Chinas steady economic development

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 Chinas steady economic development


In 2019, Chinas economy shows strong growth potential and development resilience, and the scenery is unique among the worlds major economies.

Adhere to the general tone of seeking progress in stability. In 2019, the meeting of the Political Bureau of the CPC Central Committee emphasized many times. Statistics show that the GDP in the first three quarters of 2019 is 69779.8 billion yuan, with a year-on-year growth of 6.2% based on comparable prices. It is estimated that Chinas GDP will be close to 100 trillion yuan in 2019, and the per capita will step up to 10000 US dollars.

The growth of the world economy and international trade is slowing down, and the domestic economy is under great downward pressure. The central government has issued a series of counter cyclical adjustment policies in time, which has better withstood the downward pressure of the economy. A spokesman for the National Bureau of Statistics said.

In 2019, the China liner made steady progress in the high-quality channel, with GDP growth of 6.2% in the first three quarters, the fastest growth among the economies with a global economic aggregate of more than US $1 trillion. The picture shows a full container ship slowly leaving Yangshan deep-water port terminal in Shanghai. New photo of planning for the sea (Zhongjing vision)

Do a solid job in six stability

The six stability work is in place, and the progress of economic and social development has a solid foundation and strong momentum.

In 2019, China implemented the employment priority policy, implemented tax exemption and other policies, and took 100 billion yuan out of the balance of unemployment insurance fund for the action of improving vocational skills. The employment situation remained generally stable. Statistics show that from January to November 2019, 12.79 million new urban jobs have been created nationwide, and it is expected that the number of new urban jobs will exceed 13 million for seven consecutive years.

Since 2019, the banks liquidity constraints have been eased through a comprehensive and targeted reduction of the standard; the formation mechanism of the quoted interest rate (LPR) in the loan market has been reformed and improved to improve the marketization degree of the loan interest rate Under the influence of a series of policy measures, the loan from banks to real enterprises is increasing, and the financing cost of enterprises is decreasing.

At the same time of financial services for the real economy, efforts should be made to prevent and resolve systemic financial risks. The financial supervision department shall timely, accurately and proactively resolve and prevent the key risks in the financial field, handle the high-risk institutions such as the contractor bank in a stable and orderly manner, and handle the default of private enterprise bonds in an orderly manner.

The work of stabilizing foreign investment has achieved remarkable results, with the introduction of foreign investment laws and implementing regulations, and 20 policies and measures to stabilize foreign investment. We will speed up the relaxation of market access. The national version of the negative list of foreign investment access will be reduced to 40, and the pilot Free Trade Zone version will be reduced to 37. In the first 11 months of 2019, the actual utilization of foreign investment was 845.9 billion yuan, an increase of 6%; foreign direct investment was 680.3 billion yuan, and the newly signed contract amount of foreign contracted projects was 1.4 trillion yuan, an increase of 17.5%.

The policy of stabilizing investment continued to work. The investment growth rate is generally stable, and the investment structure continues to be optimized. In the first three quarters of 2019, the national fixed asset investment increased by 5.4% year-on-year, 0.1 percentage point lower than the previous eight months. The investment in high-tech industries and social fields grew rapidly, effectively complementing the weaknesses and increasing the potential. At the same time, local governments accelerated the issuance and use of local government bonds. In the first 11 months of 2019, local government bonds issued 4324.4 billion yuan, 99% of the annual issuance task.

The business environment has been continuously optimized to reduce institutional transaction costs and create a market environment of equal treatment and fair competition for all kinds of ownership enterprises and domestic and foreign-funded enterprises. The State Council promulgated the regulations on optimizing the business environment, which will be formally implemented from January 1, 2020, and strive to build an international, legal and convenient business environment.

A good business environment provides stable expectations for enterprises and enhances investment confidence. We really feel the improvement of business environment in China. Teslas factory construction in Shanghai is very fast. The commencement ceremony will be held in January 2019. In November, Tesla Model 3 made in Shanghai has entered all stores in China. In 10 months, the whole process from a vacant lot to the factory is completed, and vehicles are transported to stores all over the country. Said Tao Lin, Teslas global vice president.

Continue to deepen reform and adjust structure

In 2019, through continuous adjustment of economic structure and deepening reform and opening up, high-quality development will continue to move forward.

We should innovate and improve macro-control, adhere to the principle of flood irrigation as a strong stimulus, scientifically and steadily grasp the counter cyclical adjustment of macro policies, enhance the vitality of micro main bodies, strengthen targeted and contingent regulation on the basis of interval regulation, and proactively pre adjust and fine tune.

Active fiscal policies have been effectively implemented, and more large-scale tax cuts and fee reductions have taken root. From January to October 2019, the national tax reduction and fee reduction reached 1968.894 billion yuan, including 1647326 million yuan of tax reduction and 321.568 billion yuan of social insurance fee reduction. The annual amount of tax reduction and fee reduction will exceed 2 trillion yuan, accounting for more than 2% of GDP, significantly higher than other countries in the world.

Tax reduction not only brings real gold and silver to enterprises, but also inspires enterprises confidence and confidence in future development. Qi Yingbin, vice chairman and chief accountant of Dasheng company, said.

We will implement a sound monetary policy to help ease the difficulty and cost of corporate financing. Since 2019, the framework of three files and two advantages of Chinas deposit reserve system has been basically formed, and the differentiated reserve system has been implemented for large and medium-sized banks to guide urban commercial banks, agricultural commercial banks and agricultural credit cooperatives back to their roots. Through targeted drop irrigation and other measures, we will increase structural adjustment and guidance, and support the development of private, small and micro enterprises. At the end of the third quarter of 2019, the balance of inclusive small and micro loans was 11.27 trillion yuan, up 23.3% year on year.

The general tone of pursuing progress in stability is an important principle that must be adhered to in the implementation of fiscal and monetary policies. In 2019, in the face of various uncertainties and risk challenges, we have rationally used macro-control measures such as fiscal policy and monetary policy to ensure the stable and healthy operation of the economy and create a good macro environment for Chinas economic transition to a stage of high-quality development. Liu Shangxi, President of the Chinese Academy of financial Sciences, said.

The reform of state-owned assets and enterprises was accelerated. From state-owned enterprises to local state-owned enterprises, the quality and efficiency of enterprise development continued to improve, and the reform of mixed ownership was actively promoted. The economic operation of the central enterprises remained stable and progressive. From January to November 2019, the net profit increased by 9% year-on-year, the operating revenue by 5% year-on-year, and the total investment by 9.4% year-on-year.

The basic trend of Chinas stable and long-term economic growth has not changed. Ning Jizhe, deputy director of the national development and Reform Commission, said. Through a series of measures to strengthen the reform and opening up, the endogenous power of Chinas development has been continuously enhanced.

2020 is the year of building a moderately prosperous society in an all-round way and the end of the 13th five year plan. The China ship will continue to make steady progress on the main channel of high-quality development.