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Xi Jinping presided over the 25th meeting of the Central Committee for comprehensively deepening reform
General secretary of the CPC Central Committee, President of the state, chairman of the Central Military Commission and director of the central comprehensive Deepening Reform Commission Xi Jinping on the afternoon of April 19, presided over the 25th meeting of the central comprehensive Deepening Reform Commission, deliberated and adopted the guiding opinions on strengthening the construction of digital government and on further promoting the reform of the financial system below the provincial level Opinions on establishing and improving the evaluation index system of natural resource assets departure audit of leading cadres, work plan for improving the financial support innovation system during the 14th Five Year Plan period, and several opinions on improving the incentive mechanism of science and technology.
The meeting pointed out that strengthening the construction of digital government is an important measure to innovate the concept and mode of government governance. We should use digital reform to help the transformation of government functions and give full play to the important supporting role of digital in the government’s performance of economic regulation, market supervision, social management, public services, ecological and environmental protection and other functions.
The meeting stressed that since the Third Plenary Session of the 18th CPC Central Committee, we have strengthened the top-level design of fiscal and tax system reform, deepened the reform of the division of fiscal powers and expenditure responsibilities between the central and local governments, further straightened out the division of revenue between the central and local governments, continued to deepen the reform of fiscal transfer payment system, and gradually formed a central local fiscal relationship with clear powers and responsibilities, coordinated financial resources and regional balance. We should eliminate local protectionism and market barriers by improving the financial system.
The meeting pointed out that the establishment of a natural resource assets departure audit system for leading cadres. We should improve the evaluation criteria for the decision-making and supervision performance of leading cadres on resources and environment, and integrate the implementation of major arrangements of the Party Central Committee such as natural resource protection, ecological protection red line, cultivated land protection red line, pollution reduction and carbon reduction, river lake long system and so on into relevant evaluation indicators.
The meeting stressed that to accelerate the construction of the financial support innovation system, we should focus on key areas such as key core technology research, transformation of scientific and technological achievements, scientific and technological and innovative small and medium-sized enterprises and high-tech enterprises, deepen the structural reform of the financial supply side, promote the construction of scientific and technological credit service capacity, and strengthen the role of development and policy financial institutions in serving scientific and technological innovation within the scope of their responsibilities, Enhance the service capacity of banking financial institutions for enterprises undertaking major national scientific and technological innovation tasks.
The meeting pointed out that scientific and technological incentive is an important guarantee for promoting scientific and technological innovation and plays an important role in releasing the potential of scientific and technological innovation and stimulating innovation vitality. We should adhere to the combination of spiritual and material incentives, and focus on rewarding those scientific and technological teams and personnel who have made significant contributions to scientific and technological progress, economic and social development and national strategic security from the urgent and long-term needs of the country.
Overall, the meeting mentioned digital construction, ecological protection, financial innovation and scientific and technological innovation, which provided strong support for promoting the modernization of national governance system and governance capacity. It also points out that we should get rid of local protectionism, straighten out the financial relations between governments below the province, make the allocation of rights and responsibilities more reasonable, the division of income more standardized, the distribution of financial resources relatively balanced, and the grass-roots guarantee more powerful, so as to accelerate the construction of a national unified market.
National Development and Reform Commission: promote the introduction of policy documents to further release consumption potential and promote the sustainable recovery of consumption. On April 19, Meng Wei, spokesman of the national development and Reform Commission, said at a press conference that in the next step, the national development and Reform Commission will focus on promoting the introduction of policy documents to further release consumption potential and promote the sustainable recovery of consumption, strive to stabilize current consumption and take comprehensive measures to release consumption potential. We should expand consumption in key areas, continue to support the consumption of new energy vehicles, and encourage local governments to carry out green smart appliances to the countryside and trade the old for the new. We should promote new consumption, promote the deep integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption, and cultivate and expand new consumption formats. Overall, under the triple pressure of the epidemic disturbance and “contraction of demand, supply shock and weakening expectation”, a series of policies to stimulate domestic demand are expected to be further introduced, which is good for the consumption sector as a whole.
The financing balance decreased. On April 18, the balance of A-share financing was 1541008 billion yuan, down 387 million yuan month on month; The balance of margin trading was 1629575 billion yuan, a decrease of 775 million yuan month on month. The balance of financing minus securities lending was 145244 billion yuan.
Net sales of funds to the north. On April 19, luchutong sold a net 1.944 billion yuan on that day, including 52.55 billion yuan of purchase and 54.493 billion yuan of sale, with a cumulative net purchase of 1609047 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $2.995 billion on the same day, including a purchase transaction of HK $14.736 billion and a sale transaction of HK $11.741 billion, with a cumulative net purchase transaction of HK $2290769 billion.
Money market interest rates fluctuated. On April 19, the weighted interest rate of pledged repo of deposit institutions was 1.2947% overnight, down 8.71bp and 1.7357% a week, down 5.64bp. The 10-year yield to maturity of China national debt was 2.8208%, up 1.01bp.
U.S. stocks rose, while European stocks fell. On April 19, the Dow Jones Industrial Average closed at 3491120 points, up 1.45%; The S & P 500 index closed at 446221 points, up 1.61%; The NASDAQ index closed at 1361966, up 2.15%. European stock markets, French CAC index closed at 653479 points, down 0.83%; Germany’s DAX index closed at 1415346 points, down 0.07%; The FTSE 100 index closed at 760128, down 0.20%. In the Asia Pacific market, the Nikkei index closed at 2811039 points, up 0.25%; The Hang Seng Index closed at 2102776, down 2.28%.
The dollar index rose. On April 19, the dollar index rose 0.1958 to 1009835. The spot exchange rate of RMB against the US dollar closed at 6.3778, depreciating by 80 BP. The spot exchange rate of offshore RMB against the US dollar closed at 6.4184, depreciating 395 BP. The central parity rate of RMB against the US dollar closed at 6.3720, up 43 BP. The euro rose 0.06% against the dollar to 1.0789. The dollar rose 1.50% against the yen to 1288935. The pound fell 0.12% against the dollar to 1.3000.
Gold fell and crude oil fell. On April 19, Comex gold futures fell 1.72% to close at US $195220/oz. WTI crude oil futures fell 5.37% to close at US $102.40/barrel. Brent crude oil futures fell 4.91% to close at US $107.60/barrel. LME copper three-month futures rose 0.08% to close at US $10324 / ton.
