Overall promotion, general secretary's interpretation of the "epidemic" strategy series 2
"Active and Promising" and "Flexible and Moderate" Helps Stable Economic Operation
Editor's note: On February 23, Xi Jinping, General Secretary of the CPC Central Committee, State President, and Chairman of the Central Military Commission, attended an overall planning conference for the prevention and control of the new crown pneumonia epidemic and economic and social development and delivered an important speech. Claim. This website will invite a number of authoritative experts to conduct a series of interpretations around these eight points, helping you to better understand the general secretary's strategy for fighting the "epidemic". The second reading introduced today focuses on the theme of "macro policy" to explain how fiscal and monetary policies work effectively to help the economy run smoothly.
On February 23, Xi Jinping, General Secretary of the CPC Central Committee, State President, and Chairman of the Central Military Commission, delivered an important speech at the co-ordination of the New Crown Pneumonia Epidemic Prevention and Control and Economic and Social Development Work Deployment Conference, emphasizing "strengthening macroeconomic policy adjustments", which was specifically manifested Proactive fiscal policies should be more proactive, prudent monetary policies should pay more attention to flexibility and moderation, increase support for the resumption of work and production in some industries, and help small and medium-sized enterprises to overcome difficulties.
Effective control of active fiscal policies under macro-control
"Macro policies focus on counter-cyclical adjustments, and the pace and intensity must be able to hedge the impact of the epidemic, prevent economic operations from slipping out of a reasonable range, and prevent short-term shocks from becoming a trend change." "Proactive fiscal policies need to be more active and promising. Policies such as discounted interest rates, large-scale fee reductions, and deferred taxes should be implemented in enterprises as soon as possible. "General Secretary Xi Jinping stressed at the meeting.
We must resolutely win the fight against epidemic prevention and control, and strive to achieve this year's economic and social development goals. In the face of this major task, how to control fiscal policy and how to make expenditures are particularly important.
There are many concerns in the society about the development trend of the epidemic and its impact on the economy.
In fact, as a big country, China has strong resilience, great potential, and great room for manoeuvre. General Secretary Xi Jinping once pointed out: "In summary, the fundamentals of the long-term improvement of China's economy have not changed. The impact of the epidemic is short-term and generally controllable. As long as we turn pressure into momentum and be good at turning crisis into opportunity, we have In order to restore the order of production and life, strengthen the "six stability" measures, increase the intensity of policy adjustment, and fully release the huge potential and strong momentum of China's development, we can achieve this year's economic and social development goals and tasks. "
Under the guidance of the central policy, financial departments at all levels have actively strengthened policy development and ensured key expenditures to provide good support for stable economic operation. According to the epidemic situation and the need for prevention and control, the financial departments continued to increase capital investment. The data show that as of On February 14, finance at all levels has arranged 90.15 billion yuan in subsidies for epidemic prevention and control, of which 25.29 billion yuan has been arranged by the central government.
The Ministry of Finance has issued a new local government debt limit of 188 billion yuan in 2020 in advance, and has issued 714.8 billion yuan of special bonds in January. By accelerating the issuance and use, an effective economic pull can be formed as soon as possible;
The central government has announced a number of measures including reducing or exempting agricultural credit guarantee-related costs, allocating funds for disaster relief in agricultural production as soon as possible, and increasing support for cold storage and preservation of agricultural products to support the stable production and supply of agricultural products ...
With the implementation of the policy, the interest rate trend of the inter-bank market has been stable recently, and the stock market and foreign exchange market have basically resumed normal operations. "With the gradual emergence of the effectiveness of epidemic prevention and control, and under the effective hedging of policies and measures, we have the confidence, ability, and conditions to minimize the impact of the epidemic and maintain a stable and healthy economic and social development." Cong Liang, Secretary General of the National Development and Reform Commission Means.
"The government strengthens policy regulation and guarantees key expenditures. The financial departments at all levels have also taken active actions and introduced a number of policies and measures to suit local conditions, which have provided good support for stable economic operations. These series of policies have demonstrated the role of fiscal emergency. Should Said that the advantages of the system are the biggest advantage of a country and the most reliable guarantee for defeating the epidemic. "Said Liu Shangxi, member of the Economic Committee of the Chinese People's Political Consultative Conference and president of the Chinese Academy of Finance Science.
"Intensifying macroeconomic policy adjustments can play an important role in consumption. Economic theory and practice reflect that increasing consumption is a good way to deal with various economic shocks, including the epidemic crisis." President of the Yangtze River Economic Belt Research Institute, Renmin University of China Luo Laijun said. "Providing consumer subsidies and other measures for products in the fields of people's livelihood, medical care, education, culture and other fields can give research and introduce policies to enhance the consumption capacity of the entire economic system."
Flexible and moderately prudent monetary policy
General Secretary Xi Jinping used "flexibility and appropriateness" to set the tone for monetary policy, "putting support for the real economy on recovery and development in a more prominent position, making good use of existing financial support policies, and promulgating new policy measures in a timely manner."
"Flexible and moderate refers to the use of monetary policy to support enterprises to resume work and resume production as soon as possible, purposefully and in a targeted manner to reduce interest rates on corporate loans, and implement rollovers on some mature loans, which is mainly reflected in the support of small and medium-sized enterprises." Zhang Liqun, a researcher at the Ministry of Economic Research, said.
As the epidemic prevention and control enters the most strenuous stage, how to flexibly and appropriately exert monetary policy in accordance with the complicated situation is particularly critical. Currently, a series of monetary policies have been introduced in time to increase counter-cyclical adjustments.
According to Liu Guoqiang, deputy governor of the People ’s Bank of China, at the press conference of the State Council ’s joint prevention and control mechanism, the People ’s Bank of China has recently deployed and implemented credit support for small and medium-sized enterprises to resume work and resume production in accordance with the requirements of the State Council executive meeting.
"Using structural monetary policy tools, we will increase support for the resumption of production of small, medium and micro enterprises in accordance with the principles of marketization and rule of law. The recent increase in reloans and rediscounts totaled 500 billion yuan, which is inclusive and suitable for compliance. Enterprises with favorable conditions have adopted market-oriented support. The interest rate on refinancing for agriculture and small businesses has been reduced by 0.25 percentage points from 2.75% to 2.5%. "Liu Guoqiang introduced.
"In the next step, prudent monetary policy should be more flexible and appropriate, and support the recovery and development of the real economy to a more prominent position. By stabilizing expectations, expanding the total volume, classifying, renewing, creating tools, and implementing, we will fight against the epidemic. And support the real economy to provide strong monetary policy support. "Liu Guoqiang said.
"At present, China has sufficient policy space and policy tools for its monetary policy. It has the confidence and ability to support this epidemic prevention and control campaign and support the recovery of the real economy." Chen Yulu, deputy governor of the People's Bank of China, said in an interview with the media. "Prudent monetary policy will be more flexible and appropriate, continue to maintain a reasonable and sufficient liquidity, and guide the overall interest rate of the market to continue to fall through the role of policy interest rates, reducing corporate financing costs."
Turn crisis into opportunity
"In response to urgent problems such as debt repayment, capital turnover and expansion of financing for enterprises to resume production and production, we must innovate and improve financial support methods, provide separate credit scales for key epidemic prevention areas, and provide industries, private enterprises, and small and micro enterprises affected by the epidemic. Special credit line. "" We need to adjust and improve corporate repayment and interest payment arrangements, increase loan renewal and renewal efforts, appropriately reduce and exempt small and micro enterprises' loan interest, and prevent corporate capital chain breaks. "In the speech of General Secretary Xi Jinping, many I talked about the role of macro policies in helping enterprises.
"At present, the new crown pneumonia epidemic has caused a breakpoint in demand and can gradually recover after the epidemic has ended. However, the impact of the epidemic on production is continuous and lagging behind. It may cause substantial damage to the supply system, such as some companies moving outside, The failure of some companies may make the original complete industrial chain no longer complete, and break the original supply chain and have to rebuild a new supply chain. This requires policy support. "Liu Shangxi said.
"We must pay close attention to those fragile industrial chains, supply chains and their weak links, and prevent the impact of the epidemic from triggering the domino effect. We must promptly repair the supply and industrial chains that have been broken due to the impact of the epidemic and prevent permanent damage." Liu Shang Xi explained, "The government and the market must form a joint force, and the role of the government is to make high observations, provide scientific guidance, and use policies to solve blocking points, pain points, and weaknesses."
Since the outbreak of the epidemic, the Party Central Committee and the State Council have thoroughly analyzed and judged the impact of the epidemic on small and medium-sized enterprises, and promoted the introduction of a series of fiscal, taxation, financial, social security and other support policies in various places and departments-
The Ministry of Industry and Information Technology has proposed six measures to help small and medium-sized enterprises resume orderly and resume production in order to cope with the difficulties, held a video conference for exchanging experiences, summarized and promoted the experience of local resumed production and resumed production, and instructed national SMEs to resume production and resume production.
The Ministry of Finance has gradually reduced the value-added tax collection rate for small-scale taxpayers, and improved policies and measures such as discounted loans for business guarantees and financing guarantees. The Development and Reform Commission reduced the cost of electricity and gas for the company in stages.
The State Administration of Taxation has introduced a series of preferential tax and fee policies to reduce the labor cost of enterprises, help small and micro enterprises and individual industrial and commercial households to enhance their ability to resist risks and enhance their confidence in resuming work and resuming production. On the one hand, reduce the payment of enterprise pension, unemployment, and work injury insurance units; on the other hand, encourage local governments to support the lessor in reducing rents for individual industrial and commercial households by reducing or exempting urban land use taxes.
The combination of active fiscal policy and prudent monetary policy can boost investment and expand consumption as soon as possible, so that the contradiction of insufficient demand can be eased as soon as possible. "In this way, the resumption of production and production can only be sustainable if the company can obtain market support. Against this background, it is more certain to achieve the expected goals of economic development throughout the year." Zhang Liqun said.
At the same time, policy financing can effectively protect corporate capital chains. "Through policy financing, we can specifically address the shortage of funds faced by some industries and enterprises, help companies raise funds and reduce financing costs. Financing guarantees can also provide a certain amount of guarantee fee subsidies." Liu Shangxi introduced.
On the basis of giving full play to the role of policies, attention should also be paid to the problem of possible excess capacity. "In response to the impact of the epidemic on the economy, counter-cyclical adjustments should be significantly strengthened." Zhang Liqun said, "It is important to expand domestic demand. Once companies resume work, the problem of insufficient orders will be reflected. The impact of the epidemic will lead to the original The problem of overcapacity is even more prominent. "
The key to playing a policy role is to implement it. "Policies such as fiscal discounts, large-scale fee reductions, and deferred taxes must be implemented as soon as possible for enterprises to better meet the people's normal financial service needs, to prevent and control the epidemic, and to maintain stable economic development. The overall situation provides strong support. "Hong Xianghua, Supervisor, Professor and Ph.D. Supervisor of the Central Party School (National School of Administration).