The government work report points out the direction for economic and social development in 2022, and several new formulations deserve attention. (1) On difficulties: "the external environment is becoming more complex, severe and uncertain", "it is more difficult to stabilize exports", "the task of stabilizing employment is more arduous", "the ability to support innovation in key areas is not strong", "the contradiction between fiscal revenue and expenditure in some places is increasing, and there are many hidden risks in the economic and financial field"; (2) On epidemic prevention: "continuously optimize and improve prevention and control measures and scientifically and accurately deal with local epidemic situations"; (3) On double carbon: "the energy consumption intensity target shall be comprehensively assessed during the 14th Five Year Plan period to promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources"; (4) On Urbanization: "strengthen the construction of county infrastructure and promote the coordinated development of large, medium and small cities and small towns"; (5) On Digital Economy: "improve the governance of digital economy and release the potential of data elements"; (6) On Foreign Investment: "promote the construction of a new land and sea channel in the West. Carry out foreign investment cooperation in an orderly manner and effectively prevent overseas risks"; (7) On risk prevention: "establishment of financial stability guarantee fund"; (8) On the three child policy: "the care expenses for infants and young children under the age of 3 will be included in the special additional deduction of individual income tax".
Risk tip: the downward pressure on the economy is higher than expected; The epidemic situation outside China exceeded expectations; The construction of financial risk disposal mechanism was not as expected
