Sino-Singapore Jingwei Client, August 14 (Zhang Shunan) In the second quarter of this year, China's economy has regained its growth rhythm and achieved more than expected growth. The Sino-Singapore Jingwei Client has noticed that since July, many provinces have held meetings to deploy this year's "second half" work. Expanding domestic demand, dual-cycle pattern, and safe development have become keywords.
Expanding domestic demand is still the focus
Data map: Consumers check out at the supermarket. Photo by Sino-Singapore Jingwei
Regarding the economic work in the second half of the year, on July 30, the Political Bureau of the CPC Central Committee held a meeting and emphasized that it firmly grasped the strategic basis of expanding domestic demand. The meeting proposed to continue to expand domestic demand, overcome the impact of the epidemic, expand final consumption, and create conditions for household consumption upgrades.
The National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Commerce also frequently mentioned expanding domestic demand. The National Development and Reform Commission pointed out that firmly grasping the strategic basis of expanding domestic demand, vigorously protecting and stimulating the vitality of market entities; detailed implementation of policies and measures to expand domestic demand to promote the formation of a strong domestic market. According to the Ministry of Commerce, it will take multiple measures to promote consumption, work hard to innovate circulation, promote consumption, increase urban consumption, expand rural consumption, and develop service consumption.
Regarding how to expand effective demand, the Ministry of Industry and Information Technology has proposed measures from both consumption and investment. For example, focus on stabilizing traditional bulk consumption, increase efforts to replace new energy vehicles in public areas such as buses and taxis; accelerate the development of new consumption formats, and promote the deep integration of the Internet and various consumption formats. Actively expand effective investment, promote accelerated investment in major manufacturing projects, and support enterprises to strengthen intelligent, green, high-end, and service-oriented transformation.
The Sino-Singapore Jingwei Client has noticed that since July, Jilin, Chongqing, Henan and other places have held meetings to promote consumption as the focus of economic development in the second half of the year.
On July 17, the Jilin Provincial Government held its 23rd executive meeting in 2020 and proposed that it must keep an eye on consumption and continue to make efforts. Do everything possible to promote consumption, vigorously develop new business formats such as the Internet celebrity economy, activate the tourism market, attract incremental growth, and make up quickly. On the same day, the Standing Committee of the Chongqing Municipal Party Committee held a meeting to clarify that it is necessary to more solidly and effectively grasp the smooth operation of the economy, start from the supply side and the demand side, accelerate the promotion of enterprises to reach full production, continue to expand effective investment, and vigorously boost market consumption.
Gao Ruidong, chief macro analyst at Guotai Junan Securities, believes that we must continue to implement the strategy of expanding domestic demand and form a strong domestic demand market in order to maintain a stable economic growth rate and resist the impact of the continuous decline in the overseas economy.
Integrate into the new development pattern of dual cycle
New latitude and longitude in the data map
The Politburo meeting held on July 30 also pointed out that the current economic situation is still complex and severe, with great instability and uncertainty. Many of the problems encountered are medium and long-term, and must be understood from the perspective of protracted warfare to accelerate formation. A new development pattern that takes the domestic big cycle as the main body and the domestic and international double cycles promote each other.
How to integrate into the dual cycle has become another topic for all localities to deploy economic work. The meeting of the Standing Committee of the Shanghai Municipal Party Committee emphasized to do a good job in the "six stability" work, fully implement the "six guarantees" task, and strive to build the central node of the domestic cycle and the strategic link between the domestic and international dual cycles to better promote the stable and healthy development of the economy and society.
On August 3, Li Jinbin, secretary of the Anhui Provincial Party Committee, proposed at the meeting of the Standing Committee of the Provincial Party Committee to accelerate the establishment of a new development pattern of “dual cycles”, focusing on “online and offline” to promote consumption, “two new and one heavy” investment expansion, and “online shopping and tax reporting +Offline self-improvement" to stabilize foreign trade and foreign trade, and strive to promote the combination of "expansion of domestic demand" and "stabilization of foreign trade".
On August 10, the Gansu Provincial Government held an executive meeting and mentioned that it is necessary to focus on the formation of a new development pattern with the domestic cycle as the main body and the mutual promotion of the domestic and international double cycles, and seize opportunities and make full efforts to promote the stable growth of foreign trade exports. To tap the potential, focus on the six major directions of industrial products, agricultural products, and equipment manufacturing to "expand the stock", and implement the six key actions "creating increments" including export-oriented industrial support, growth of foreign trade entities, and national market development.
The Galaxy Securities Research Report believes that the two major problems facing China are relatively insufficient effective demand and the inability to self-sufficiency in the core technology of the industrial chain. The two-way driving force for creating a "domestic cycle" lies in stimulating domestic demand and industrial upgrading. The "domestic cycle as the main body" mentioned in the Politburo meeting does not mean shutting down the country, but rather a response to the current and future global situation and a proactive strategic choice.
Safety development throughout
New latitude and longitude in the data map
In 2020, the year when a well-off society is fully built and the 13th Five-Year Plan is finalized, the Politburo meeting held on July 30 clarified that the stability and competitiveness of the supply chain of the industrial chain should be improved, and more attention should be paid to shortcomings and forging. Longboard. Looking at the entire economic and social development work, "repairing shortcomings and forging longboards" are also the two major starting points in the second half of the "13th Five-Year Plan".
What is a longboard? How to exercise? Xinhua Viewpoint's Weibo published on July 31, entitled "First Observation丨What are the profound implications of this highly informative Politburo meeting?" "As the “world factory”, China has the world’s largest manufacturing system with the most complete categories and the most complete supporting facilities; as a world market, China has a huge consumer group and escalating consumer demand; China has sufficient Mature industrial workers, leading logistics service system, and continuously optimized business environment. The comprehensive advantage that China's economy cannot replace is the long board. "Forging the long board" is to make the long board stronger and drive the short board to improve quality and efficiency.
The article also mentioned that on July 30, the expressions such as “continuously expanding domestic demand”, “actively expanding effective investment”, “accelerating the construction of new infrastructure”, and “in-depth promotion of major regional development strategies” in the Politburo meeting of the Central Committee released the accelerating complement The development of shortcomings is a positive signal to tap room for growth.
The article also stated that the epidemic has exposed shortcomings in the development of my country's public health undertakings. The Politburo meeting emphasized that it is necessary to do a good job of normalizing the epidemic prevention and control, perfecting the normalized epidemic prevention and control mechanism, strengthening the storage of medical and health materials, and strengthening international cooperation in epidemic prevention and control.
In addition, the Politburo meeting for the first time proposed "safer development". The meeting pointed out that the new development concept must be run through the entire development process and all fields to achieve higher quality, more efficient, fairer, more sustainable and safer development.
The prevention and control of the epidemic does not happen overnight. On July 31, Hubei Provincial Party Committee Secretary Ying Yong stated at a meeting of the Provincial Party Committee Standing Committee that this year will be an extraordinary and difficult year for Hubei. Facing the complex situation of amorous superpositions, all localities and departments must thoroughly implement the overall national security concept, insisting on grasping stability is grasping development, ensuring safety is protecting people's livelihood, coordinating development and security, and firmly holding the bottom line of safety and stability.
On July 27, the Standing Committee of the Jiangsu Provincial Party Committee convened a meeting and proposed that it is necessary to tighten the string of epidemic prevention and control as it began, insist on knowable and controllable, precise prevention and control, and earnestly ensure that it is “open” with “good prevention”. . Guangdong requires that we must make every effort to build a tight line of defense against external input and internal rebound, continue to improve the normalized epidemic prevention and control mechanism, and continue to consolidate the results of epidemic prevention and control.
Regarding China’s full-year economic trend in 2020, Yi Gang, Governor of the People’s Bank of China, emphasized that, on the whole, China’s economic potential and resilience have not changed. China’s economic growth will continue to recover in the second half of the year, and it is expected to achieve a positive trend throughout the year. increase. (Zhongxin Jingwei APP)
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