Source: Securities Times
On the morning of April 28 at 10 a.m., the State Council Information Office held a press conference. Zhao Chenxin, Deputy Director of the National Development and Reform Commission, Yu Jiadong, Deputy Minister of Human Resources and Social Security, Sheng Qiuping, Deputy Minister of Commerce, and Zou Lan, Deputy Governor of the People's Bank of China, introduced the policies and measures related to stabilizing employment and the economy to promote high-quality development and answered questions from journalists.
Zhao Chenxin from the National Development and Reform Commission: Several measures to stabilize employment and the economy while promoting high-quality development include five main areas.
Zhao Chenxin stated that the State Council executive meeting held on April 18 has studied several measures to stabilize employment and the economy while promoting high-quality development (hereinafter referred to as several measures). These measures are a continuation of the package of incremental policies from last September, the central economic work conference, and the tasks deployed during the national 'Two Sessions.' They are important measures to respond to changes in the external environment and specific actions to implement the decisions and deployments of the Party Central Committee and the State Council.
Specifically, several measures include five main areas.
In terms of supporting employment, the main aspects include encouraging enterprises to actively stabilize jobs, increasing vocational skills training, expanding support through job substitution for relief, strengthening public employment services, and other specific measures.
In stabilizing foreign trade development, the focus includes increasing support through tailored policies for industries and companies, helping export businesses avoid risks, expanding services and products for overseas markets, and encouraging foreign enterprises to reinvest domestically, among other specific measures.
In promoting consumer spending, the main areas include expanding service consumption, enhancing care for disabled elderly people, driving growth in Autos consumption, and establishing a skill-oriented compensation distribution system, among other specific measures.
In actively expanding effective investment, specific measures mainly include perfecting consumer infrastructure, vigorously boosting private investment enthusiasm, and setting up new types of policy financial tools.
In creating a stable development environment, specific measures mainly include continuously stabilizing and activating the capital markets, continuously consolidating the stability of the Real Estate market, and increasing financial support for the real economy.
Zhao Chenxin emphasized that these policies focus on highlighting targeted and operable aspects, aiming to enhance the sense of gain for enterprises and the public, with one measure being matured and issued at a time.
Zhao Chenxin from the National Development and Reform Commission: Conduct policy pre-research and reserve in a normalized and open manner, and timely issue incremental reserve policies.
Zhao Chenxin stated that in the next step, the National Development and Reform Commission will work with relevant departments to implement several measures, and will also conduct policy pre-research and reserve in a normalized and open manner, fully prepare contingency plans, continuously improve the policy toolbox to stabilize employment and the economy, and timely issue incremental reserve policies according to changes in the situation.
Zhao Chenxin from the National Development and Reform Commission: Confident in achieving this year's economic and social development tasks.
Zhao Chenxin stated that efforts will be increased to promote the landing and effectiveness of established policies, including actions to boost Consumer spending; leveraging this year's national-level investment of 5 trillion yuan, accelerating the establishment of a national venture capital guidance Fund, and these major policies will be implemented in the second quarter. There will be consistent reinforcement of policy orientation regardless of how the international situation changes, and the focus will remain on development goals, maintaining strategic determination, concentrating on doing well in our own matters, and being confident in achieving this year's economic and social development tasks.
Zhao Chenxin from the National Development and Reform Commission: In the first quarter, China’s economy delivered an impressive report card.
Zhao Chenxin noted that the Chinese economy delivered an impressive performance in the first quarter. The first quarter report showcases the strong resilience and vitality of the Chinese economy. Additionally, the connotations of the first quarter's economic 'report card' are quite rich, demonstrating the solid advancement of high-quality development in China. The Chinese economy has achieved new results in areas such as innovation, coordination, green development, openness, and sharing. Furthermore, the 'report card' for the first quarter also strongly proves that China is consolidating and enhancing certainty in response to the sharply changing uncertainties in the external environment. The contribution of domestic demand to economic growth has further increased, playing a greater role as the main driving force and stability anchor for economic growth. Positive progress has been made in terms of external demand, living standards, and security guarantees.
The central bank's Zou Lan responded to the fluctuations in US Treasury bonds: the impact of changes in a single market or single asset on China's Forex reserves is generally limited.
Zou Lan stated that attention has been drawn to recent fluctuations in the U.S. Treasury market. For a long time, China's foreign exchange reserves have aimed at safety, liquidity, and value preservation and appreciation. Based on market-oriented and professional principles, investments have been made in international financial markets, achieving relatively effective diversification in the investment portfolio. The impact of fluctuations in single markets and assets on China's foreign exchange reserves is generally limited.
Zou Lan from the central bank stated: Adhere to a managed floating exchange rate system based on market supply and demand and reference a basket of currencies for adjustment.
Zou Lan indicated that in the next phase, the People's Bank will continue to implement a moderately loose monetary policy to strongly support the real economy. At the same time, it will adhere to a managed floating exchange rate system based on market supply and demand, and reference a basket of currencies for adjustment. The decisive role of the market in the formation of exchange rates will be upheld, enhancing the resilience of the foreign exchange market, stabilizing market expectations, and strengthening market management. There will be a resolute correction of market pro-cyclical behavior, decisive actions against activities that disrupt market order, and a firm defense against the risk of exchange rate overshooting, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.
Sheng Qiu Ping from the Ministry of Commerce: The implementation of the Consumer goods trade-in policy has stimulated consumption by over 720 billion yuan.
Sheng Qiuping stated that as of April 27, the implementation of the policy for upgrading consumer goods has stimulated consumption by over 720 billion yuan. Since the policy was implemented, many foreign trade and foreign investment enterprises have received policy support. New consumer products that are smart, green, healthy, and fashionable have entered thousands of households. Currently, more than 0.12 billion individuals have benefited from substantial subsidies.
Ministry of Commerce's Sheng Qiuping reported that a total of 187 tourism trains were operated in the first quarter, an increase of 30% year-on-year.
Sheng Qiuping stated that in the first quarter, a total of 187 tourist trains were operated, a year-on-year increase of 30%, with nearly 80% of the passengers being senior tourists.
Ministry of Commerce's Sheng Qiuping: Deploying local areas to focus on four major fields to hold the "Shop in China" event.
Sheng Qiuping stated that a series of "Shop in China" activities will be held soon, deploying local areas to focus on debuting the economy and hosting distinctive activities in four major areas: quality shopping, exquisite dining, wonderful performances, and beautiful travel.
Yu Jiadong, Ministry of Human Resources and Social Security: The overall employment situation in the first quarter is stable, with urban job creation nationwide exceeding the scheduled progress.
Yu Jiadong stated that in the first quarter of this year, the overall employment situation is stable, with 3.08 million new urban jobs created nationwide, an increase of 0.05 million year-on-year, which is faster than the scheduled progress.
Yu Jiadong, Ministry of Human Resources and Social Security: Continuously tapping potential and expanding employment space to develop new employment growth points.
Yu Jiadong stated that to ensure the overall stability of the employment situation, efforts will continue to tap into potential and expand employment space, focusing on key areas such as new quality productivity, major engineering project implementation, and basic livelihood services to increase job releases. Actively expanding new employment growth points, market structure data shows that in the first quarter of this year, recruitment demand in industries such as living services, transportation Logistics, and resident services has increased year-on-year, and the demand for positions such as Siasun Robot&Automation algorithm engineers has increased by over 30% year-on-year, all reflecting the substantial potential of the labor market.
Yujia Dong from the Ministry of Human Resources and Social Security: Together with the Ministry of Finance, 66.7 billion yuan of central employment subsidy funds have been allocated.
Yu Jiadong stated that recently, 66.7 billion yuan of central employment subsidy funds were allocated together with the Ministry of Finance, providing assurance for the implementation of the (stabilizing employment) policy.
Minister of Human Resources and Social Security Yu Jiadong: Policies will be introduced in a timely manner to incentivize companies to absorb employment based on changes in the situation.
Yu Jiadong stated that policy reserves have been made in areas such as incentivizing companies to absorb employment, supporting companies to stabilize and expand jobs, promoting workers to improve skills and engage in entrepreneurship, and these will be introduced timely based on changes in the situation.
Zou Lan of the central bank: Personal housing loans increased by approximately 220 billion yuan in the first quarter.
Zou Lan stated that by the end of the first quarter this year, the personal housing loan balance was 38 trillion yuan, an increase of approximately 220 billion yuan, which is over 200 billion yuan more than the same period last year.
Central Bank's Zou Lan: Effectively utilize the dual functions of both the total amount and structure of monetary policy tools, and timely introduce incremental policies.
Zou Lan stated that based on domestic and international economic situations and the operation of the financial market, timely reductions in reserve requirements and interest rates will be made to maintain adequate liquidity, effectively utilize the dual functions of both the total amount and structure of monetary policy tools, create new structural monetary policy tools, make precise efforts focused on key areas such as stabilizing employment, stabilizing growth, and ensure proper financial support. There is also research into enriching the policy toolbox, with incremental policies introduced timely to support stabilizing employment, stabilizing enterprises, stabilizing markets, and stabilizing expectations.
Central Bank's Zou Lan: Guide Financial Institutions not to withdraw loans from small and medium-sized enterprises that are highly dependent on foreign trade, facing difficulties, and have competitive products.
Zou Lan stated that, based on the domestic and international economic situation and the running conditions of the financial market, timely reductions in the reserve requirement ratio and interest rates will be made to maintain sufficient liquidity, effectively utilizing the dual functions of the monetary policy toolbox in terms of quantity and structure, creating new structural monetary policy tools, and accurately focusing on key areas that stabilize employment and promote growth while ensuring financial support. Firstly, increasing support for stabilizing employment, with greater efforts to implement policies such as entrepreneurial guarantee loans;
Secondly, increasing support for stabilizing foreign trade, guiding financial institutions not to withdraw loans from small and medium-sized enterprises that are highly dependent on foreign trade and facing difficulties but have competitive products, thus ensuring reasonable financing demands;
Thirdly, accurately promoting consumption by focusing on the supply side of service consumption, concentrating on key areas such as cultural tourism, sports, Dining, Lodging, and Education, enhancing financial support, and collaborating with Other policies to jointly drive a significant increase and improvement in service consumption supply; Fourthly, increasing support for stabilizing investment, supporting financial institutions in innovating financial tools, increasing the issuance of medium and long-term loans, and ensuring financing support for key areas like 'Two New and Two Heavy'.
Editor/Rocky
