Multiple departments set out task lists to stabilize the economy, revealing new trends
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The National Development and Reform Commission, the Ministry of Finance, the People’s Bank of China, the Ministry of Industry and Information Technology and other departments recently held meetings to implement the spirit of the Central Economic Work Conference and deploy work priorities for 2024. “Technological innovation”, “expanding domestic demand”, “deepening reform”… Through these keywords on the key task lists of various departments, we can gain insights into new trends in future economic policies.
Leading industrial development with “technological innovation”
The Central Economic Work Conference elevated “leading the construction of a modern industrial system with scientific and technological innovation” to the top of the key economic tasks next year, and the work arrangements of many departments in 2024 are also inseparable from “technological innovation.”
Focusing on the work deployment for 2024, the recently held National Industrial and Information Work Conference clarified key tasks in 12 aspects, including “efforts to promote the steady growth of the industrial economy”, “comprehensive implementation of high-quality development actions for key manufacturing industry chains”, “enhancing industry “Scientific and technological innovation capabilities”, “accelerating the transformation and upgrading of traditional industries”, “consolidating and improving the leading position of advantageous industries”, “accelerating the cultivation of emerging industries”, etc.
The Ministry of Science and Technology also proposed five key tasks, including strengthening the overall coordination of scientific and technological work and improving the new national system; focusing on key core technologies related to national development and security, gathering forces to make breakthroughs; deploying forward-looking leading technologies and cultivating new advantages for future industrial competition. ; Strengthen the country’s strategic scientific and technological strength, strengthen the systematic ability of scientific and technological innovation; deepen the reform of the scientific and technological system, and build a policy system and a good environment that supports high-level scientific and technological self-reliance.
Fiscal, taxation and financial policies will also vigorously support technological innovation. The National Financial Work Conference proposed to “fully support the victory of the battle against key core technologies, ensure the funding needs of major national science and technology projects, deepen the reform of the allocation and use mechanism of fiscal science and technology funds, and promote self-reliance and self-reliance in high-level science and technology.” The Party Committee of the State Financial Supervision and Administration Bureau held an enlarged meeting and proposed to improve the quality and efficiency of science and technology finance to help accelerate the development of new productive forces and the construction of a modern industrial system.
“On the one hand, our country’s economy is in a critical stage of transformation from being driven by traditional factors to being driven by new factors such as technology and data. It is urgent to improve total factor productivity by strengthening independent research and development capabilities and seize the major opportunities of the new round of scientific and technological revolution; on the other hand, On the other hand, driven by scientific and technological innovation, the formation of new productive forces has accelerated, becoming an important driving force for economic growth and high-quality industrial development.” said Liang Jing, a researcher at the Bank of China Research Institute.
Actively deploy around “expanding domestic demand”
The Central Economic Work Conference emphasized “focusing on expanding domestic demand” and “stimulating potential consumption, expanding profitable investment, and forming a virtuous cycle in which consumption and investment promote each other.”
Various departments are actively deploying to expand domestic demand. The National Financial Work Conference held recently listed supporting the expansion of domestic demand as one of the eight key tasks in 2024. It proposed to promote the construction of a unified national market, promote the stable growth of consumption, strengthen the use and management of special bond funds, and continue to make good use of them. Increase the issuance of government bond funds to consolidate the fundamentals of foreign trade and foreign investment and support the enhancement of the main driving force of domestic demand.
The National Development and Reform Work Conference also listed “further making good use of various funds to strengthen project construction and better playing the key role of effective investment” as a key task in 2024. These include “increasing efforts to improve the effectiveness of government investment such as the issuance of additional 1 trillion treasury bonds, central budget investment, local government special bonds in 2023” and “increasing efforts to stimulate private investment, establish a normalized project push mechanism for key industries, and promote the government and society The implementation of a new mechanism for capital cooperation will encourage more private capital to participate in the construction of major national engineering projects and projects that make up for weak links.”
The Ministry of Commerce emphasized that it is necessary to promote consumption from post-epidemic recovery to continued expansion, cultivate and expand new consumption, stabilize and expand traditional consumption, optimize the consumption environment, and promote the replacement of old products with new ones. Promote the relaxation of market access for telecommunications, medical and other service industries, benchmark international high-standard economic and trade rules, continue to build a market-oriented, legal and international first-class business environment, and create the “Invest in China” brand.
The National Industrial and Information Work Conference proposed to deepen the “three products” campaign of raw materials and consumer goods to boost bulk consumption such as new energy vehicles and electronic products. The State Administration of Financial Supervision and Administration stated that it will accelerate the development of consumer finance and actively support the expansion of profitable investment.
Han Wenxiu, deputy director of the Central Finance Office in charge of daily work and director of the Central Agricultural Office, recently said that in the ultra-large-scale market, my country’s consumption and investment still have huge potential in the future. “Our country is characterized by a high savings rate. As expectations improve, high savings will be transformed into consumption and investment. There is huge potential investment demand in areas such as new infrastructure and coordinated regional development,” he said.
Reforms in key areas will continue to advance
The Central Economic Work Conference emphasized the need to plan major measures to further comprehensively deepen reforms and continue to inject strong impetus into promoting high-quality development and accelerating Chinese-style modernization.
Focusing on the continuous improvement and implementation of the “two unwavering” systems and mechanisms to fully stimulate the endogenous motivation and innovative vitality of various business entities, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council held an enlarged meeting and proposed to “deeply implement the reform, deepening and improvement actions of state-owned enterprises, and strive to achieve Stable growth with higher gold content will further boost market confidence, lead the development of the industry, and resolutely serve as the stabilizer and ballast of the national economy.” The National Development and Reform Work Conference proposed, “To promote the development and growth of the private economy, we must institutionally and legally Put down the requirement for equal treatment of state-owned and private enterprises, create a good environment that encourages and supports the development of the private economy from the perspective of policy and public opinion, and coordinate and solve problems that restrict the development of the private economy on a case-by-case basis and as a whole.”
Meetings of multiple departments also revealed new trends in fiscal and taxation system reform and financial system reform. The National Fiscal Work Conference requested that “we must actively and steadily plan and promote a new round of fiscal and taxation system reform, improve the modern budget system, optimize the tax structure, and improve the fiscal transfer payment system.” The Party Committee of the People’s Bank of China held an enlarged meeting and mentioned, “Deepen the reform in the foreign exchange field. open”.
Zhao Wei, chief economist of Sinolink Securities, said that in 2024, deepening reforms in key areas will continue to advance, including financial supervision and financial institution reforms, deepening reforms of state-owned enterprises, and related system reforms of private enterprises, thereby increasing the impact on the development of the real economy and economic transformation. Upgraded support.
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