From "six stability" to "six guarantees", highlighting the bottom line thinking consciousness

　　From "six stability" to "six guarantees", highlighting the bottom line thinking consciousness

　　■ Editorial

　　This bottom-line thinking and risk awareness requires not blindly changing the tone of macroeconomic regulation and control, but emphasizing the effective use of stock policy resources and economic resources, so as to achieve the economic and social return to normal rhythm as soon as possible.

　　Pay attention to the second comment of the "Six Guarantees" series

　　At the Politburo meeting held on April 17, the “six guarantees” were proposed for the first time – guaranteeing residents ’employment, guaranteeing basic livelihoods, protecting market players, guaranteeing food and energy security, ensuring the stability of the supply chain of the industrial chain, and maintaining basic-level operations, which triggered widespread attention.

　　The first mention of the "six guarantees" is not just an immediate response to the decline in economic data in the first quarter, but also a timely adjustment to changes in the internal and external economic environment, which reflects the country's pragmatic judgment on the macro-strategic level.

　　The so-called "protection" is a kind of support. From "stable" to "guarantee", "stable" and "guarantee" go hand in hand, which really highlights a sense of worry and bottom line thinking.

　　To be specific, protecting residents ’employment and basic people ’s livelihoods are goals, while protecting market players, securing food and energy security, ensuring the stability of the supply chain of the industrial chain, and maintaining grass-roots operations at certain levels are both goals and particularly reflect the impact of the epidemic. Next, the accurate judgment of some potential risks and problems highlights the importance of revitalizing the stock resources. The bottom line thinking and risk awareness reflected in these aspects are the most worthy of concern.

　　Maintaining market players means maintaining the continuity of relevant policies to support enterprises, and continuing to help enterprises, especially small and medium-sized enterprises, through the reduction of taxes and fees, the increase of export tax rebate rates for some products, and the enhancement of financial support. Difficult.

　　To ensure food and energy security is to protect prices. Although there is no food safety problem in general, the import demand for feed materials such as soybeans is still large, and pork prices have not yet completely stabilized. The second wave of locust plagues and grain export bans in some economies may also interfere with grain futures prices. In fact, the international oil war is far from the end, on the contrary, it stimulates new geopolitical events. There must be a bottom-line expectation for the runaway international food and energy prices, so as not to affect the pace of macroeconomic regulation.

　　It is especially worth paying attention to ensuring the stability of the supply chain of the industrial chain. This statement not only emphasizes precautions against changes in the external environment, but also covers the new deployment of internal industrial chain supply chain coordination. Although the economic pressure caused by the epidemic to various countries has partially repaired the global industrial chain supply chain, it should also be noted that many countries have already rebuilt their own industrial chains.

　　In this regard, it is necessary to strive to maintain the global industrial chain supply chain, but also to increase domestic innovation efforts, find out the foundation of the domestic industrial chain supply chain, increase the replacement rate of domestic products, and prevent the global industrial chain supply chain from breaking to domestic enterprises. Have a major impact. And to find out the bottom of the family is also a kind of bottom line thinking.

　　The operation of grassroots protection is the protection of epidemic prevention. In the first quarter of this year, due to the epidemic situation, many local corporate income taxes and value-added tax declined significantly, and fiscal revenue generally declined year-on-year. The grass-roots level is limited by the size, number, and consumption of enterprises, and the decline is more obvious. At the same time, due to the impact of the epidemic, the operation of grassroots society will be stagnate and lack of vitality will also affect economic and social development. Maintaining grassroots operations means ensuring that grassroots society can restore order as soon as possible, and that a lively social life situation can be reached as soon as possible.

　　It should be pointed out that although the "six guarantees" have a more obvious change in expression than the "six stability", in fact, the direction of the macro-control policy has not shifted. From "stability" to "guarantee", it reflects the current macro-policy "contingency", highlighting the obvious bottom line thinking and risk awareness, the central government has a more sober judgment and more pragmatic and meticulous on the domestic and foreign environment Deployment. From a methodological perspective, this bottom-line thinking and risk awareness requires not blindly seeking to expand investment, not blindly changing the tone of macro-control such as housing, and emphasizing the effective use of stock policy resources and economic resources.

　　Needless to say, the economic and social development affected by the epidemic will inevitably face a huge impact. At this time, only by raising the awareness of risk can we take precautions; if we do a good job of defense, we can make greater progress in the future. Keeping a sense of urgency and standing up is the bottom line that needs to be guarded most now.