China News Service, March 6 (China News Financial Reporter Zuo Yukun) What are the priorities of economic work in the new year?
What is the direction of fiscal policy and monetary policy?
From what aspects will efforts be made to promote consumption?
How to protect the legitimate rights and interests of investors, especially small and medium-sized investors?
On March 6, the second session of the 14th National People's Congress held an economic-themed press conference, which responded to many hot topics of public opinion and brought a wave of good news that benefits the people.
At the meeting, Director of the National Development and Reform Commission Zheng Shajie, Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing discussed development and reform, fiscal budget, commerce, and finance. Answer questions from Chinese and foreign reporters on securities and other related issues.
The second session of the 14th National People's Congress held a press conference at 3 pm on March 6 in the Media Center Press Conference Hall.
Photo by China News Service reporter Yang Huafeng
There is strong support to achieve the growth target of around 5%
"This year, setting around 5% as China's expected economic growth target is in line with the annual requirements of the 14th Five-Year Plan and basically matches the potential of economic growth. It is a goal that can be achieved with a positive attitude and hard work." The first question, Zheng Shajie, director of the National Development and Reform Commission, responded to China’s expected economic growth target this year.
Zheng Shanjie said that the favorable conditions for China's economic development in 2024 will be stronger than the unfavorable factors, and the economic rebound will be further consolidated and strengthened.
Whether looking at the short or long cycle of economic development, we have strong support.
We have the confidence, ability, conditions, and confidence to promote sustained economic recovery and long-term improvement, and to complete various economic and social development goals and tasks throughout the year with high quality.
Talking about the issuance of ultra-long-term special treasury bonds, Zheng Shanjie said that this can not only stimulate current investment and consumption, but also lay the foundation for long-term high-quality development.
In the next few years, ultra-long-term special treasury bonds will be issued continuously, specifically for the implementation of the country's major strategies and the construction of security capabilities in key areas.
"Private investment accounts for more than 50% of all investments. It is important and critical to give full play to the role of private investment." Zheng Shanjie also emphasized the importance of encouraging and supporting the expansion of private investment: "We will do our best to encourage And support private enterprises to participate in the construction of major national engineering projects and projects that make up for shortcomings. Continue to promote high-quality projects to private capital, help private capital find projects, and help private investment projects find funds."
Let the country’s financial ledger become the people’s happiness list
Appropriate strengthening and improving quality and efficiency are the tone and characteristics of this year's fiscal policy. Finance Minister Lan Fo'an responded to concerns about proactive fiscal policy.
He said that this year's fiscal expenditure intensity has generally expanded, the scale of government bonds has increased significantly, and structural tax and fee reduction policies will continue to be implemented.
He specifically mentioned that on the basis of implementing the preferential tax and fee policies that were extended and optimized last year, this year we will study and introduce targeted structural tax and fee reduction policies, focusing on supporting technological innovation and manufacturing development, and better serving modern industries. System.
The interests of the masses are no small matter, and people's livelihood issues are bigger than heaven.
Lan Fo'an said that people's livelihood expenditure now accounts for the bulk of fiscal expenditure, and the budget arrangements for education, social security and employment will all exceed 4 trillion yuan in 2024.
The Ministry of Finance will continue to improve the "people's livelihood content" of fund arrangements, continuously enhance the "people's livelihood content" of policy measures, and strive to turn the country's fiscal ledger into a "happiness list" for the people.
Lan Fo'an also mentioned the importance of optimizing financial management and strengthening policy coordination.
He said that it is necessary to strengthen budget performance management, improve the efficiency of the use of fiscal funds, strictly enforce financial discipline, and resolutely prevent the "leakage" of fiscal funds.
"If the party and government agencies spend less money, they can spend more money on people's livelihood projects." Lan Fo'an said that the party and government agencies must live a tight life, not by keeping their wallets tight and not spending money, but by spending what should be spent and the province. To save money, be generous with big money and stingy with small money, and concentrate financial resources on big things.
Promote the trade-in of old consumer goods for new ones and adhere to the market-oriented approach
In 2023, consumption’s contribution to my country’s economic growth will reach 82.5%.
Looking forward to expanding consumption in the new year and stimulating consumption with potential, Minister of Commerce Wang Wentao introduced two priorities for promoting consumption this year: first, promoting the replacement of old consumer goods such as automobiles, home appliances, home decoration, kitchen and bathroom, and second, boosting service consumption.
"Promoting the trade-in of consumer goods for new ones is not only a powerful measure to enhance the current economic growth momentum and consolidate the recovery, but also a long-term strategy to promote high-quality development. Of course, trade-in of old consumer goods must be based on the voluntary basis of consumers." Wang Wentao said that the overall idea is Adhere to the market as the mainstay, fully mobilize the enthusiasm of all parties through policy support and guidance, and form an effective mechanism that makes it easier to get rid of the old and more willing to replace with the new.
"In recent years, my country's service consumption has developed rapidly. From 2013 to 2023, the proportion of residents' per capita service consumption expenditure increased from 39.7% to 45.2%, an increase of 5.5 percentage points." Wang Wentao said that in the future, the proportion of service consumption will increase The space and potential are still huge, and the next step will be to work with relevant departments to focus on promoting service consumption.
Talking about the foreign trade situation, Wang Wentao said bluntly that the foreign trade situation this year is still very severe, but there are some good signs.
“Generally speaking, the development of foreign trade relies on our country’s endowment of basic industrial factors, especially the continuous enhancement of innovation capabilities. Our export products are climbing from the mid- to low-end to the upstream of the industrial chain, and as the import market expands and opens up in my country, opportunities are also increasing. It is growing, and both import and export have great potential." Wang Wentao said that support will be increased from the aspects of financial services, trade promotion, and personnel exchanges.
The second session of the 14th National People's Congress held a press conference at 3 pm on March 6 in the Media Center Press Conference Hall.
Photo by China News Service reporter Yang Huafeng
There is still enough room for monetary policy
Since the beginning of this year, the intensity of RRR cuts and the decline in loan interest rates have exceeded market expectations.
Regarding the direction of monetary policy in the next stage, Pan Gongsheng, Governor of the People's Bank of China, said: China's monetary policy toolbox is still rich and there is still sufficient room for monetary policy.
For example, from a total perspective, the current average deposit reserve ratio for the entire Chinese banking industry is 7%, and there is still room for subsequent RRR cuts.
"We will regard maintaining price stability and promoting a moderate price recovery as an important consideration in monetary policy." Pan Gongsheng said that prudent monetary policy must be flexible, appropriate, precise and effective. The People's Bank of China will adhere to the fundamental purpose of serving the real economy and increase macro-control efforts. , strengthen the dual adjustment of aggregate volume and structure, consolidate and enhance the positive trend of economic recovery, and continue to promote high-quality development.
Pan Gongsheng said that in the regulation of monetary policy, more attention will be paid to balancing the short-term and long-term, stabilizing growth and preventing risks, internal balance and external balance, strengthening counter-cyclical and inter-cyclical adjustments, and focusing on boosting confidence, stabilizing expectations, and stabilizing prices, and create a good monetary and financial environment for economic operation and development.
Make every effort to keep counterfeiters out of the capital market
"Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important central task of the China Securities Regulatory Commission, and it can be said that there is no other one." Wu Qing, chairman of the China Securities Regulatory Commission, emphasized that investors are the foundation of the market, and listed companies are the foundation of the market. Investment Investors and listed companies are the source of capital market development.
Wu Qing said that we must treat investors sincerely and well, better serve investors, further strengthen investor protection from a legal, institutional, regulatory, law enforcement and judicial perspective, enhance investor confidence and trust in the market, and attract more investors. Investors, especially medium and long-term funds, participate in the market.
At the same time, we must also focus on improving the quality of listed companies, allowing companies to better play their main role and enhance investment value.
When it comes to the supervision of listed companies, Wu Qing said that the first thing to do is to strictly control the entrance. Enterprise IPO listings must not be for the purpose of "making money", and no counterfeiting or fraudulent listings are allowed. All efforts must be made to keep counterfeiters out of the capital market. .
Secondly, we must strengthen post-listing supervision: first, prevent and crack down on counterfeiting, seriously rectify and crack down on financial fraud and illegal activities that misappropriate the interests of listed companies; second, standardize shareholding reduction, and deal with some companies that have gone through "technical" divorce, securities lending, transfer, etc. Rongtong and other detours that illegally reduce holdings must further plug loopholes in the system; the third is to promote dividend distribution, take hard measures against companies that have not paid dividends for many years, or have a low dividend ratio, and will also promote qualified companies to pay dividends multiple times a year.
Finally, exports must be unblocked and actions must be taken to increase delisting efforts.
On the one hand, more stringent mandatory delisting standards are set to ensure that all companies are delisted; on the other hand, multiple exit channels are further broadened to encourage some companies to voluntarily delist.
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