Abstract At the eleventh meeting of the Central Financial and Economic Leading Group, Xi Jinping called for the mobilization of three types of people - to play an important role in promoting economic development, and to give full play to the enthusiasm, initiative and creativity of innovative talents and cadres at all levels. ..
At the 11th meeting of the Central Financial and Economic Leading Group, Xi Jinping called for the mobilization of three types of people – to play an important role in promoting economic development, and to give full play to the enthusiasm, initiative and creativity of innovative talents and cadres at all levels. On the morning of November 10th, Xi Jinping, general secretary of the CPC Central Committee, chairman of the state, chairman of the Central Military Commission, and leader of the Central Financial and Economic Leading Group, presided over the eleventh meeting of the Central Financial and Economic Leading Group to study economic structural reforms and urban work.
Xi Jinping delivered an important speech stressing that promoting structural reform of the economy is an important measure to implement the spirit of the Fifth Plenary Session of the 18th CPC Central Committee. We must firmly establish and implement the development concept of innovation, coordination, green, openness, and sharing, adapt to the new normal of economic development, adhere to the principle of steady progress, persist in reform and opening up, implement macroeconomic policies, and must comply with industrial policies and micro policies. Policies that must be reformed and social policies must be bottomed out.
In addition to the above five major policies, Xi Jinping also proposed the reform of four key points, including effectively solving excess capacity, reducing enterprise costs, resolving real estate inventory, and preventing financial risks.
At a time when the Chinese economic calendar is about to reach the end of the "Twelfth Five-Year Plan", it is necessary to solve the problem of policy expectations and the acceleration of the conversion. The above-mentioned conference speech is expected to be set for the upcoming Central Political Bureau meeting and the Central Economic Work Conference to be held in December.
Li Xunlei, chief economist of Haitong Securities, told 21st Century Business Herald that the reform of the above four key points is very important, because the problems in the fields of zombie, real estate, finance, etc., have largely affected the future Chinese economy. .
"The Central Financial and Economic Leading Group has studied these issues in a targeted manner, which means that the next step is to introduce corresponding policies to ensure a steady growth of the next phase of the economy." Li Xunlei said.
Four key points of the five major policies
Xi Jinping pointed out that it is necessary to adhere to a protracted war in strategy and tactically fight against annihilation. While moderately expanding aggregate demand, efforts should be made to strengthen supply-side structural reforms, focus on improving the quality and efficiency of the supply system, enhance the sustained growth momentum of the economy, and promote the society of our country. The overall level of productivity has jumped.
Specifically, in terms of the five major policies, he pointed out that to stabilize the macroeconomic policy, it is necessary to adhere to a proactive fiscal policy and a prudent monetary policy to create a stable macroeconomic environment for structural structural reform.
The industrial policy must be accurate, that is, to accurately position the economic structural reform direction, develop the real economy, adhere to innovation-driven development, activate the growth momentum of stocks, focus on filling shortcomings, accelerate green development, actively use foreign capital, and actively and steadily expand foreign investment.
To live a micro policy, it is necessary to uphold and improve the basic economic system, improve the market environment, stimulate corporate vitality and consumption potential, create a relaxed market operation and investment environment in the system policy, and create a market environment in which goods are freely flowing and exchanged on an equal footing.
To be realistic, the reform policy is to intensify efforts to promote the reform of key areas and accelerate the reform of state-owned enterprises, fiscal and taxation systems, and financial systems that have a major traction on economic growth.
The bottom line of social policy is to hold the bottom line of the people's livelihood, do a good job in employment and social security, and effectively protect the basic life of the people.
Xi Jinping pointed out that to promote economic structural reforms, it is necessary to focus on outstanding issues and seize key points.
The four key points he mentioned include promoting the effective resolution of excess capacity and promoting industrial optimization and restructuring; reducing costs and helping enterprises to maintain competitive advantage; resolving real estate inventory and promoting sustainable development of the real estate industry; preventing financial risks and speeding up Form a stock market with complete financing functions, solid foundation system, effective market supervision, and adequate protection of investor rights.
Pan Xiangdong, chief economist of Galaxy Securities, believes that in terms of active fiscal policy and prudent monetary policy, fiscal policy will play a greater role next year, such as the deficit rate may be further improved, and there may be further reductions in monetary policy. . In 2016, as the first year of the “Thirteenth Five-Year Planâ€, it is still necessary to ensure a certain economic growth rate.
The Minister of Finance and the member of the Central Propaganda Group, Lou Jiwei, recently pointed out that during the spirit of the Fifth Plenary Session of the 18th Central Committee, it is expected that the economic growth in the first half of the 13th Five-Year Plan will continue to undergo a shocking bottoming process, with the deepening of reforms. With more system dividends, the new growth point will gradually become the dominant driving force, and the economic growth rate will be improved.
Pan Xiangdong believes that the bottom line of the “13th Five-Year Plan†economic growth is 6.5%, which may be relatively low in the early stage and will gradually increase in the later stage.
Liu Xiahui, director of the Economic Growth Theory Office of the Institute of Economics of the Chinese Academy of Social Sciences, believes that to ensure the next economic growth, it is necessary to reduce the burden on enterprises. “The next step in tax reduction in the industrial sector is needed. But this involves multiple interests and needs to accelerate reforms,†said Liu Xiahui.
Zombie companies will speed up the elimination of restructuring
Although Xi Jinping’s speech at the Central Financial and Economic Leading Group meeting on November 10 did not directly mention “zombie enterprisesâ€, the first key point of economic structural reform mentioned “promoting the effective resolution of excess capacity and promoting industrial optimization and restructuringâ€. .
It is worth noting that in October 2015, Liu He, director of the Central Finance Office, also mentioned in the inspection of Guangdong that it is necessary to vigorously promote market-oriented reforms in accordance with the requirements of the central government, pay more attention to supply-side adjustment, accelerate the elimination of zombie enterprises, and effectively resolve overcapacity. To enhance the core competitiveness of the industry and continuously improve the total factor productivity.
On November 4th, Premier Li Keqiang of the State Council also proposed at the first State Council executive meeting after the Fifth Plenary Session to "accelerate the reorganization and integration of the "zombie enterprises" or withdraw from the market, and increase support for state-owned enterprises to solve historical burdens."
Obviously, attaching importance to the supply side adjustment and speeding up the elimination of zombie enterprises have reached a consensus at the decision-making level.
Play the enthusiasm of three types of people
The 11th meeting of the Central Financial and Economic Leading Group on November 10 also heard reports on the structural reform of the economy, such as the National Development and Reform Commission, the Ministry of Finance, and the People's Bank of China. The leadership team discussed it.
Xi Jinping emphasized that to promote economic structural reform, we must persist in emancipating and developing social productive forces, persist in taking economic construction as the center, and adhere to the overall layout of the five-in-one.
We must adhere to the direction of socialist market economy reform, make the market play a decisive role in resource allocation, mobilize the polarity of all parties, give play to the important role of entrepreneurs in promoting economic development, and give full play to the enthusiasm and initiative of innovative talents and cadres at all levels. creativity.
Previously, Liu He had repeatedly stated on different occasions that he should exert his entrepreneurial spirit and give play to the role of entrepreneurs in restructuring the structure.
In September this year, Liu He said that when he inspected the "small town economy" in Zhejiang, the entrepreneurial spirit of "Dare to be a first person and especially able to start a business" has important reference significance for the upgrading of China's economic structure. In mid-September, at the special meeting held by the National Development and Reform Commission, Liu He said that the current improvement of property rights protection system is to boost market confidence, especially entrepreneur confidence, and further stimulate the initiative and enthusiasm of various market entities for entrepreneurial innovation and investment. Maintaining a lasting momentum in economic development has important practical significance. In early October, Liu He once again emphasized in the investigation of Guangdong that he attached importance to the protection of property rights, exerted entrepreneurial spirit, and overcame the current structural and cyclical difficulties with reform, opening up and innovation.
According to Xinhua News Agency, Xi Jinping presided over the 10th meeting of the Central Financial and Economic Leading Group, and made comprehensive arrangements for doing a good job in poverty alleviation and development, and winning the fight against poverty.
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