Maintain the strength and precision —— The macro policy of "I-oriented" in 2021 demonstrates the eco

Date: 2021-12-06
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Xinhua News Agency, Beijing, Dec. 5 th: Keep the strength and precision —— The macro policy 'I-oriented' in 2021 demonstrates the economic governance ability to deal with complex situations.

In the first year of the '14th Five-Year Plan', in the face of the complicated and ever-changing domestic and international environment, China's macro-policy has maintained its strength and precision, provided important support for sustained and stable economic recovery, and fully demonstrated its economic governance ability to cope with complex situations.

Looking forward to the future, the 'I-oriented' policy and precise and perfect control measures will continue to escort the steady progress of China's economy.

Maintain a constant macro policy to escort the sustained and stable recovery of economy.

At present, the monetary policies of major developed economies began to adjust, the Federal Reserve announced that it would reduce the scale of bond purchases, and some emerging market countries began to raise interest rates. In this context, every move of China's monetary policy has attracted global attention.

'Flexible, accurate, reasonable and moderate, focusing on me and keeping the word steady', the People's Bank of China's monetary policy implementation report in the third quarter of 2021 reiterated the tone of China's monetary policy, and released a clear signal to maintain the policy strength.

'I-oriented' is the main tone that runs through China's macro-control. From the fixed tone of 'macro-policies should maintain continuity, stability and sustainability' to the emphasis on 'doing a good job of cross-cycle adjustment', China's macro-policies adhere to the short-term and medium-term problems faced by economic operation, and do not blindly follow them.

Implement a prudent monetary policy and maintain a reasonable and abundant liquidity. No matter whether the major developed economies adopt extremely loose monetary policy or start to turn, China's monetary policy has always been 'not following', grasping the strength and rhythm of the policy, not only strongly supporting the real economy, but also avoiding flooding.

'At present, the growth rate of broad money and social financing scale basically matches the nominal GDP growth rate, which meets the needs of economic development, which is in great contrast with the implementation of large-scale stimulus policies in western countries to boost high inflation.' Wen Bin, chief researcher of China Minsheng Bank, said.


Maintain the strength and precision —— The macro policy of

On November 20th, villagers in Shuangfeng Town, Baihe County worked in a technology company nearby. The local government has issued a series of financial support policies to encourage returnees to start businesses. Xinhua News Agency reporter Tao Mingshe

Active fiscal policy to improve quality, efficiency and sustainability: deficit ratio, the limit of new local government special bonds is lower than that of 2020, but still higher than that of 2019; Optimize and implement the tax reduction and fee reduction policy. In the first three quarters, the national tax reduction and fee reduction increased by 910.1 billion yuan; 2.8 trillion yuan of central financial funds are included in the direct mechanism, benefiting enterprises and benefiting the people.

The strategic strength of 'taking me as the main factor' comes from the confidence to do your own thing well. China's macro economy is large and resilient. Last year, it took the lead in achieving positive growth among major economies in the world. China's financial system has strong autonomy and stability, and the attractiveness of RMB assets has increased. Last year, China became the largest foreign capital inflow country in the world.

Faced with multiple risk challenges, China's economy grew by 9.8% year-on-year in the first three quarters, and the steady recovery proved that China's macro-control ability to cope with complex situations has withstood the test.


Accurately aim at key areas and improve policy effectiveness

With the soaring global commodity prices, the prices of raw materials such as copper and iron needed for production have been rising all the way, and Chen Jinhong, head of Zhejiang Boyang Compressor Co., Ltd., feels a little 'unbearable'.

Implement phased tax holdover measures for small, medium and micro enterprises in manufacturing industry-the timely rain of the policy made Chen Jinhong's face swept away. 'We applied for deferred tax payment of more than 1.1 million yuan in November, which eased the current operational difficulties.'


Maintain the strength and precision —— The macro policy of

The staff introduced the filling method of tax reduction declaration form to corporate finance personnel in the Tax Service Hall of Gulou District Taxation Bureau, Fuzhou City, State Taxation Administration of The People's Republic of China (photo taken on January 21st, 2020). Xinhua News Agency reporter Wei Peiquan photo.


Precision, the key word of macro policy in 2021

—— Structural tax reduction and fee reduction to relieve enterprises. Increase the deduction ratio of R&D expenses of manufacturing enterprises, further increase the tax relief of small and micro enterprises and individual industrial and commercial households, and implement phased tax holdover measures for small and micro enterprises in manufacturing industries .

-Structural monetary policy better serves the real economy. Two direct tools, namely, the policy of deferred repayment of principal and interest for small and micro enterprise loans and the credit loan support plan, have been further extended to the end of this year, with an additional 300 billion yuan of small refinancing quota and the introduction of carbon emission reduction support tools .

'The central bank has launched a series of new structural policy tools for the new economic and financial situation, highlighting the characteristics of direct and accurate. It has played a greater role in stabilizing the economy, stabilizing market players and structural adjustment, and made up for the lack of traditional policy tools focusing on the total amount. ' Xu Hongcai, deputy director of the Economic Policy Committee of China Policy Science Research Association, said.

Accurate, but also for new situations and new problems, timely shots, pre-adjustment and fine-tuning.

Implement tax reduction, refund and reprieve measures for coal-fired power and heating enterprises, guide financial institutions to give reasonable credit support to coal-fired power and coal-fired enterprises, and keep the real estate credit in a stable and orderly way .

The effectiveness and pertinence of China's macro-control are constantly improving.


Anchoring the high-quality development direction based on the long term

Since the beginning of this year, Guangzhou Automobile Ean New Energy Automobile Co., Ltd. has been making breakthroughs in the core technology field, which cannot be separated from the financial support of financial institutions. With the support of the rediscount fund of the People's Bank of China, CITIC Bank has handled the discount financing of 2.525 billion yuan for the enterprise at a preferential interest rate lower than the market price, helping the enterprise to enhance its scientific and technological research and development strength.

'Pursuing high-quality development is an important logical starting point for understanding the current macro-control.' Guan Tao, the global chief economist of BOC Securities, said that in the face of internal and external pressures, China's macro-policy performance was calm, which reflected the government's strategic determination to pursue high-quality economic development and find a new way to effectively cope with the impact and realize a virtuous circle by means of reform and opening up.


Maintain the strength and precision —— The macro policy of

Workers of the 50GW(G12) solar-grade monocrystalline silicon material smart factory project in Central, Yinchuan Economic and Technological Development Zone, Ningxia are working at the site (photo taken on May 1, 2021). Xinhua News Agency reporter Feng Kaihua photo

Strengthen the financial service capacity building of small, medium and micro enterprises, and build the system and mechanism that finance can effectively support the real economy; Further reform and improve the management of central financial research funds; The central government has set up subsidies to promote rural revitalization .

A series of policies aim at the key and difficult points in the new development pattern, and focus on cultivating long-term growth momentum.

Based on the judgment of the internal and external situation, it is very important to make policy reserves.

'At present, various demands such as steady growth, employment protection, risk prevention, price control and balance promotion exist at the same time, and the situation faced by monetary policy is more complicated.' Lian Ping, chief economist of Zhixin Investment, said that China's monetary policy should still focus on the healthy and stable operation of its own economy, adhere to the principle of 'focusing on me', and maintain the necessary flexibility as well as determination.

Luo Zhiheng, vice president of Guangdong Securities Research Institute, said that fiscal policy should not only play the role of total adjustment, but also play the role of structural reform, and walk under the multiple goals of promoting common prosperity, scientific and technological innovation and stabilizing the economy.

Faced with multiple risks and challenges, China's macro-policy strategy remains unchanged, and the pursuit of high-quality development remains unchanged, which will certainly ensure that the general trend of stable and positive economy remains unchanged.

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