CPPCC National Committee member: the economic turnaround still exists

(Fighting New Crown Pneumonia) CPPCC National Committee members: Turnaround in crisis

China News Agency, Beijing, March 21 (Liu Dawei and Wang Jiexian) Several CPPCC National Committee members attended the first People's Political Consultative Conference's 2020 cloud discussion forum on the 20th. They said that due to the impact of epidemics and other factors, the current global economy has entered a state of crisis and economic recession. It is difficult to avoid, but we should also see the turnaround in the crisis.

Zhang Lianqi, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and the management accounting consultant of the Ministry of Finance, said that the current global economy has entered a recession and crisis, but we should also see a turnaround in the crisis. The epidemic did have an impact on some industries in China, but some new business formats and new models have made great progress.

Zhang Lianqi pointed out that the epidemic has forced the market to demand for a new economy and new model, the necessity of new industries has been highlighted, and new energy and 5G “new infrastructure” have become hot spots for economic growth. At the same time, the epidemic has also promoted traditional industries such as catering and retail Go digital. Promoting the implementation of a number of digital economy projects through market segmentation and reshaping the development pattern will be the main points of economic recovery after the epidemic.

Zhang Yunyong, member of the National Committee of the Chinese People's Political Consultative Conference and dean of China Unicom Research Institute, suggested that government departments should introduce relevant policies around "new infrastructure" as soon as possible, accelerate the promotion of modern communications "new infrastructure" and other applications to government enterprises and all sectors of society, further highlight the digital economy and digital consumption .

Recently affected by factors such as the spread of the epidemic, the plunge in oil prices, the decline in corporate demand and earnings, the US stock market has been severely hit, ending an 11-year "bull". Xiao Gang, a member of the National Committee of the Chinese People's Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said: "This crisis will continue to evolve, and the global economic recession is unavoidable."

However, from the perspective of Xiao Gang, China has a large-scale consumer market with obvious advantages in infrastructure, human resources, and industrial support. "Especially compared with the current situation of insufficient policy tools and bullets in western countries, China has ample policy space and room for manoeuvre."

Yang Changzao, member of the CPPCC National Committee and chief economist of the Shenyin & Wanguo Securities Research Institute, said that at the moment of the epidemic, to restore economic growth, it is necessary to maintain strategic determination, not to adopt a "flooding flood" policy, and not to adopt a strong stimulus policy. Recently, the Fed has continued to cut interest rates, and even a one-stop policy has failed to boost market confidence.

Yang Changchang believes that in the context of this year's global economy, it is not a big problem for China's economic growth to be lower. "Even in my opinion, moderately sacrificing the rate of economic growth to achieve financial stability, social stability, and people's livelihood stability, or this year's major Policy Guidance". (Finish)