China Introduces Comprehensive Policies to Boost Economic Recovery
The current economic situation and economic policies are under close scrutiny. On October 8th, the State Council Information Office held a press conference where the head of the National Development and Reform Commission introduced the situation regarding "systematically implementing a package of incremental policies to solidly promote the economy to rise upwards, the structure to optimize, and the development momentum to continue to improve."
A combination of policies from five aspects
Zheng Shanjie, the director of the National Development and Reform Commission, introduced that in response to new situations and issues in the current economic operation, the Party Central Committee and the State Council made scientific decisions and acted decisively. While effectively implementing existing policies, they focused on five aspects: increasing counter-cyclical macro policy adjustments, expanding domestic effective demand, increasing support for enterprises, promoting the real estate market to stop falling and stabilize, and boosting the capital market. They have introduced a package of incremental policies to promote the economy to continue to rise and improve.
"We not only focus on solving the current difficulties and problems but also pay more attention and importance to solving major issues in the medium and long-term development of the economy. We strengthen the foundation, benefit the long term, sustainability, and steady progress to promote high-quality development," said Zheng Shanjie. Next, we will work with all departments and regions to fully implement and accelerate the implementation of the decisions and deployments of the Party Central Committee and the State Council. We will systematically implement a package of incremental policies, play a set of combination punches, unblock the policy implementation, and solidly promote the economy to stabilize and rise, the structure to continuously optimize, and the development momentum to continue to improve.
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Policies conducive to the production and operation and healthy development of enterprises will not stop and will not be less
Zheng Shanjie introduced that in terms of increasing support for enterprises, it is necessary to further standardize the administrative law enforcement behavior of administrative law enforcement units involving enterprises, adopt more inclusive and prudent supervision and flexible law enforcement methods, and not violate regulations for异地 enforcement and profit-driven enforcement, and not arbitrarily fine, inspect, or seal up. At the same time, according to the sorting out, some policies such as tax and fee support, unemployment insurance assistance for enterprise stability, and skill improvement subsidies will expire at the end of this year. Relevant departments will accelerate the clarification of whether the policy will continue to be implemented based on research and evaluation. If it is continued, the duration of the continuation will be clarified as soon as possible.
"Policies conducive to the production and operation and healthy development of enterprises will not stop and will not be less," said Zheng Shanjie.
Next year, continue to issue ultra-long-term special treasury bonds and optimize the direction of investment
In terms of investment, the focus is on expanding effective investment and accelerating the formation of physical work volume.
The National Development and Reform Commission sorted and analyzed that there is a large demand for incremental funds in areas such as the construction of infrastructure, urbanization of agricultural transfer population, construction of high-standard farmland, construction of underground pipelines, and urban renewal. Taking the construction and transformation of underground pipelines as an example, relevant parties estimate that nearly 600,000 kilometers of various types of pipelines such as urban gas, water supply and drainage, and heating need to be transformed in the next 5 years, with a total investment demand of about 4 trillion yuan.Zheng Shanjie stated that next year, there will be a continuation in the issuance of ultra-long-term special national bonds and an optimization of their allocation to enhance support for the construction of "two focuses". The National Development and Reform Commission (NDRC) will issue in advance, within this year, a central budget investment plan of 100 billion yuan for next year and a list of 100 billion yuan for "two focuses" construction projects, to support localities in accelerating preliminary work and initiating construction.
Increase the momentum for the implementation of the 102 major projects in the "14th Five-Year Plan"
Liu Sushe, Deputy Director of the NDRC, introduced that among the 5,100 specific projects involved in the 102 major projects of the "14th Five-Year Plan", 92% have already started construction or have been completed. The next step will be to further strengthen the coordination and push for the 409 projects that have not yet started construction to begin as soon as possible, ensuring that by the end of next year, the 102 major projects of the "14th Five-Year Plan" will be successfully concluded.
He also mentioned that efforts will be accelerated to improve the long-term mechanism for private enterprises to participate in national major construction projects, with a focus on continuously promoting high-quality projects and encouraging more private capital to participate in major infrastructure construction projects such as railways, energy, and water conservancy. Efforts will be made to quickly screen and form a new list of national key private investment projects.
Accelerate the construction of people-oriented new urbanization
In July this year, the State Council issued the "Five-Year Action Plan for the In-depth Implementation of People-Oriented New Urbanization Strategy". Deputy Director of the NDRC, Zheng Bei, stated that to accelerate the construction of people-oriented new urbanization, the focus will be on the deployment of the action plan within a package of incremental policies, increasing policy support and implementation efforts.
Zheng Bei said that in implementing a new round of actions for the urbanization of the agricultural transfer population, the focus will be on removing the bottlenecks in the urbanization process of more than 170 million migrant workers and their accompanying family members. For the issue of difficulty in household registration in large cities, the focus will be on accelerating the relaxation of household registration conditions in cities with a permanent population of more than 3 million in urban areas, fully establishing public household registration in street communities, and improving the policy for household registration through renting; for the most concerning issues of the agricultural transfer population, such as education and healthcare, the support of ultra-long-term special national bonds for projects such as the construction of ordinary high schools in cities with concentrated population inflow and the renovation of hospital wards will be increased.
Strengthen energy support for major projects laid out by the state
Energy support is an important aspect of supporting high-quality development. Zhao Chenxin, Deputy Director of the NDRC, introduced that efforts will be increased to implement separate energy consumption for major national projects, and to study the inclusion of a batch of major projects that conform to the national major production capacity layout, enhance the resilience and security level of the industrial chain and supply chain, and support the development of new quality production capacity into the "14th Five-Year Plan" separate energy consumption scope. The energy consumption of related projects will no longer be included in the energy-saving target responsibility evaluation and assessment category of the provincial government where the project is located, strengthening the energy support for major projects laid out by the state.
Four measures to promote employmentLi Chunlin, Deputy Director of the National Development and Reform Commission (NDRC), stated that the NDRC will vigorously implement an employment-first strategy, strengthen the coordination and cooperation of macro policies, guide the establishment of correct employment concepts, and adhere to promoting employment through development. Firstly, they will expand effective demand to create new employment growth points and increase support for projects that effectively absorb employment. Secondly, they will develop new quality productive forces according to local conditions, cultivate and strengthen strategic emerging industries and future industries, and create more knowledge and skill-based positions. Thirdly, they will innovate in the development of service consumption and fully unleash the employment potential in social service areas such as elderly care, domestic services, childcare, and logistics. Fourthly, they will leverage the role of vocational education and skill training in promoting employment.