Xinhua news agency, beijing, march 6th: pushing hard and hardEconomyIt's good to keep up the upturn - key players in the five sectors respond to china's economic hotspots
Xinhua's reporter hu jia xin, wu yu, zou
In the afternoon of 6 p. M., the economic journalist of the 14th national people's congress was held at the media centre in beijing。
How do we look at this year's economic performance? Finance 2025PolicyHow would it work? What new initiatives would it take to promote consumption and stabilize foreign trade? How can moderate monetary policy be implemented? How capital markets support science and technologyInnovationI'm sorry
In more than two hours, in response to questions from 16 journalistsDevelopmentThe reform commission, the ministry of finance, the ministry of commerce, the people's bank of china, and the chief executive of the five departments of the csrc are responding to economic hotspots and providing detailed information on the direction of the policy。
Achieving an accelerated target of around 5 per cent is solid and secure
The report on the work of the government, which was submitted for consideration on 5 may, set the expected economic growth target for this year at about 5 per cent。
With regard to this intended objective, the director of the national development and reform commission zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng, said that it had been put forward carefully by the party centre, the state council, after thorough examination, scientific reasoning and systematic balance. At the working level, the national development and reform commission has also made solid and adequate preparations to achieve this goal。
Economic development, he said, was a continuous process that depended on the foundations of development and current trends and trends. In response to the report card handed over by the chinese economy over the past year, he considered that there were “four characteristics”, namely, high volume, high quality, solid base and good momentum. This has laid a solid foundation for development this year。
In response to the current difficult challenges facing the chinese economy, zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zheng zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu zhu 。
“a comprehensive analysis, our systems have strengths, markets have potential, businesses are dynamic and, more importantly, we have the courage to face the risk challenge and the bottom line to solve.” as zheng zheng zheng zheng zheng zheng zheng stressed, “we are confident that this year's target of around 5 per cent is solid, supportive and secure”
To that end, the national commission for development and reform will be able to do four “strengths”, namely, boosting consumption, boosting effective investment, building modern industrial systems and deepening reforms and opening up。
Turning to the development of new qualitative productivity, zheng zheng zheng zheng zheng zheng zheng zheng said that the focus would be on “finance, talent, ecology”. In the area of investment, the national commission for development and reform will soon establish a national investment-led fund for entrepreneurship, which will generate nearly 1 trillion yuan in local capital and social capital。
High-quality development is ultimately about giving the people a better life。
Zheng zheng zheng jianqian said: “in 2025, we will keep a close eye on what is most important and what is most needed, and will focus our efforts on solving the problem of mass `imminence' in order to translate policy into the temperature of life.”
Taken together, the year 2025 will speed up the resolution of the “urgent” of the mass, such as focusing on strengthening community support for “one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, one size, and one size, one size, one size, one size, one size, one size, one size, one size。
This year is the year of admission to the “1455” programme。
Zheng zheng zheng jianqie said that china's gross domestic product (GDP) had risen to new steps over the years and that the “145” economy was expected to increase by more than $30 trillion. “as a matter of image, it is tantamount to creating another long triangle.”
Zheng zheng zheng zheng zheng zheng zheng zheng has also indicated that this year a draft “fifty-five” planning framework will be prepared jointly with all parties, with a number of major strategic tasks, major policy initiatives and major engineering projects。
Fiscal policy is more active
This year's report on the work of the government proposes a more active fiscal policy。
“`more active' is the first word to appear in years.” the minister of finance, lanforan, stated that the implementation of a more active fiscal policy was a major strategic and overarching deployment of decision-making at the party centre, taking into account both the need to achieve the desired annual goals and the need to invest in medium- to long-term development dynamics, reflecting the relevance and forward-looking nature of macroregulation。
According to langford, fiscal policy this year has become more active and can be understood as sustained and more robust. Among them, there has been an increase in deficit arrangements. This year, the deficit rate was set at around 4 per cent, and the deficit reached 5. 66 trillion yuan, an increase of 1. 6 trillion yuan over last year. The level and size of the deficit have been the highest in recent years, and countercyclical adjustments have increased further。
“in response to possible internal and external uncertainties, the central treasury has also set aside sufficient reserve tools and policy space.” “lemforan indicates。
In november 2024, following the deployment of party central decision-making, the standing committee of the national people's congress approved an additional $6 trillion in local government debt limits to replace hidden debts. In response, lanflanc said that at least three major things had been achieved through this policy — a significant reduction in debt pressure, an effective easing of local government debt risk; the release of fiscal space and a significant increase in economic growth; and an important step in the transformation of the financing platformFinanceThe environment is continuously optimized。
As of 5 march this year, a total of 2. 96 trillion yuan in local exchange bonds was reported. The interest rate fell by an average of more than 2. 5 percentage points over the last year's $2 trillion swap bond, which is expected to fall by more than $200 billion over five years, significantly reducing local financial pressure and interest spending。
The next step, according to lanflan, would be to accelerate the implementation of the debt swap policy, to sustain the transformation of the financing platform and to firmly contain the new hidden debt。
Moreover, in terms of boosting consumption, lanflanc said that fiscal and financial policy would be more dynamic this year, with the introduction of two additional loan-discount policies to stimulate consumption. One is the granting of personal consumption loans in the focus areas, with fiscal discounts to ease current expenditure pressures. The other areas are catering accommodation, health, old age, child care and home economics, which are closely related to the lives of the population. The financial sector provides a discount on the sorting of loans by operators, reduces the cost of financing and increases the supply of quality services。
Unleashing the potential for growth in consumption
In 2024, consumption remained the first driver of our economic growth. How can consumption and potential be further expanded in the face of inadequate domestic demand
The minister of commerce, wang wentao, stated that the report of the government's report had been deployed to boost consumption and that the ministry of commerce, together with the authorities concerned, would carefully follow up, combine consumption promotion and welfare, integrate consumption of goods and services, introduce more practical management initiatives and unleash consumption growth potential。
On the one hand, in exchange for the old, the new emphasis is on “enhanced and popularized”. Building on last year's policy, the “newer” subsidies have been expanded, services upgraded and efficiency improved, making it easier and more reassuring for everyone to “change”。
On the other hand, consumption of services is “open to the outside world, open to the interior”. The expansion of open pilot projects in the areas of telecommunications, health care and education will be promoted, the internet and culture will be promoted in an orderly manner, focusing on areas of focus and livelihood concerns, and supporting policies and initiatives will continue。
At present, our foreign trade development is faced with external conditions such as increased unilateralism and protectionism, and how to stabilize the fundamentals of foreign trade becomes a multi-stakeholder concern。
“there are always more ways than difficulties.” wang wento said, “we will do our best to stabilize foreign trade by increasing our policy, expanding our growth and helping our enterprises.”
Wang wen-tao described the need to combine the solution of the outstanding issues and the promotion of high-quality trade development, to focus on research on new support policies for reserves and to put them in place in a timely manner, as needed; to promote the creation of new cross-border electrician test zones and the expansion of trade in intermediate goods, green trade; to initiate the construction of demonstration zones for innovative development of national trade in services; and to sign trade agreements with more willing countries and regions
In response to the concern about trade and economic relations between china and the united states, wang wento said, “there are no winners in the war on trade and no way out of protectionism”
He stated that tariff threats and coercive measures were typical of unilateralism, bullying and serious violations of wto rules, undermining not only normal trade relations between china and the united states, but also destabilizing the global industrial chain supply chain and hindering world economic development, as well as undermining the interests of the american people and businesses。
“the success of each is an opportunity rather than a threat to each other.” wang wentao said that if the united states wanted to solve the problem, it should look like a big country and find the right way to live together。
Implementation of moderate monetary policy and creation of a sound monetary and financial environment
China's monetary policy has moved towards attracting global attention. The president of the people's bank of china, ban kung-sung, has made it clear that the people's bank of china will implement moderate and liberal monetary policy。
“this year, we will choose to reduce interest rates in accordance with the domestic and foreign economic and financial situation and the functioning of the financial markets.” pan kung-jin indicated that the current reserve rate for financial institutions was on average 6. 6 per cent and that there was room for further progress. In addition, there is a downside to the financial interest rate on structural monetary policy instruments provided by central banks to commercial banks。
He said that the people's bank of china would apply monetary policy instruments such as open market operations in combination, maintain market liquidity, reduce the cost of bank liabilities and continue to drive down the cost of integrated social financing。
How can finance further increase support for sti? Pan xin has announced two policies: one to innovate and launch a “scientific board” of the bond market, and the other to optimize the policy of re-lending for technological innovation and technological transformation。
He described the upcoming launch of the “technology and technology board” of the bond market, which supported the issue of sti bonds by three main groups: financial institutions, science and technology enterprises, and private equity investors, and enriched the product system of sti bonds。
In addition, pan kung-sung indicated that the scale of refinancing for stis and technological upgrading would increase to between $800 billion and $1 trillion, while the interest rate for refinancing would decrease and support would be expanded。
Pan kung-sung said that those specific policy initiatives had helped to stimulate the dynamism of science, technology and innovation and to stimulate social investment in innovation, such as private capital。
It was described that, at present, our financial system is generally sound, financial institutions are generally healthy, local debt and real estate risks continue to recede and financial markets operate smoothly。
“the debt risks of the financing platform have been significantly reduced through multiple efforts.” by the end of 2024, as compared to the beginning of 2023, about 40 per cent of the financing platforms had withdrawn from their sequences, including through market withdrawals and market transformations. By the end of 2024, the operational financial debt of the financing platform had been approximately 14,8 trillion yuan, a decrease of about 25 per cent compared with the beginning of 2023。
As a next step, the people's bank of china will further explore the expansion of macroprudential and financial stability, maintain financial market stability and firmly hold the bottom line against systemic financial risk。
Sustained support for science, technology and innovation, combined boxing, boosting medium- and long-term financing city
Support for sti is the focus of capital market reform development. How can capital markets leverage their strengths to support science, technology and innovation and lead to new quality productivity development
The chairman of the cvm, u thanh, stated that the development of support mechanisms specifically targeting science and technology enterprises would be accelerated. Focusing on areas where sti is dynamic and reflects the direction of new quality productivity, using systems such as “green lanes” and the listing of non-profit enterprises, ensuring more inclusive distribution systems such as the fifth set of standards for listing science and technology, and providing more accurate support for the marketing of high-quality technology enterprises。
According to wu, capital markets support technology enterprises not only by way of listing, but also by means of equity instruments. Products and instruments such as bonds, reversible debt, preferential shares, asset securitization, options, futures, etc., can also make a difference by providing relay support and services。
“we will continue to support science, technology and innovation `package boxing', further refine the registration process for the issuance of innovative debt, steadily develop the securitization of intellectual property assets, and provide more comprehensive and efficient capital market services for science, technology and innovation.” u qing said。
Medium- and long-term funds are “stabilizers” and “pressure stones” that operate well in capital markets。
Since september last year, the cvm, together with the relevant departments, has issued guidance and programmes to facilitate the entry of medium- and long-term funds, proposing a series of concrete and targeted initiatives to create a more enabling institutional environment for achieving “long-term investment”. What progress has been made on the ground with regard to current policies
It was described that over 400 listed companies publicly disclosed additional refinancing information on stock buy-backs up to a maximum of nearly $80 billion; the market value of the a share held in various medium- and long-term funds has increased to $17. 8 trillion since last september。
Long money is patient and requires the guidance of a financial appraisal mechanism, the “command stick”。
U ching indicated that the ministry of finance and the ministry of human welfare, among others, are actively working on the revision of the long-term funding cycle appraisal policy document and that they have been consulted and will be launched as soon as possible. The document will establish a mechanism for the evaluation of the national social security fund for five years or more and for the pension fund, insurance funds for three years or more。
“in its forthcoming reform programme for public funds, the sec will also further increase the proportion of public funds assessed on a three-year or longer-cycle basis, and will direct the industry to focus more on rational investment, long-term investment, value investment, and better use of investor-based concepts.” wu qing。
