(Economic Observation) The third quarter GDP will be announced soon, China's official release of a clear signal to stabilize the economy

　　China News Service, Beijing, October 13 (Reporter Wang Enbo) Chinese Premier Li Keqiang recently presided over a video symposium with key leaders of some local governments to study and analyze the economic situation and promote the next economic and social development.

This meeting, which was held on the eve of the release of economic data such as GDP growth in the third quarter, released a clear signal: China will consolidate its economic stability and resume its growth momentum and ensure the completion of its annual development goals and tasks.

　　Under the epidemic, the global economy is very chilly, but China is an exception.

The World Bank recently released the East Asia and Pacific region economic report, which raised the forecast for China's economic growth this year to 2%, 1% higher than the June forecast.

　　In response to the current economic situation, Li Keqiang also pointed out at the symposium that China's economy has stabilized its fundamentals amidst huge difficulties and challenges and is showing a steady recovery of growth. This is not easy.

　　Some of the leading indicators recently released have provided a powerful footnote to the trend of China's economic recovery observed by all parties.

　　Electricity data is the "barometer" of the economy.

State Grid Chairman Mao Weiming introduced in an interview with a reporter from China News Agency that the company's monthly electricity sales have achieved positive growth since May, and the growth rate reached 9.8% in August. The cumulative electricity sales growth rate has rebounded month by month. The growth rate has changed from negative to positive, and the annual growth rate is expected to be between 1.5-2%.

Reflecting the strong momentum of China's economic recovery, policy effects are constantly showing.

　　Ding Shuang, chief economist of Greater China and North Asia at Standard Chartered Bank, noted that China’s manufacturing and non-manufacturing PMIs improved further in the third quarter compared to the second quarter, indicating that production expansion has accelerated.

Thanks to strong production activities and a solid recovery in the service industry, China's GDP growth rate in the third quarter is expected to accelerate further than the second quarter.

　　However, as the current domestic and foreign environments are still complex and severe, and uncertainties are increasing, it still requires hard work to complete the annual goals and tasks.

Especially time has entered the fourth quarter, we must strive to achieve positive economic growth throughout the year, time is tight and tasks are heavy.

　　According to the information released at the symposium, in the face of a complex situation, China will make moves from four aspects.

　　First, cut taxes and fees to make profits.

This is an important support for helping companies bail out and is also a key measure for the current economic stability and recovery.

According to data from the State Administration of Taxation, from January to August, China’s new tax cuts and fee reductions totaled RMB 1,877.3 billion.

　　For the rest of this year, this work will continue to work hard.

Li Keqiang said that we must continue to pay close attention to the implementation of policies in the next few months, and make more precise use of direct financial funds. We must ensure that all promises are fulfilled by market entities, and we will never compromise to enhance their development capabilities.

Governments at all levels must insist on living a tight life and resolutely prevent centralized tax collection and arbitrary fee reduction policy dividends.

Expand the coverage of inclusive finance and provide effective financial services to more small, medium and micro enterprises and industries in difficulty.

　　Second, accelerate the development of new kinetic energy.

Under the epidemic, some new business formats and new industries have accelerated the rise, and new work models and cooperation forms such as online education, online entertainment, online medical care, and "cloud office" have been pushed to the forefront.

　　These new momentum generated in the prevention and control of the epidemic actually represent the future direction of China's economic development.

At the symposium, Li Keqiang requested to actively mobilize market forces, develop new business forms and new models, promote the accelerated integration of online and offline consumption, and the synergy of new and traditional consumption, so as to release the consumption potential to stimulate economic growth.

　　Third, promote reform and opening up.

As a key strategy for China to solve development problems, reform and opening up will continue to be an important weapon for the Chinese economy to face the uncertainty.

　　Li Keqiang said that we must continue to promote reform and opening up, optimize the business environment, and stimulate market vitality and social creativity.

Continuously deepen reforms such as decentralization, regulation and service, so that more new market players can burst out and grow, and strengthen economic resilience and vitality.

Unswervingly expand opening up, implement the policy of stabilizing foreign trade and foreign investment, expand import and export space, and strive to maintain the stability of the industrial chain and supply chain.

　　Fourth, do a good job in the key tasks of basic people's livelihood.

Especially in response to the increased employment pressure under the epidemic, Li Keqiang proposed that multiple measures should be taken to promote the employment of key groups such as college graduates and migrant workers.

　　Zeng Xiangquan, director of the China Employment Research Institute of Renmin University of China, pointed out that since the second quarter, China has unprecedentedly increased the implementation of the "employment protection" policy, which has had a positive impact on the job market and has achieved significant results.

In the future, we will continue to strengthen the monitoring and analysis of employment structure and employment quality, and formulate more targeted employment promotion policies.

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