Expanding domestic demand by all means is the main driving force of the new round of steady growth policy and the core of enhancing the endogenous kinetic energy of China’s economy. Recently, policies to promote consumption and stabilize investment have been issued repeatedly. On the 13th, the executive meeting of the State Council identified new measures to promote consumption, and then on the 15th, the national development and Reform Commission defined the key direction of stabilizing investment, emphasizing deepening reform and stimulating private investment.
According to the analysis of the industry, the repeated epidemic situation and economic pressure, and the continuous introduction and implementation of policies and measures to expand domestic demand by the state will further release the consumption potential, take multiple measures to promote the sustained recovery of consumption and cultivate new growth points of consumption; Carry out infrastructure investment moderately ahead of schedule and fully mobilize the investment enthusiasm of market players. We should give full play to the effect of policy integration, form a joint force for steady growth, and effectively respond to all kinds of risks and challenges.
comprehensive measures to release consumption potential
The national standing committee meeting on the 13th pointed out that comprehensive measures should be taken to release consumption potential. In terms of expanding consumption in key areas, the meeting made it clear that bulk consumption such as automobiles and household appliances should be encouraged, no new automobile purchase restriction measures should be taken in all localities, and the incremental index of automobiles that have implemented purchase restriction should be gradually increased. Support the consumption of new energy vehicles and the construction of charging piles.
Affected by the epidemic situation, the growth rate of China’s production and sales of 6.50 million vehicles in the first quarter was more than 6.50% and 2.0% respectively, up from 6.49 million in the first quarter and 2.0% in the first quarter, respectively.
Boost automobile consumption. Cities such as Beijing, Shanghai, Guangzhou and Shenzhen that strictly restrict the purchase of automobiles may become a breakthrough. Chen Shihua, Deputy Secretary General of China Automobile Association, said that large cities such as Beijing, Shanghai, Guangzhou and Shenzhen have strong automobile consumption capacity, but the market demand can not be fully released due to the purchase restriction policy.
Everbright Securities Company Limited(601788) analysis: since March, the epidemic has spread in many places in China, which has had a great impact on Residents’ going out and offline consumption, which not only poses a greater challenge to the realization of the annual economic growth target, but also is not conducive to stabilizing market players and ensuring employment. To this end, the NSC promptly deployed a series of policies to stabilize consumption, including ensuring the supply and price of basic consumer goods, ensuring smooth logistics and expanding bulk consumption. It is expected that the policies of stabilizing consumption and accelerating investment will continue to be introduced to help the smooth operation of the economy throughout the year.
The NPC also mentioned the promotion of new consumption. Accelerate the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption and cultivate “smart +” consumption of Shanghai Dzh Limited(601519) products and services. Tap the consumption potential of counties and townships. Guide commercial circulation enterprises and e-commerce platforms to extend to rural areas, and promote brand quality consumption into rural areas.
Huang Hengzhi, partner of Ernst & Young audit services, analyzed China first finance and economics. China has become the second largest consumer market in the world, with huge consumption potential, and young consumers are rising. In addition, with the increase of rural residents’ income, the rural consumption market is becoming more and more active. The gap between urban and rural areas is gradually narrowing, and the travel consumption potential of rural residents is gradually released.
Wang Jun, chief economist of Zhongyuan bank, said in an interview with the first financial reporter that the core of stable growth is stable consumption. The key to stable consumption is the expansion of fiscal policy. The focus of fiscal policy expansion is consumer bonds. There is no need to be too stuck to the traditional rigid indicators such as deficit ratio and debt ratio. It is obvious that the main body of expanding consumption is the residents’ department. We should really pay attention to and begin to consider making joint efforts in the form of consumption vouchers and cash subsidies to relieve the people affected by the epidemic, the retired elderly, county rural consumers, families with many children and low-income groups.
actively attract and leverage private investment
Since March, affected by the epidemic and other factors, maintaining the steady growth of investment has faced some pressure. Ou Hong, director of the investment department of the national development and Reform Commission, said at a press conference on the 15th that generally speaking, there are many favorable conditions for stabilizing investment, and investment is expected to maintain steady growth in the first quarter.
Since this year, the national development and Reform Commission has approved 32 fixed asset investment projects with a total investment of 520 billion yuan, including 24 and 8, mainly in transportation, water conservancy, energy, high technology and other industries.
At present, the “ammunition” for stable investment is sufficient. The issuance and use of special bonds this year is significantly faster than in previous years. According to the data of the Ministry of finance, about 1.25 trillion yuan of new special bonds have been issued at the end of March, accounting for 86% of the amount issued in advance, an increase of 1.23 trillion yuan over the same period last year.
According to Ou Hong, the next step will be to focus on key areas and actively expand effective investment. The first is infrastructure construction, the second is manufacturing and high-tech industries, and the third is to make up for weaknesses in the field of social and people’s livelihood.
Private investment is an important force to promote economic development, stabilize overall investment and expand social employment. Last year, private investment accounted for 56.5% of the total investment. It can be said that private investment accounts for the majority of the overall investment and is the main force of investment.
Ou Hong said that in the next step, we will continue to improve the conditions of private investment, study and introduce policies and measures to further mobilize the enthusiasm of private investment under the new situation, give play to the role of leading major projects and leveraging government investment, and stimulate the vitality of private investment. We will deepen the reform of the economic system and support private investment in 102 major projects. Promote reasonable reduction of operating costs of private enterprises.
At the same time, revitalize the state-owned stock assets and attract private investment; Innovate investment and financing methods, enrich private investment and financing channels, support private investment projects to issue real estate investment trust funds in infrastructure, and improve the level of direct financing and Reinvestment capacity.
“Private investment is of great significance in the construction of new infrastructure.” Sun Wei, deputy director of the high technology department of the national development and Reform Commission, said on the 15th that he would further relax the access areas, reduce the investment threshold, support enterprises to carry out technological innovation and business model innovation in the field of new infrastructure, and cultivate new drivers of economic and social development.
