China News Service, July 17th, what is the reason for the rapid recovery of economic operation in the second quarter? Yan Pengcheng, director of the National Economic Integration Department of the National Development and Reform Commission, said on the 17th that the overall planning effect was showing, the policy effect was being released, the supply and demand cycle was improving, the development momentum was changing, and the market confidence was recovering.
Yan Pengcheng pointed out that in the first half of this year, the new coronary pneumonia epidemic caused a huge impact on China's economic operation. With the continuous optimization of normal epidemic prevention and control measures, the macro-policy effect has gradually been released. At present, China's economy is accelerating the impact of hedging epidemic. The month improved, production demand continued to pick up, and the positive factors supporting the stabilization and recovery increased significantly. The national economy showed a recovery growth trend, and the recovery momentum was generally in line with expectations.
In response to the reason for the rapid economic recovery in the second quarter, Yan Pengcheng stated that, first, the overall planning results are showing. Coordinating epidemic prevention and control and economic and social development is an important principle of this year's work. It must be grasped with two hands and hard with two hands. How to grasp the balance among them is a big challenge. After hard work in various fields, the prevention and control mechanism of the epidemic was continuously strengthened and perfected, and the spread of local epidemic was blocked within two or three months. At the same time, the work was resumed in an orderly manner to resume production, business, and market, and gradually restore normal economic and social order. The economy achieved 3.2% growth in the quarter, laying a solid foundation for continued recovery in the second half of the year.
The second is the release of policy effects. In the face of the rare impact brought by the epidemic, we acted promptly and decisively, and issued a package of hedging policies to help enterprises, stabilize employment, and expand domestic demand, which formed a strong support for stabilizing the basic economy. For example, increasing the scale of the deficit by 1 trillion yuan, issuing special anti-epidemic government bonds of 1 trillion yuan, all transferred to local governments; stepping up tax reductions and fee reductions, and accumulating more than 1 trillion yuan; innovating monetary policy tools that directly reach the real economy , Promote the financial system to make reasonable profits of 1.5 trillion yuan to enterprises, and so on. These fiscal and monetary policies directly reach the local grassroots and directly benefit the enterprises and the people. It can be said to be "precision drip irrigation".
Third, the supply and demand cycle is improving. With the steadily advancing the resumption of production and the resumption of business and the resumption of the market, the suppressed demand and constrained supply during the epidemic are gradually recovering. The demand side has rebounded significantly. Since the second quarter, market consumption has improved month by month, sales of commodities such as automobiles and home appliances have rebounded, and online shopping and live broadcasts continue to be hot. Under the traction of major project investments, fixed asset investment increased by 4.8% year-on-year in the second quarter , A substantial increase of 20.9 percentage points from the first quarter. The production end recovered strongly, and the industrial growth rate picked up month by month. It increased by 4.8% in June, which was positive for three consecutive months. The physical quantity index accelerated to improve; the service industry production index increased for two consecutive months, and the growth rate was 2.3% in June.
Fourth, the development momentum is changing. While the epidemic has caused a huge impact on some industries and enterprises, it has also accelerated the development of industries such as the digital economy, smart manufacturing, and life health. It has spawned many new industries and new formats, and has spawned a number of new enterprises, such as online education, Industries such as online office and remote consultation have achieved rapid expansion. The epidemic also forced many companies to take the initiative to adapt to change and take advantage of the situation to promote transformation and upgrading, and at the same time prompted us to speed up to fill in the weaknesses of some industries. For example, investment in the high-tech industry increased by 6.3% in the first half of the year, and investment in the pharmaceutical manufacturing industry increased by 13.6%; investment in the e-commerce service industry and the service industry for the transformation of scientific and technological achievements increased by 32% and 21.8% respectively.
Fifth, market confidence is recovering. The quality of the economic situation depends not only on the operation of the industry, but also on the confidence of the market players. With the continued efforts of various policies, the economic cycle has gradually recovered, and market confidence has steadily recovered. Since March, the Manufacturing Purchasing Managers Index and Non-manufacturing Business Activity Index have remained above the critical point for four consecutive months. This fully shows that the market players are optimistic about the next development of China's economy, and the stabilization and recovery of the economy is supported by a micro foundation. It is also because of increased confidence that the investment behavior of enterprises has improved and residents' willingness to consume has gradually picked up, which in turn has driven the recovery of investment and consumption.
Yan Pengcheng pointed out that China's economic operation is still facing many challenges. The global epidemic situation is still spreading and spreading. The international economic and trade environment is becoming more and more complex and severe, and the spillover impact on China is still evolving; some domestic industries have not fully resumed normal operation, and many enterprises Production and management are still relatively difficult, and employment pressure is still very prominent. These are the key issues that need to be resolved in the next step.
In general, although the epidemic has a huge impact on my country's economic operation, it has not hurt the fundamentals of China's economy. The steady recovery of the economic operation since the second quarter fully shows that my country's economy has great resilience to deal with external shocks such as epidemic situations, and there is still a lot to do in adjusting the structure, mode of transformation, and optimal kinetic energy. With the overall advancement of epidemic prevention and control and economic and social development, the Chinese economy will continue to develop in a good direction.