Yan Yue

  With the "spring breeze" of the National Two Sessions, China's economy is about to open a new chapter.

  Affected by the complex and volatile situation at home and abroad, China's economy is facing various challenges of climbing the slopes and passing the hurdles. However, we have timely and available policies "timely rain", and more than 150 million market players will always strive for the upper reaches.

It is foreseeable that when the "transcript" of China's economy is announced in 2022, it will inevitably be another high-scoring result.

  "Consider reserving policy space for dealing with difficulties and challenges this year" and "We have also accumulated rich experience in dealing with major risks and challenges", these are two sentences mentioned by Premier Li Keqiang in his government work report on March 5 this year. my country's economy has climbed the slopes and passed the hurdles and made a good comment.

The first sentence is when summarizing last year's work, and it conveys to the market that there are still many "dry goods" in the policy toolbox; the latter sentence is when talking about this year's work, which means that it has done a good job in dealing with domestic and foreign economies. Various preparations for changes in the situation.

  In the process of my country's national economic development, seven major policy systems, including macro, micro, structure, science and technology, reform and opening up, regional, and social, have gradually formed, and the focus this year has been different.

  Among them, the requirements for macro policies are robust and effective.

In the process of responding to the new crown pneumonia epidemic and changes in the international economic environment, we have accumulated new experience in macro-control, and our proactive fiscal policy and prudent monetary policy have significantly enhanced anti-interference capabilities. "Let market players feel the warmth of the policy.

  In the macro policy, the goal of fiscal policy is to improve efficiency and pay more attention to precision and sustainability. Specific measures include tax rebates and tax reductions of about 2.5 trillion yuan, the deficit rate is planned to be arranged at about 2.8%, and the central government's transfer payments to local governments will increase by about 1.5%. It is planned to arrange 3.65 trillion yuan of special bonds for local governments, and specific state-owned financial institutions and specialized institutions will turn over the balance of profits in accordance with the law, and transfer to the budget stabilization fund, which will increase by more than 2 trillion yuan compared with the previous year. Market operations and flexible and appropriate volume and price adjustments are used to achieve reasonable and sufficient liquidity and provide stronger support for the real economy.

In January, RMB loans increased by 3.98 trillion yuan, the highest in a single month, and the expansion of the scale of new loans has already paid off.

Keeping the macro leverage ratio basically stable and guiding more funds to flow to key areas and weak links has given the relevant market players a reassurance.

  In terms of micro-policy, we should continue to stimulate the vitality of market players by improving financing convenience, reducing financing costs and reducing taxes and fees.

According to data released by the central bank, the corporate loan interest rate will drop to 4.61% in 2021, the lowest level in more than 40 years of reform and opening up.

On this basis, we should continue to push financial institutions to lower real loan interest rates this year, so as to provide market players with a more suitable living environment.

In terms of stabilizing market expectations, the government work report clearly stated that all localities should take into account the actual situation and introduce effective measures such as tax and fee reductions and exemptions in accordance with the law, so that tax and fee reductions will only increase.

  The other five policies also have their own priorities.

Structural policies should continue to deepen supply-side structural reforms and smooth the national economic cycle; science and technology policies should focus on improving and optimizing the ecological environment for science and technology, so that "science and technology are the primary productive forces" to be truly implemented; reform and opening-up policies should activate the driving force for development, and promote deep development through high-level opening up. Reform at different levels and promote high-quality development; regional policies are committed to in-depth implementation of major regional strategies and regional coordinated development strategies to gradually make integration a reality; social policies enhance people's well-being while securing the bottom line of people's livelihood.

  The seven major policies are aimed at the goals and tasks of economic and social development, and complement and assist each other.

On the one hand, it is to excavate the driving force for economic growth and create development opportunities;

When market entities are stabilized, employment will be guaranteed. In turn, the development of market entities will be promoted, forming a situation of mutual promotion with policies, and jointly promoting high-quality economic development.

  In short, the policies have made various preparations for the economy to climb the slopes, and the policies and measures have been implemented. What is needed now is the courage of all parties in the market to work hard.

(Securities Daily)