an anticipated economic growth of around 5% this year, contributing nearly 30% to Global economic growth; employment and prices remain stable, international balance of payments is basically balanced, and national Forex reserves remain above 3.2 trillion USD.
The new wording of the policy carries significant value.
Han Wenshou stated that implementing a more proactive macro policy means adopting a more active fiscal policy and moderately easing monetary policy. Compared to past years, there has been a significant change in wording. "This is beneficial for increasing counter-cyclical regulation efforts, better responding to instability and uncertainty in economic operation, and providing strong policy support to achieve the annual goals and tasks. The new wording of these policies carries significant value, and specific plans will be showcased at the national two sessions."
Han Wenshou also stated that by 2025, the fiscal deficit ratio should be increased, the scale of the deficit should be enlarged, the issuance of ultra-long special government Bonds and local government special Bonds should be increased, and the intensity of fiscal spending should be raised to ensure favorable support for economic growth. A moderately eased monetary policy should be implemented to further utilize the dual functions of the total amount and structure of monetary policy tools. It is necessary to appropriately lower reserve requirements and interest rates, effectively use open market operations and other tools, maintain ample liquidity, continuously increase support for the real economy, and also explore the expansion of the macro-prudential and financial stability functions of the central bank, innovate financial tools, and maintain financial market stability.
The real estate market is showing positive changes.
Han Wenxiu stated that external pressures facing the economic development of the country have increased, and internal difficulties have also grown. In the second and third quarters of this year, some new situations and problems have emerged in the operation of the economy. On September 26, the Central Political Bureau meeting decisively deployed a package of incremental policies that effectively boosted social confidence and led to a significant economic recovery. The risk resolution in key areas is orderly and effective, and positive changes have occurred in the real estate market. Since October, there have been positive signs in both transaction volume and prices. Local government debt and risks from small and medium-sized financial institutions are also being effectively alleviated, mitigated, and controlled.
Make domestic demand the main driving force and stability anchor for economic growth.
Domestic demand should be made the main driving force and stability anchor for economic growth.
Han Wenxiu stated that it is necessary to coordinate the dynamic balance between total supply and total demand. Currently, domestic demand in China is insufficient, and external demand is affected by many unstable and uncertain factors internationally. To achieve a virtuous cycle of the national economy, it is essential to insist on coordinated efforts from both supply and demand sides and promote the balance between total supply and total demand.
Han Wenxiu expressed that on the one hand, it is necessary to continue deepening supply-side structural reforms, adhering to the principles of inclusion and exclusion, increase and decrease, protection and pressure, to enhance the adaptability and balance of supply and demand. On the other hand, expanding domestic demand should be treated as a long-term strategic move, accelerating the filling of the gap in domestic demand, especially in consumption, to make domestic demand the main driving force and stability anchor for economic growth. This way, the domestic major circulation can be solidified and expanded, better driving and guiding the dual circulation of domestic and international markets, and accelerating the construction of a new development pattern.
Source: CCTV News
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