Abstract On the 27th of August, Premier Li Keqiang presided over the State Council executive meeting. The meeting stressed the need to adhere to targeted regulation and control to solve long-term problems and ensure the current stable economic and social development. Tightening the structure adjustment, speeding up a batch of "filling the short board & rdqu...
Premier Li Keqiang presided over the State Council executive meeting on August 27. The meeting stressed the need to adhere to targeted regulation and control to solve long-term problems and ensure the current stable economic and social development. Tightening the structural adjustment and speeding up the construction of a number of major projects that complement the shortcomings. The meeting decided to promote several projects in the next two years, including vigorously developing clean energy, and starting construction of a number of wind power, hydropower, photovoltaic power generation and coastal nuclear power projects. It is required to continue to promote the decentralization of power, the combination of management and management, and focus on solving problems such as “will not approve the approval†and “confuse the approval and confusion of supervisionâ€. As the macro economy continues to enter the adjustment phase, the pressure of economic growth is also invisibly increasing. But for the moment, the policy issue is structural contradictions, not the liquidity dilemma of the total. Therefore, through structured investment, ensuring investment demand in related fields has become a major trend in the new economic normal.
Starting from the current stage characteristics of China's economic development, we must adapt to the new normal and maintain a normal mentality in strategy. At present, China's economic transformation and structural adjustment have been further deepened, which is clearly reflected at the meso level and micro level. Many industries have a hard time, and many enterprises are facing survival problems. In the first half of the year, the Chinese economy continued to strengthen its "micro-stimulus" and barely achieved a growth rate of 7.4%. Although some macro data (such as export data) show signs of recovery in China's economy, the recent view of foreign investment banks on China's economy has turned positive, and the staged rise in China's A-shares has also stimulated the market sentiment, but overall, there are still A lot of challenges.
A series of macroeconomic data shows that the economic growth rate is plunging: First, the growth rate of social financing has fallen sharply. Under a number of “directed easing†measures, the sharp fall in social financing and credit data in July shocked the market. Second, the energy consumption data has fallen sharply. According to the National Bureau of Statistics, China's energy consumption per unit of GDP fell by 4.2% in the first half of this year, the largest in six years. The third is to use electricity to slow down. According to the latest data released by the National Energy Administration, from January to July, the national total electricity consumption totaled 3,137.4 billion kWh, a year-on-year increase of 4.9%, compared with the 5.3% power consumption in the first half of the year. Fourth, industrial enterprises above designated size achieved a slowdown in profit growth. Statistics from the National Bureau of Statistics show that in July, industrial enterprises above designated size achieved a total profit of 482.33 billion yuan, a year-on-year increase of 13.5%, and the growth rate dropped by 4.4 percentage points from June. Multiple data points to one possibility – the momentum of the Chinese economy is likely to continue.
Objectively speaking, although the overall economic situation faces many challenges, steady growth is not a problem. The problem is that structural imbalances bring about distortions in the overall economic development. Therefore, it is necessary for the decision-making level to maintain its strength and continue to advance structural adjustment. For the local economy, because the local means and resources are very limited, and the competition is everywhere in the country, it is not so easy to solve it, especially the historical decline of the real estate market, which makes the local government rely on the "land economy". The mode is invalid. It can be seen that various places now face similar problems: how to achieve industrial transformation and structural adjustment? How to find new growth points? How to balance economic, ecological and social development? How to attract investment in the new environment? In addition, there are 262 resource-based cities across the country that face various problems such as ecological environment destruction, industrial depletion, loss of power in the urban economy, and search for industries.
It should be noted that in line with the promotion of relevant major projects and structural investments by the State Council, the central bank has once again strengthened the intensity of micro-stimulus. The central bank has explicitly requested that the agricultural subsidy be implemented to implement preferential interest rates, and that the eligible rural financial institutions in the poor areas will support The interest rate of agricultural refinancing can also be reduced by 1 percentage point on the basis of preferential interest rates; the interest rate of agriculture-related loans issued by rural financial institutions borrowing agricultural re-loans should be lower than the weighted average interest rate of other agricultural institutions with the same period. .
In summary, with the introduction of a series of policies to reduce corporate financing costs, in the context of structure-oriented, macro-control policies currently mainly achieve targeted growth through targeted policies. In addition, under the "new normal" approach, the author strongly agrees with this view: First, the pursuit of high economic growth rate is no longer a policy goal, and a growth range will be maintained in the short term. Second, it is necessary to promote such issues as decentralization and devolution. The most basic market-oriented reforms such as market access and breaking monopoly; third, we must be alert to the systematic and expanding local risks.
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