Liu Qianzhi (Professor, School of economics and management, Wuhan University, columnist, Netease Research Bureau)
1u3001 Stall economy is an effective supply to meet the basic needs of citizens under the new epidemic situation
Local stall economy realizes the balance of supply and demand of basic living goods and services under the new epidemic situation. In terms of supply, the epidemic allows the production and supply in open outdoor areas, and the suppliers in the local stall economy set up stalls to provide and sell basic commodities and services for citizens. In terms of demand, the epidemic does not allow large-scale and long-distance migration of the population, and residents buy basic living goods and services nearby.
The local economy is distributed according to work. Distribution according to work is still the main form of Chinas initial income distribution at this stage. The land sharing economy is a typical distribution according to work, and the reasonable and legal income is obtained according to the payment of labor factors. Stall economy is a formal economy, and stall economy practitioners should be respected.
2u3001 Local economy is the inevitable requirement of the severe situation of macro economy
3u3001 Stall economy is a transitional economy
The local stall economy should disappear as the epidemic situation subsides and the industrial structure upgrades. After all, the stall economy is at the low end of the industrial structure and not suitable for large-scale development. High quality development is the pursuit of Chinas economic development, peoples yearning for a better life, and the inevitable choice to enhance international competitiveness. With the control and disappearance of the new crown epidemic situation, it is inevitable to realize the transformation of the local stall economy to high-quality development.
Design the income redistribution system for low-income groups. In the local economy, the low and middle-income groups are the majority. We should establish a redistribution system in which the high-income groups do not flow out and the low-income people enjoy more public services. That is to say, we should open the market, improve the business environment, attract the high-income people to stay in the domestic investment and not flow out, and maintain a proper higher tax burden. The low-income people are employed in the investment of the high-income people, and the tax revenue of the high-income people should be Low income people provide more public services such as education, medical care, pension and housing, so as to achieve economic growth and social harmony simultaneously, and also provide mechanism guarantee for low-income people to enjoy decent work and life.
This article is the exclusive contribution of Netease Research Bureau and does not constitute an investment decision.
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