China News Agency, Beijing, February 27. Question: How will China "play the piano" this year to fight the economy?

　　China News Agency reporter Li Xiaoyu

　　"Learn to 'play the piano'", decades ago, Mao Zedong reminded people of the importance of coordination.

Today, how China promotes the full recovery of the economy by "playing the piano" will become a major focus of the National People's Congress in 2023.

　　At present, China's economy is in a more complicated internal and external environment.

Abroad, the aftermath of the impact of the COVID-19 epidemic on the global industrial and supply chains is still unabated, the crisis in Ukraine is still brewing, and the game of great powers and geopolitical conflicts have exacerbated global political and economic risks.

Domestically, the "fighting economy" has set off an upsurge, but the impact of the epidemic is still there. Many enterprises, especially small, medium and micro enterprises, are still struggling, and the expansion of consumption and investment is facing multiple constraints.

　　It is worth noting that the current problems facing China's economic development are not all cyclical, but many are institutional and structural.

Whether it is improving the ability to resist external risks or maintaining the smooth operation of the economy, it is imperative to strengthen overall coordination and improve economic governance.

Data map: Ningbo Zhoushan Port.

Photo by Tang Jiankai

　　As 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, in recent years, the phenomenon of "one-for-one" has emerged in some areas of the Chinese economy, which has brought some losses.

This enlightens people that the economy is a system in which multiple variables are interrelated and affect each other. To promote high-quality economic development, we must adhere to the principle of system concepts and coordinate the handling of multiple major relationships.

　　In this regard, the top management also has a clear understanding.

Previously, the Central Economic Work Conference had clearly called for strengthening the coordination and cooperation of various policies to form a joint force to promote high-quality development, and specifically proposed the "six overall plans" methodology.

The meeting of the Political Bureau of the Central Committee held a few days ago further set the tone for this year's government work, emphasizing adherence to the general tone of the work of seeking progress while maintaining stability, fully, accurately and comprehensively implementing the new development concept, accelerating the construction of a new development pattern, and focusing on promoting high-quality development. The socialist modernized country has made a good start.

　　From this point of view, to "play the piano" and not "single one", is expected to become the underlying logic of China's macroeconomic policy formulation in the future.

Analysts believe that under this concept, China's economic policy may present three changes this year.

Data map: More than 20,000 China-Europe trains have passed through the East Channel of the China-Europe Railway Express.

Photo by Qu Yiwei

First, the priorities are more clearly defined.

To "play the piano", you first need "music score".

High-quality development has been listed in the report of the 20th National Congress of the Communist Party of China as the primary task of building a modern socialist country in an all-round way. All future economic policies will revolve around this "master score".

　　Among them, boosting economic growth may be the top priority.

In Yang Weimin's view, high-quality development is the unity of quality and quantity.

At this stage, China still needs to maintain its economic growth within a reasonable range, which is the key to gaining a firm foothold when the world's century-old changes are accelerating.

Considering that the average annual economic growth rate in China in the past three years is lower than the potential growth rate, it is necessary to take timely measures to reverse the continuous decline in economic growth rate.

　　Yu Yongding, a member of the Chinese Academy of Social Sciences, also said that restoring the economy to the pre-epidemic growth trend is the fundamental way to boost expectations at the moment.

However, after achieving the highest possible economic growth through macro policy tools, it is necessary to seize the opportunity to deepen the reform of the economic system, especially to strengthen the protection of property rights and the construction of the rule of law for non-public enterprises.

This is what should be in the title of high-quality development.

Second, the policy strength is more reasonable.

While intensifying policy efforts and going all out to "fight the economy", we must also prevent risks and hidden dangers left behind by excessive force and excessive force, turning "music" into "noise".

　　This has been reflected in the voices of many ministries and commissions in recent days.

For example, Liu Kun, Minister of Finance of the People's Republic of China, said that it will comprehensively consider the need to help companies bail out and financial affordability, and further improve the tax and fee reduction measures based on the actual situation on the basis of implementing the policies introduced earlier.

Third, the scheme design is more precise.

How to restore and expand consumption when the public lacks confidence in the future and eager to save, and how to effectively boost foreign trade when external demand weakens, a series of problems need to be solved with a multi-pronged approach to treat both the symptoms and the root causes.

Data map: Hainan's multi-departmental joint efforts ensure that nearly 200 million shrimp seedlings can leave the island smoothly.

Photo by Bin Hai

　　In addition, as the economy gradually recovers, some temporary relief policies introduced in the past should also be adjusted accordingly.

It has been observed that the object, timing, method, and pace of adjustment should not only be based on a certain region or industry, but should be carefully considered and properly selected based on the impact on the overall economic construction.

Otherwise, it becomes "playing the piano randomly".

　　Every year, the National Two Sessions are a window for the outside world to observe China's macroeconomic policies.

I believe that through the policy signals released during the two sessions this year, how China "plays the piano" will be more clearly shown to the world, and the wonderful "concerto" of the Chinese economy is also worth looking forward to.

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