With the change of the new crown epidemic situation, the resumption of production and production of domestic enterprises has been fully launched. Production restart and rapid development are gradually replacing epidemic prevention and control as the focus of economic work. Since entering March, the Fourth National Standing Committee has mentioned "expanding domestic demand" and "expanding effective demand" three times, clarifying the core of economic development and the location of "nuclear power", and the capital investment and liquidity of infrastructure investment projects such as new infrastructure Sufficient supply and continuous increase in fiscal measures, while activating the production of large and medium-sized enterprises, ultimately settled on the effective cycle of domestic consumption and the benign interaction between the two types of production and consumption, thereby stabilizing expectations and stabilizing economic growth.
Historically, domestic demand has been the main force of domestic economic growth. On February 28, the "Statistical Bulletin 2019" released by the National Bureau of Statistics showed that China's total GDP in 2019 was 990865 billion yuan, an increase of 6.1% year-on-year. Among them, domestic domestic demand contributed nearly 90% in 2019. The annual consumption growth contribution rate and investment growth contribution rate add up to more than 100%, and the earlier 2008-2017 10-year period, the annual average contribution rate of domestic demand to economic growth reached 105.7%, more than 100%. The year with the highest contribution rate was 2009, which was the hardest hit by the international financial crisis. The contribution rate of domestic demand to economic growth reached 142.6%; the year with the lowest contribution rate was the stabilization of the world economy in 2017, and the contribution rate also reached 90.9%. This shows that domestic demand plays a major role in domestic economic growth and has historical origins and foundations.
From a practical point of view, the overseas epidemic situation is still grim, and shrinking external demand directly impacts exports. By expanding domestic demand to compensate for the actual defects in exports, it has become an inevitable choice. Scholars have always compared the epidemic with the international financial crisis in 2008. So we hope that domestic demand will reproduce the main role of 2009. Once again, we are duty-bound to provoke the burden of driving economic growth and achieving the goal. Basis.
To this end, the ever-expanding monetary expansion and active fiscal policy provide institutional guarantee for the expansion of domestic demand and the release of effects. Since the beginning of the year, the central bank ’s comprehensive RRR cuts and targeted RRR cuts have been launched for the second time. LPR interest rate cuts, reverse repurchases, and MLF tools have been launched in turn to fully release liquidity, reduce capital costs, effectively stimulate investment and production, and focus on implementation. Focus on small and medium-sized enterprises, and activate the production vitality of economic grassroots units, in order to maintain the employment of social members, ensure the normal cycle of production and life, and provide source guarantees to meet domestic demand.
At the same time, a series of financial measures such as tax reductions and fee reductions have been implemented vigorously, starting from the enterprise side, reducing the burden on the enterprise, releasing the vitality of production and scientific research, starting from the production side of the production of daily products to provide system supply and security, and maintaining and expanding the consumption of production materials In response to the needs of living consumption, measures such as restarting special national bonds, accelerating the issuance and use of local government special bonds, and other measures to stabilize investment and help expand domestic demand.
In addition, more than 30 cities across the country have successively launched consumer vouchers ranging from several million yuan to several hundred million yuan, and directly invested in consumer terminals. The enthusiasm of residents for consumption has indirectly helped some industries hit hard by the epidemic to speed up recovery.
As industry experts say, supply and demand are the twin brothers of "you are in me, and you are in me", each taking each other as a prerequisite for their existence. From the supply side, institutional supply has done a good job of expanding domestic demand, especially for the emerging economic formats that emerged during the epidemic and its corresponding new consumption growth points. It is targeted precisely in the network, logistics, new Increasing policy leaning in the fields of energy vehicles and other related infrastructure support, while optimizing the economic structure, stimulating new demand growth and quality upgrades, injecting new impetus to the sustainable and healthy development of the Chinese economy, and striving to achieve the year-round Development goals and tasks.