Entering the fourth quarter, the local government launched a charge to sprint the annual goal. Before and after the National Day holiday, local governments intensively deployed economic work to promote the economic recovery. At the same time as the central government's package of incremental policies was released, local governments were also actively studying the introduction of local incremental policies.
Steady growth is the top priority
The meeting of the Political Bureau of the CPC Central Committee held on 26 September pointed out that some new situations and problems have emerged in the current economic operation. It is necessary to take a comprehensive, objective, and sober view of the current economic situation, face up to difficulties, strengthen confidence, and earnestly enhance the sense of responsibility and urgency for doing a good job in economic work. It is necessary to grasp the key points, take the initiative, effectively implement the stock policy, strengthen the introduction of incremental policies, further improve the pertinence and effectiveness of policy measures, and strive to complete the annual economic and social development goals and tasks.
After the meeting of the Political Bureau of the CPC Central Committee, various localities held meetings one after another to implement the plan, demanding that the current economic work be done well and efforts should be made to accomplish the goals and tasks for the whole year. In particular, Jiangsu, Zhejiang and other major economic provinces have expressed their stance of "shouldering the major responsibility of major economic provinces".
Yi Xiaoguang, a researcher at the Chongqing Comprehensive Economic Research Institute, told Yicai that since the beginning of this year, the economy has been generally stable, but economic growth is under increasing pressure. The main reason is that the three major demand drivers of investment, consumption, and import and export are insufficient, and it is necessary to intensify policies to promote economic growth and muster up the momentum of economic growth.
Judging from the economic data in the first half of the year, among the 31 provinces in the country, the economic growth rate in the first half of the year, such as Mongolia, Chongqing, Jiangsu, Shandong, Gansu, Jilin, Zhejiang, Fujian, Beijing, Guizhou, Tianjin, and Shanghai, basically reached the growth target set at the beginning of the year. Judging from the data of January ~ August, the downward pressure on economic growth is still large.
On September 30, the 53rd (enlarged) meeting of the Party Group of the Yunnan Provincial Government was held. The meeting pointed out that stabilizing growth is not only an economic task, but also a political task. Governments at all levels and departments should strengthen monitoring and penetrating analysis of economic operation, solidly promote the 100-day campaign to stabilize growth, solve problems and optimize the environment, and make every effort to promote the economic recovery.
On the morning of October 8, Sichuan Province held an on-site promotion activity for major projects in the fourth quarter of 2024, and Wang Xiaohui, Secretary of the Sichuan Provincial Party Committee, pointed out that it has now entered the fourth quarter and has reached a critical period of sprinting for the annual goals and tasks. The whole province should go all out to build the economy and strive to fulfill the goals and tasks of economic and social development throughout the year.
In the fourth quarter of 2024, Sichuan Province will promote a total of 1,823 projects with a total investment of 785.5 billion yuan. Among them, the total investment in infrastructure projects is the largest, with a total of 601 projects and a total investment of 364.5 billion yuan, accounting for 46.4%; The number of innovation and industrial development projects was the largest, with a total of 727 projects and a total investment of 287.5 billion yuan, accounting for 36.6%.
On October 12, the Shaanxi Provincial Party Committee held a special meeting to deploy the further implementation of the central government's package of incremental policies. Zhao Yide, Secretary of the Shaanxi Provincial Party Committee, emphasized that we should seize the policy opportunity period, sprint to the fourth quarter, do a solid job in stabilizing growth and high-quality development, and make every effort to complete the annual economic and social development goals and tasks.
Local policies have been intensively introduced
In view of the new situation and new problems in the current economic operation, the central government, while effectively implementing the stock policy, has launched a package of incremental policies in five aspects, including increasing the counter-cyclical adjustment of macro policies, expanding effective domestic demand, increasing assistance to enterprises, promoting the real estate market to stop falling and stabilizing, and boosting the capital market, so as to promote the sustained recovery of the economy.
Localities focus on striving for the central government's incremental policy. For example, recently, the General Office of the Yunnan Provincial Government issued the "Work Plan for Implementing the Spirit of the Political Bureau Meeting of the Central Committee to Promote the Implementation of a Package of Incremental Policies" to promote the implementation of the national package of incremental policies in Yunnan Province and make every effort to promote the economic recovery.
On September 29, the Zhejiang Provincial Government held a meeting to promote the implementation of the spirit of the meeting of the Political Bureau of the Central Committee; On October 9, the Zhejiang Provincial Government held a meeting of the Party Group of the Provincial Government and an executive meeting of the Provincial Government to further study the spirit of the meeting of the Political Bureau of the Central Committee and accelerate the implementation of specific measures.
The executive meeting of the Zhejiang Provincial Government requires that the policies be received, implemented quickly and well, to ensure that the policy dividends are released to the maximum extent, and to ensure that enterprises and the masses have a real sense of gain; Undertake the national incremental policy with the fastest speed, the greatest strength and the most practical measures, promote the direct enjoyment of the policy, and make efforts as soon as possible, so as to effectively improve the intensity, accuracy and effectiveness of policy implementation.
Yi Xiaoguang said that for the local government, on the one hand, it is necessary to strive to implement the central stock policy, because the policy has a lag effect, and the promotion policies such as "exchanging the old for the new" introduced this year should be accelerated; At the same time, it is also necessary to grasp the "incremental policy", the stimulus policy is greater than in the past, and the local government should seize the policy window period and strive to put the project in the local area, not only to complete this year's goals, but also to lay a good foundation for future development.
Not only that, local governments are also actively launching local versions of "incremental policies". For example, on September 22, the General Office of the Yunnan Provincial Party Committee and the General Office of the Provincial Government issued the "100-day Action Plan for Stabilizing Growth, Solving Problems and Optimizing the Environment"; On September 28, the General Office of the Sichuan Provincial Government issued the "Several Policies and Measures on Promoting the Sustained Economic Recovery".
At the beginning of September, Jiangsu Province issued the "Several Policies and Measures on Consolidating and Strengthening the Positive Trend of Economic Recovery and Further Promoting High-quality Development", including a total of 33 policies in 4 aspects, involving 200 specific measures. Recently, the Jiangsu Provincial Department of Natural Resources issued the "Notice on Further Strengthening the Security of Natural Resources Elements and Continuously Promoting the Economic Recovery of the Province".
On September 29, the executive meeting of the Jiangsu Provincial Government made it clear that it is necessary to make full use of the national and Jiangsu Province's "33 Articles" and other policy measures, strengthen research reserves, and launch a number of new incremental policies in a timely manner to fully release policy dividends and effects.
On October 13, the Yunnan Provincial Government held a meeting on the deployment of the work of strengthening the implementation of the package of incremental policies, combining the efforts to promote the implementation of the package of incremental policies with the implementation of the 100-day action of stabilizing growth, solving problems, and optimizing the environment.
From the perspective of local policies, mainly from the local finance, to take out real money to promote consumption and stimulate production, for example, Sichuan's policies include the implementation of consumer credit financial discounts, the implementation of new consumption scene operation incentives, support for the steady and healthy development of the real estate market and the implementation of travel agencies inbound travel incentives 4 measures.
Among Jiangsu's policy measures, 14 policies are specifically designed to expand effective demand, including increasing efforts to support the trade-in of automobiles and green home appliances, allocating 165 million yuan to support the expansion of cultural and tourism consumption services in various localities, and building 30 cross-border e-commerce industrial belts such as smart home appliances and automobile and motorcycle parts; Expand the scope of support for equipment renewal; further expand the scope of use of provident fund, etc.
(This article is from Yicai)