The State Council Information Office held a press conference at 10:00 am on October 8, 2024. Zheng Zhajie, Director of the National Development and Reform Commission, and Liu Sushe, Deputy Directors Zhao Chenxin, Li Chunlin, and Zheng Bei introduced the relevant situation of "systematically implementing a package of incremental policies to solidly promote the upward structural optimization of the economy and the sustained improvement of development trend", and answered questions from reporters.
Zheng Zhajie, Director of the National Development and Reform Commission, stated at a press conference that accurately grasping the reality of the Chinese economy requires comprehensive, objective, and calm attention, as well as a macro perspective and development trend; We need to see both the present and the long-term future of the matter. From a macro perspective, we are facing a more complex internal and external environment. The overall operation of China's economy is stable and progressing steadily, with the formation of new quality productive forces accelerating. Key progress has been made in preventing and resolving risks in key areas, and the overall social situation remains stable.
Zheng Zhajie stated that from the perspective of development direction and trend, the fundamentals of China's economic development have not changed, and favorable factors such as large market potential and strong economic resilience have not changed. As the effects of various existing policies continue to be released, especially the implementation of incremental policies, market expectations have significantly improved in the near future. The Purchasing Managers' Index in the manufacturing industry has rebounded rapidly, and the stock market has also rebounded and risen. The just ended National Day holiday saw strong market consumption. Full of confidence in achieving the goals and tasks of economic and social development for the whole year, and also full of confidence in maintaining stable, healthy, and sustainable development of the economy and society.
Zheng Zhajie introduced that in response to the new situation and problems in the current economic operation, the Party Central Committee and the State Council have made scientific decisions and taken decisive actions. While effectively implementing existing policies, they have also launched a package of incremental policies around five aspects: increasing countercyclical adjustment of macro policies, expanding domestic effective demand, increasing assistance to enterprises, promoting the stabilization of the real estate market, and boosting the capital market, in order to promote sustained economic recovery and improvement.
Zheng Zhajie stated that this package of incremental policies reflects "three more focuses" and "four adherences": more emphasis on improving the quality of economic development, more emphasis on supporting the healthy development of real economy entities, and more emphasis on coordinating high-quality development and high-level security. Four aspects of persistence: First, adhere to goal orientation, anchor annual goals and tasks, and make full use of policy space. The second is to adhere to problem orientation, focus on people's livelihood and social concerns, closely grasp the difficulties and problems in economic and social development and enterprise production and operation, and take more targeted measures. Adhere to systematic policy implementation, coordinate policies in various fields such as finance, consumption, investment, real estate, stock market, employment, and people's livelihood, enhance the consistency of macro policy orientation, and strengthen policy synergy. The fourth is to adhere to long-term construction, especially to coordinate the connection of policies in the next two years, promote sustained, stable and healthy economic development, and ensure the smooth conclusion of the 14th Five Year Plan next year.
Zheng Zhajie introduced that in terms of consumption, the focus is on combining promoting consumption with benefiting people's livelihoods, increasing income for middle and low-income groups, and implementing actions to boost consumption. There are three specific aspects: firstly, increasing support for specific groups. A one-time living allowance has been provided to extremely impoverished individuals, orphans, and other disadvantaged groups before the National Day holiday. The second is to combine large-scale equipment updates and trade in of consumer goods to promote the continuous expansion of commodity consumption. The third is to expand the consumption of elderly care, childcare and other services. Cultivate new consumption formats such as digital consumption and green consumption, and enhance the adaptability of the supply side to mid to high end demand.
Zheng Zhajie stated that it is necessary to enhance the consistency of macro policy orientation, make good use of the consistency evaluation mechanism, and improve the consistency and matching of the goals, tools, intensity, timing, and pace of policies in various fields. Before the policy is introduced, it needs to undergo a thorough consistency evaluation for sufficient justification. During policy implementation, it should maintain a consistent macro policy orientation. After policy implementation, the effectiveness of the policy should be timely tested and evaluated. If it is inconsistent with the macro policy orientation, it should be adjusted or suspended in a timely manner.
Zheng Zhajie stated that all 700 billion yuan of central budget investment has been issued. The 1 trillion yuan super long term special treasury bond used for the "two new" projects have all been issued to local governments. Next year, we will continue to issue ultra long term special treasury bond, optimize investment orientation, and strengthen support for the "dual" construction.
Zheng Zhajie also stated that the follow-up arrangements for phased tax and fee preferential policies should be clarified in advance. According to the review, some tax and fee support policies such as unemployment insurance, job stabilization assistance, and skill enhancement subsidies will expire by the end of this year. Relevant departments will accelerate the clarification of whether the policies will be postponed based on research and evaluation. If it is clearly necessary to postpone the implementation, the implementation deadline should be clarified as soon as possible.
Liu Sushe, Deputy Director of the National Development and Reform Commission, stated that efforts will be made to accelerate the improvement of the long-term mechanism for private enterprises to participate in major national project construction. The focus will be on continuously promoting high-quality projects, encouraging more private capital to participate in major infrastructure projects such as railways, energy, and water conservancy, and accelerating the formation of a new batch of national key private investment project lists. At the same time, it is necessary to standardize the implementation of new mechanisms for government and social capital cooperation, and support more eligible private capital projects to issue infrastructure REITs. Deepen the pilot cooperation of investment loan linkage.
Liu Sushe stated that he will urge relevant localities to complete the issuance of the remaining quota of approximately 290 billion yuan of local government special bonds for this year by the end of October. At the same time, he will accelerate the implementation of projects that have already issued local government special bonds and the progress of fund utilization, and promote the formation of more physical workloads.
The vast majority of the nearly 6 trillion yuan government investment this year has been implemented in specific projects. Among them, 700 billion yuan of central budget investment has been allocated, and the current project commencement rate is 58%; One trillion yuan of ultra long-term special treasury bond has been used for the "dual" construction of 700 billion yuan, and all projects have been assigned.
Liu Sushe stated that in response to the prominent problems in the management of the issuance and use of local government special bonds, the National Development and Reform Commission and the Ministry of Finance are urgently studying and working together to expand the scope of support for local government special bonds, appropriately expand the areas, scale, and proportion used as capital, study and carry out pilot projects on project review autonomy, implement green channels for continued construction projects, etc., and quickly introduce new measures to optimize and improve the management of local government special bonds.
Zheng Bei, Deputy Director of the National Development and Reform Commission, stated that in order to further standardize the law enforcement and supervision behavior related to enterprises, the National Development and Reform Commission will promote the acceleration of the improvement of administrative discretion standards. Administrative law enforcement will adopt more inclusive and prudent supervision and flexible law enforcement methods to avoid or reduce the impact on the normal production and operation activities of business entities.
At the same time, Zheng Bei stated that it is necessary to standardize administrative law enforcement behavior in different regions, establish a sound system for assisting administrative law enforcement in different regions, prevent selective law enforcement and profit seeking law enforcement, strengthen supervision of administrative law enforcement, resolutely correct behaviors such as arbitrary fees, fines, and levies, and hold accountable those who violate them seriously.
Zheng Bei also stated that he will promote the revision of the payment regulations to ensure the payment of funds to central enterprises, and promote the timely payment of small and medium-sized enterprise accounts by government agencies, public institutions, and large enterprises.
Zhao Chenxin, Deputy Director of the National Development and Reform Commission, stated that based on the information available, China's economic development in the first three quarters was able to maintain an overall stable and progressive trend. With the implementation and refinement of various decision-making arrangements, the effects of a package of policies can continue to emerge, and the vitality and driving force of development can be further released. Market confidence has been continuously improving, and with the gradual effectiveness of policies, market confidence will further increase. With the conditions, capabilities, and confidence, we will achieve the expected goals and tasks of economic and social development for the whole year.
Editor | | | Sun Zhicheng, Du Bo
Proofreading | Tang Yawen
Source: Daily Economic News Comprehensive Xinhua News Agency, CCTV News, Securities Times, etc
