China News Agency, Beijing, November 26 (Reporter Li Xiaoyu) Affected by factors such as the continued epidemic and the crisis in Ukraine, the year-on-year growth rate of many economic indicators in China has slowed down.
Many think tanks believe that more forceful measures need to be taken now to bring economic growth back to a reasonable range.
In the first 10 months of this year, the year-on-year growth rate of China's investment, consumption, import and export and other economic indicators slowed down compared with the previous three quarters.
Among them, the total retail sales of consumer goods in October fell by 0.5% year-on-year.
At the annual forum of the China Macroeconomic Forum of Renmin University of China held online on the 26th, Yang Weimin, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and deputy director of the Economic Committee, said that in the three years since the outbreak of the epidemic, the average growth rate of China's economy has continued to be lower than the potential growth rate.
At present, it is necessary to reverse this situation in time to bring economic growth back to a reasonable range.
This is the requirement for achieving high-quality development, and it is also the key for China to gain a firm foothold in the midst of a century of changes.
He believes that in order to achieve the goal of reaching a new level of per capita GDP in 2035 and reaching the level of moderately developed countries, China's average annual economic growth rate should reach 5.5% in the first five years from 2020, and the second 5% for the second five years and 4.5% for the third five years.
Under such circumstances, in the next five years, especially in 2023, it is a very important task to push economic growth back to a reasonable range.
Liu Shijin, deputy director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, also said that if the economic growth rate is lower than the potential growth rate for a long time, it will have an adverse impact on the quantity and quality of economic growth, which may lead to a decline in total factor productivity, damage to the long-term operation and development capabilities of enterprises, and new Old kinetic energy conversion will also take a hit.
Therefore, bringing economic growth back to a reasonable range, that is, the actual economic growth rate reaching the potential growth level, should become a top priority.
Recently, China has launched a number of policies and measures to stabilize the economy, such as announcing a reduction in the deposit reserve ratio of financial institutions by 0.25 percentage points on December 5, and proposing 16 measures in six aspects including maintaining stable and orderly real estate financing.
Liu Shijin said that with the introduction of relevant policies, favorable conditions for China's economic growth are increasing.
Analysts here believe that targeting several key points and increasing policy efforts will help provide more support for economic growth.
In Yang Weimin's view, resident consumption, real estate and the platform economy are the three key points currently affecting China's economic growth, and more effective and powerful policy measures should be adopted in a targeted manner.
For example, speed up the improvement of the income distribution system, formulate a comprehensive, long-term, and institutional new real estate policy as soon as possible, and introduce more measures to stabilize the development expectations of the platform economy.
Liu Yuanchun, president of Shanghai University of Finance and Economics, suggested that in addition to focusing on the total amount of consumption expansion, we should also address some new shortcomings in consumption.
In addition, corresponding plans should also be designed for how to "develop strengths and avoid weaknesses" in investment.
Using new ideas to find and implement projects that promote and cooperate with each other between consumption and investment, such as increasing investment in affordable housing, may achieve better results.
Mao Zhenhua, co-director of the Economic Research Institute of Renmin University of China, believes that the transmission mechanism of fiscal policy and monetary policy should be further rationalized so that fiscal policy and monetary policy can be better coordinated and effectively transmitted to the real economy.
The report released by the China Macroeconomic Forum of Renmin University of China on the same day predicts that China's economy will achieve a moderate recovery next year, driven by favorable factors such as the continued endogenous power of the manufacturing industry and the recovery of consumption.
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