(Economic Watch) Deploying to stabilize the economy in the fourth quarter, China releases multiple signals

　　China News Agency, Beijing, September 29th, question: deploying the fourth quarter to stabilize the economy, China releases multiple signals

　　China News Agency reporter Wang Enbo

　　The third quarter has come to an end.

Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a meeting on the 28th, releasing multiple signals on the redeployment, promotion and implementation of the work to stabilize the economy in the fourth quarter.

　Seize important milestones in the fourth quarter

　　Affected by unexpected factors, China's economy declined significantly in the early part of the second quarter.

All parties have resolutely stepped up the implementation of macro policies, introduced a package of policies to stabilize the economy and continued policies in a timely manner. The policy tools reserved in previous years can be exhausted, and the policies are powerful and the scale is reasonable.

　　With the continuous release of a series of policies, the downward trend of China's economy has reversed.

Judging from the data in August, production demand has been rising steadily, employment prices are generally stable, and most indicators such as industry, service industry, consumption, and investment are better than the previous month.

Entering September, unfavorable factors such as local epidemics and high temperature weather have eased. Combined with a number of high-frequency data and leading indicators, the economic recovery is expected to continue.

　　The economy in the upcoming fourth quarter will be the heaviest in the whole year, and many policies will be more effective in the fourth quarter.

The official emphasized that it is necessary to enhance confidence, seize the time window and time node, stabilize market expectations, and promote the full implementation and full effect of policy measures to ensure that the economy operates within a reasonable range.

　　In response to weak demand, highlight contradictions

　　The focus of the policy effort is as important as the timing of the launch.

In response to the prominent contradiction of weak demand, officials mentioned that they should find ways to expand effective investment and promote consumption, mobilize the enthusiasm of market players and social capital, continue to implement a package of policies to stabilize the economy and follow-up policies, and focus on making good use of the two important policy tools recently introduced. .

　　First, make good use of policy-based development financial tools, reasonably determine the amount of investment based on local project needs, speed up the use of funds and the construction of infrastructure projects, and create more physical workloads in the fourth quarter.

The second is to make good use of policies such as special re-loans and financial discounts to accelerate the upgrading of equipment in the fields of manufacturing, service industries, and social services, so as to form real needs as soon as possible.

　　According to Fu Linghui, a spokesman for the National Bureau of Statistics, according to preliminary statistics, the amount of policy development financial instruments that have been implemented into the project in the early stage is 300 billion yuan (RMB, the same below), and more than 900 investment projects are supported. The total planned investment of the project exceeds 3 trillion yuan.

Relevant policies are conducive to expanding investment in fixed assets, especially infrastructure investment, and accelerating economic recovery.

　　"Technological transformation investment is expected to become an important engine driving investment growth," said Wen Bin, chief economist of China Minsheng Bank, especially in the current context of weakening external demand and domestic demand relying on infrastructure, by promoting equipment renewal and transformation in areas where economic and social development is weak , is conducive to expanding the market demand of the manufacturing industry, promoting the recovery of consumption to become the main driving force of the economy, and enhancing the stamina of development.

　　At the same time, the official reminded that all departments should complement and improve certain major measures that have been set, promptly introduce detailed rules, and do a good job in project connection.

All localities should increase policy implementation and supporting efforts based on actual conditions to ensure the quality of project construction.

　　Solidly protect people's livelihood and protect the bottom line

　　Affected by the epidemic and disasters, the number of people in difficulty is increasing.

Since the beginning of this year, all parties in China have strengthened the basic living security of the people in need. In the first half of the year, the national government has spent more than 120 billion yuan in subsistence allowances and other funds, an increase of 7% year-on-year.

The investment in improving people's livelihood is also increasing.

From January to August, investment in the social sector increased by 14.1% year-on-year.

　　"It is necessary to solidly protect people's livelihood and protect the bottom line." The official proposed that in the fourth quarter, the coverage of subsistence allowances should be expanded in stages, and marginal households with subsistence allowances should be included in subsistence allowances. All localities must be solid and fair, and they should be fully guaranteed. 70% subsidy for new local expenditures.

Implement and improve the expansion policy of unemployment insurance, so that returning migrant workers can also receive subsidies or assistance.

Include those who have registered unemployment for more than half a year into the scope of one-time employment subsidy.

　　In addition, affected by factors such as imported inflation pressure and seasonal increase in pork prices, China's price level may rise in the future.

Officials have made arrangements to adjust the price subsidy linkage mechanism in stages from September this year to March next year.

　　Wan Jinsong, director of the Price Department of China's National Development and Reform Commission, said that according to the reduced start-up conditions, it is expected that the number of months and regions where the price subsidy linkage mechanism is activated will increase significantly, which means that people in difficulties in more areas can receive price subsidies and live a basic life. be better protected.

(Finish)