China News Service, July 29 (Zhongxin Finance and Economics Gong Hongyu) The Political Bureau of the CPC Central Committee held a meeting on July 28 to analyze and study the current economic situation and deploy economic work in the second half of the year.
The meeting emphasized that macroeconomic policies should be active in expanding demand.
Fiscal and monetary policies should effectively make up for insufficient social demand.
Regarding this statement at the meeting, Han Fuling, a professor of finance at the Central University of Finance and Economics, told Zhongxin Finance that the trend of China's consumption structure upgrading has not changed. To expand demand and stabilize growth, the key is to stabilize consumption.
In the context of the "violent" interest rate hikes in developed economies such as the United States and Europe, and the increasing downside risks of the global economy in the second half of the year, China's macro policy needs to seize the time window and take the initiative to respond "mainly on me". Under the premise, increase the intensity of stimulating effective demand, accelerate the right shift of the demand curve, and turn the kinetic energy of economic recovery into a stronger recovery potential.
In the first half of the year, due to factors such as frequent outbreaks of the epidemic, my country's consumer market was greatly impacted, and market sales declined year-on-year.
With the improvement of the epidemic prevention and control situation and the effective consumption promotion policies, the consumer market has gradually recovered.
In June, the total retail sales of consumer goods increased by 3.1% year-on-year, which turned from a decline to an increase on the basis of a narrower decline in May than in April.
Dong Ximiao, chief researcher of China Merchants Union Finance and a part-time researcher of the Financial Research Institute of Fudan University, believes that from a short-term perspective, the lack of social demand is mainly caused by the impact of the new crown pneumonia epidemic.
Fiscal policy and monetary policy should be more proactive and proactive, continue to help market players solve difficulties and restore the real economy steadily, stabilize residents' employment, and increase residents' income.
At the same time, improve the consumption environment of residents, cultivate the growth points of mid-to-high-end consumption, expand the consumption of durable consumer goods such as automobiles, and promote the transformation and upgrading of residents' consumption.
Han Fuling also mentioned that the next few months will be a critical period for stabilizing consumption, and structural policy adjustments should be intensified.
At the same time, we will increase structural policy adjustments focusing on stabilizing market players, and effectively promote structural policy adjustments in the labor market to effectively deal with employment pressures.
"We must also introduce a package of measures to stabilize consumption expectations as soon as possible. For example, optimize some existing policies to support consumption, so as to combine short-term consumption stimulation with improving consumption expectations. Increase public consumption policies and accelerate digital consumption, etc." (End )