The State Council’s ten-day three-day expansion of domestic demand measures

Abstract ■ On July 3, the State Council executive meeting proposed to increase investment in shantytown renovation, energy conservation and environmental protection, public service industry, urban infrastructure and consumption promotion. On July 5, the General Office of the State Council issued the "Financial Support Economy." Structural adjustment and transformation and upgrading guidance 》...
â–  On July 3, the State Council executive meeting proposed to increase investment in shantytown renovation, energy conservation and environmental protection, public service industry, urban infrastructure and consumption promotion.
■ On July 5, the General Office of the State Council issued the “Guiding Opinions on Financial Support for Economic Structural Adjustment and Transformation and Upgrading”. Article 5 emphasizes the further development of consumer finance to promote consumption upgrading.
â–  On July 12, the State Council executive meeting researched and deployed to accelerate the development of energy conservation and environmental protection industries, promote information consumption, stimulate domestic effective demand, and promote economic transformation and upgrading.

In order to promote economic growth, the country has recently launched a series of measures to stimulate domestic demand. Different from the previous single goal of stimulating growth by relying on “iron public machine” investment, these recent initiatives have combined many goals such as “steady growth” and “structure adjustment”. It is worth mentioning that the new regulation and control policy is very innovative. Although it will not have a significant boost to the economy in the short term, it will promote the development of related industries and consumption sectors. In the long run, it will help. Stable economic growth and transformation and upgrading.

Since the beginning of this year, the economic growth rate has continued to slow down. The economic growth rate in the first quarter fell to 7.7% at the low point of more than three years. In the second quarter, it is expected to achieve new lows. The real economy is facing difficulties, the PPI has been negative for 16 consecutive months, and the manufacturing industry is approaching. In the shrinking range, the contradiction of the decline in profits of many industries but overcapacity is still outstanding. In this context, the state has not introduced a large-scale stimulus policy to “stable growth”, but combines it with the goal of adjusting structure and benefiting people's livelihood. This is a glimpse of the high-level deployment since July.

On July 12, the State Council executive meeting was held to study and accelerate the development of energy conservation and environmental protection industries, promote information consumption, stimulate domestic effective demand, and promote economic transformation and upgrading.

On July 5, the General Office of the State Council issued the “Guiding Opinions on Financial Support for Economic Structure Adjustment and Transformation and Upgrading”, which aims to effectively resolve structural contradictions in the economic operation and unreasonable distribution of funds. The fifth article also emphasizes the further development of consumer finance to promote consumption upgrading.

The State Council executive meeting held on July 3 proposed to concentrate limited funds on key areas and key links for stabilizing growth, restructuring, and benefiting people's livelihood, and increasing the transformation of shantytowns, energy conservation and environmental protection, public services, and urban infrastructure. And to promote investment in such aspects as consumption. In the following days, the General Office of the State Council issued the "Opinions on Accelerating the Renovation of Shack Areas" and implemented the policy details.

“There are more and more indications that the State Council will no longer target a single goal such as stabilizing growth when it introduces policies, but will pay more attention to balancing multiple objectives, not only to stabilize growth, but also to adjust structure and benefit people’s livelihood while maintaining There is no pressure on inflation," Lian Ping, chief economist of Bank of Communications, told reporters.

In fact, Premier Li Keqiang of the State Council emphasized in the symposium held in Guangxi on the economic situation of some provinces and regions that China is in the stage of relying on economic transformation and upgrading to achieve sustainable and healthy development. It is very important to promote stable growth, structural adjustment and reform. .

Lian Ping said that under the premise of "stable growth", the State Council has successively introduced measures to accelerate the transformation of shanty towns, accelerate the development of energy-saving and environmental protection industries, and promote information consumption, which will not only help improve people's livelihood, but also adjust industrial structure and form new ones. The economic growth point promotes economic transformation and upgrading.

It is particularly important to note that the biggest bright spot of this round of regulation and control policy is to innovate the way of expanding domestic demand, that is, to change the previous stimulus policies that rely on the expansion of money supply and fiscal expenditure to promote rapid economic growth, and to accurately identify and stabilize Growth can also promote the restructuring of the structure, which is conducive to the current, but also to the long-term consumption growth point and industrial growth point, starting from the industrial policy and consumption policy, to foster and support.

Experts said that the new thinking of the new government's regulation and control policy has been clear, and it is expected that more similar measures will be introduced in the future.

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