laitimes

The National Development and Reform Commission (NDRC) has launched a package of incremental policies, and other ministries and commissions are about to follow suit

Today (October 8), the first working day after the National Day holiday, the State Council Information Office held a blockbuster press conference, Zheng Shajie, director of the National Development and Reform Commission, and Liu Sushe, Zhao Chenxin, Li Chunlin, and Zheng Bei, deputy directors of the National Development and Reform Commission, jointly attended the meeting to introduce the relevant situation of "systematically implementing a package of incremental policies to solidly promote the optimization of the upward structure of the economy and the continuous improvement of the development trend".

Nandu reporters noticed on the spot that the rare high-level lineup of leaders of the National Development and Reform Commission's "one principal and four deputies" attracted widespread attention from the market, and they looked forward to the introduction of "favorable" policies. An hour before the start of the press conference, Chinese and foreign media reporters were already seated at the venue. Countless people also paid attention to the presentation of the press conference in various ways, and some people watched the live broadcast while watching the stock market.

The press conference lasted 1 hour and 21 minutes, and the actual record was 15,000 words, which was longer than previous press conferences. From the level of the National Development and Reform Commission, the five responsible persons introduced the work considerations and five specific measures on how to implement the package of incremental policies, and answered 10 questions from reporters related to investment, private economy, employment, urban renewal, new urbanization construction, energy supply guarantee and supply and price stability of important materials.

How to understand the package of incremental policies at this conference? What are the misconceptions or misconceptions that need to be clarified? Is it appropriate to "bind" the press conference to the capital market? What are the incremental policies to look forward to in the future? Combined with the content of the press conference, Nandu reporters interviewed relevant policy figures, experts and scholars for interpretation.

The National Development and Reform Commission (NDRC) has launched a package of incremental policies, and other ministries and commissions are about to follow suit

On October 8, the State Council Information Office held a blockbuster press conference, at which Zheng Shajie, director of the National Development and Reform Commission, and Liu Sushe, Zhao Chenxin, Li Chunlin, and Zheng Bei, deputy directors of the National Development and Reform Commission, jointly attended the meeting to introduce the relevant situation of the "systematic implementation of the package of incremental policies".

Development and reform, finance, housing and construction, justice and other departments may successively release incremental policies

To understand the information released by this press conference, we must first understand the background of the press conference and the functional positioning of the National Development and Reform Commission.

Previously, on September 26, the Political Bureau of the Central Committee made important policy arrangements for the next step of economic work, proposing to "strengthen the launch of incremental policies"; Three days later, on September 29, the National Standing Committee mentioned the need to "study and deploy the implementation of a package of incremental policies". It can be expected that the relevant functional departments will successively release to the public how to implement the central deployment. Nandu reporter learned that in addition to the pre-holiday financial field policy, today's National Development and Reform Commission is also a series of press conferences of the State Council Information Office, including finance, housing and construction, municipal supervision, justice and other departments may also be released and interpreted, the specific time is to be determined.

Huang Hanquan, president of the China Macroeconomic Research Institute, analyzed that as a policy-making department, it is indeed uncommon for the director of the National Development and Reform Commission to attend with the four deputy directors this time. This is a clear signal to the society that the package of incremental policies is to exert force in all directions and play a policy "combination punch".

The National Development and Reform Commission (NDRC) is a comprehensive department of macroeconomic management and economy, and is responsible for the overall coordination of policies, the assessment of policy consistency, ensuring that policies work in the same direction, forming a joint force, and promoting the implementation of a package of incremental policies. "That is, to coordinate policies in various fields such as finance, finance, investment, and real estate, enhance the consistency of macro policy orientation, and strengthen policy synergy." Huang Hanquan said: "The current package of incremental policies must not be a short-term stimulus, but sustainable. China's macroeconomic policy has always emphasized the organic combination of counter-cyclical adjustment and cross-cyclical adjustment. ”

The National Development and Reform Commission (NDRC) has launched a package of incremental policies, and other ministries and commissions are about to follow suit

Zheng Shajie, director of the National Development and Reform Commission.

Next year, we will continue to issue ultra-long-term special treasury bonds, and urban renewal will be the focus of government investment

So, what incremental policies did the National Development and Reform Commission reveal at this press conference? Zheng Shajie analysis of the current economic situation said that with the "stability" and "progress" two key words to briefly summarize, but on the other hand, the external environment is becoming more complex and severe, the downward pressure on the domestic economy has also increased, since the third quarter of this year, industry, investment and consumption and other major economic indicators have fluctuated, some industries "involution" competition, some enterprises are not adapted to optimization and upgrading or transformation and development changes, some increase production without increasing income and profits, some production and operation are more difficult, and some areas of risk and hidden dangers are still larger. He introduced the National Development and Reform Commission's package of incremental policies, including five aspects, namely, strengthening the efficiency of the implementation of macro policies, further expanding domestic demand, increasing assistance to enterprises, promoting the real estate market to stop falling and stabilizing, and striving to boost the capital market.

In terms of expanding effective investment, Zheng Shajie said that next year, it is necessary to continue to issue ultra-long-term special treasury bonds and optimize the investment direction, strengthen the support for the "double" construction, and will issue the 100 billion yuan central budget investment plan and 100 billion yuan "double" construction (major national strategy implementation and key areas of security capacity building) project list in advance within the year; Introduce specific reform measures to reasonably expand the scope of support for local government special bonds as soon as possible; We will further stimulate the enthusiasm of private investment, implement new mechanisms for public-private partnerships, and support the participation of private capital in the construction of new infrastructure and other fields.

Among these projects, there is a large demand for incremental funds in the field of urban renewal. In this regard, Liu Sushe pointed out that at present, the development of mainland cities has entered the stage of incremental construction and stock renewal, taking the construction and transformation of the city's important "Lizi Project" underground pipe network as an example, the relevant parties are expected to need to transform the total amount of urban gas, water supply and drainage, heating and other pipe networks in the next five years is nearly 600,000 kilometers, and the total investment demand is about 4 trillion.

It can be seen that the investment in urban renewal contains huge market potential and is expected to become a new economic growth point. Liu Sushe introduced that in the next few years, urban renewal will still be the focus of government investment support, and it will continue to increase efforts in 2025. Among the two 100 billion project lists and investment plans, urban renewal occupies a certain proportion, highlighting key cities and central urban areas with large populations and high density, and promoting the solution of outstanding problems such as aging gas pipeline networks, urban waterlogging, and leakage of water supply networks.

Promptly remind the places where the increase in fines and confiscation income is abnormal, and conduct supervision when necessary

In the package of incremental policies, it includes increasing the intensity of assistance to enterprises. Zheng Shajie said that to further standardize the administrative law enforcement behavior of administrative law enforcement units involved in enterprises, more inclusive and prudent supervision and soft law enforcement methods, can not violate the law enforcement in different places and profit-seeking law enforcement, can not be arbitrarily fined, random inspections, random seizures. Promptly remind the places where the revenue from fines and confiscations is abnormally growing, and conduct supervision when necessary.

The above statement has attracted market attention. Some people in the industry pointed out that some problems in the business environment in some regions in recent years will offset the effect of a series of central policies, which has attracted the attention of high-level officials.

Zheng Shajie also pointed out that the follow-up arrangements for phased policies should be clarified in advance. According to the combing, at the end of this year, there will be some tax support, unemployment insurance assistance to stabilize jobs, skill upgrading subsidies and other policies to expire. On the basis of research and evaluation, the relevant departments will speed up the clarification of whether the policy will continue to be implemented, and if so, clarify the period of extension of implementation as soon as possible. "Policies conducive to the production, operation and healthy development of enterprises will not stop or decrease." He said.

Promote the timely payment of small and medium-sized enterprises by government agencies, public institutions, and large enterprises

In response to how to boost the investment confidence of private entrepreneurs, Zheng Bei also mentioned that it is necessary to further standardize the law enforcement and supervision behavior of enterprises. At the same time, further improve the legal system related to enterprises, including speeding up the legislative process of the law on the promotion of the private economy; Accelerate the revision of the Bidding and Bidding Law, focus on cracking local protection, and promote the fair participation of enterprises of all types of ownership in market competition; Promote the revision of the regulations on guaranteeing the payment of funds for small and medium-sized enterprises, and promote the timely payment of small and medium-sized enterprises by government agencies, public institutions, and large enterprises. In addition, it further helps enterprises to solve practical difficulties. For example, she said that in response to the relatively concentrated financing problems reported by enterprises, we have promoted the expansion of the coverage of the non-repayment renewal policy, and expanded from small and micro enterprises to medium-sized enterprises in the fields of science and technology, manufacturing, and agriculture in stages, which has improved the efficiency of loan renewal and reduced the cost of capital.

The reporter from Nandu noted that in recent years, in the measures to develop the private economy, the official has repeatedly mentioned encouraging private capital to participate in the construction of major projects. In the content of the press conference on urban renewal, Liu Sushe said that the investment in these projects is relatively large, and government investment alone is far from enough, and a diversified investment mechanism must be established, and private capital must be widely involved. We will give full play to the role of the new mechanism of public-private partnership, namely the new PPP mechanism, as well as infrastructure REITs, to form a sustainable renewal and transformation model guided by the government, operated by the market, and participated by the whole society.

Talking about the new PPP mechanism, Li Wei, deputy dean and professor of the School of Finance, Taxation and Public Administration of Tianjin University of Finance and Economics, told the reporter that the vitality and innovation of private enterprises have been valued, and they themselves also have the willingness and ability to invest. This is also one of the measures implemented in deepening the reform of key areas, promoting the development and growth of private enterprises, and implementing market access, access to factors, fair law enforcement, and protection of rights and interests.

Solve the blockage points of more than 170 million migrant workers who have moved to the city and their family members

The conference received widespread attention, and some people regarded it as "tied" to the stock market. In this regard, a person close to the policy department told the reporter that the policy direction proposed at the press conference should not only focus on solving the current outstanding difficulties and problems, get through the blocking points in the implementation of the policy, but also pay more attention to solving the major problems of laying the foundation, benefiting the long-term, sustainable, high-quality, and making steady progress in the fundamentals of economic operation. As for the issuance quota of next year's special treasury bonds, the replacement of local government debts and the expansion of special bonds, and the regulation of law enforcement and supervision of enterprises mentioned in the press conference, it is also necessary for other departments to explain in detail the policy arrangements in specific areas.

The above-mentioned analysts also pointed out that the package of policies is not only fiscal policy, monetary policy, of course, this is an important starting point, but also includes a lot of structural policies, industrial policies, reform measures, etc., these long-term policies may not produce a "release signal, market sentiment immediately improved" effect, the key is to continue to improve economic fundamentals to provide strong support. "The stock market is also an aspect of economic fundamentals, but no matter how hot the capital market is, it may only make a profit for a small number of people." For example, the analyst said, issues such as urban renewal and new urbanization may not be immediately reflected in the stock market, but they are closely related to the people.

At the press conference, Zheng Bei said that a new round of urbanization of agricultural transfer population will be implemented. Focusing on breaking down the blockages in the process of urbanization of the more than 170 million migrant workers and their family members who have migrated to the cities, in view of the difficulty of settling down in large cities, we will focus on accelerating the liberalization and relaxation of settlement conditions in cities with a permanent population of more than 3 million in urban areas, comprehensively set up public household registration in neighborhoods and communities, and improve the policy of renting and settling down;

In addition, the rise in vegetable prices since this summer is a cause for concern. In response to the issue of ensuring supply and stabilizing prices of important livelihood commodities and ensuring energy supply in winter, at the press conference, Li Chunlin responded to reporters from Nandu that he would continue to strengthen monitoring and analysis, consolidate the responsibilities of all parties, and make every effort to ensure the stable supply of energy. We will pay close attention to market dynamics, combine the characteristics of the situation in key periods such as winter, New Year's Day and Spring Festival, and take measures in advance with relevant parties to do a good job in agricultural production in autumn and winter, consolidate local reserve responsibilities, strengthen the connection between production and marketing, smooth logistics and transportation, timely release of goods, strengthen market supervision, improve emergency plans, effectively ensure the supply of important livelihood commodities in the market, and create a good environment for the effective implementation of incremental policies.

Written by: Nandu reporter Chen Qiuyuan from Beijing

Read on