Race Against The Clock And The Shadow Of The Financial Crisis

With the continuous spread of the international financial crisis, China's economy is inevitably affected and faced with unprecedented severe challenges.

The CPC Central Committee and the State Council have made a series of important plans to assess the situation, and have recently decided to implement a proactive fiscal policy and moderately loose monetary policy. They have launched ten measures to expand domestic demand, and all localities, departments and industries have taken positive actions. China is racing against the shadow of the international financial crisis.

When the financial crisis and the monetary policy are going on, the financial crisis is going on fiercely, spreading widely and deeply.

In 1998, China successfully implemented a proactive fiscal policy in response to the Asian financial crisis.

In recent years, China's fiscal policy has been steady.

In order to contrast the more severe global crises and challenges of the last crisis, the central government decided to take the initiative and adjust itself to implement the proactive fiscal policy again. However, its connotation is more abundant than ever before. It pays more attention to expanding investment scale and optimizing investment structure, stimulating investment and pulling costs simultaneously, expanding domestic demand, taking into account the promotion of external demand, enhancing enterprise competitiveness and lightening the burden of enterprises.

On the one hand, we should increase our fiscal expenditure and invest 100 billion yuan in the year to invest in people's livelihood projects, infrastructure construction and post disaster reconstruction. On the other hand, we will implement the VAT reform in the next year, reduce the tax burden of enterprises by 120 billion yuan, and abolish and stop 100 administrative charges in the whole country, which will reduce the burden on enterprises and the society by about 19 billion yuan.

At the same time, we should increase the scale of financial subsidies, raise the income level of urban and rural residents, especially low-income groups, and improve people's livelihood.

For the first time in more than 10 years, China has used the "loose" formulation in monetary policy for the first time.

In order to promote the steady growth of money and credit and increase the "blood" to the economic operation, the central bank has repeatedly lowered the deposit reserve ratio of financial institutions, continuously and substantially reduced interest rates, and canceled the control of credit scale.

In view of the fact that small and medium-sized enterprises are in a dilemma, banks have increased credit input, innovative ways of guarantee, and improved service quality.

Up to the end of the three quarter of this year, the total credit amount of small businesses nationwide was 19258 billion yuan, an increase of 144 billion yuan compared with the beginning of the year, an increase of 8%.

The implementation of the active fiscal policy and the moderately loose monetary policy at the same time is a very important policy adopted by the central government in the unusual period. It reflects the flexibility and prudence of macroeconomic regulation and control, and will play an important role in the future economic development.

To stimulate investment and stimulate consumption, we should solve the problem of increasing risks and expanding domestic demand to ensure growth, first of all, from investment.

The new investment of 100 billion yuan during the year involved major projects and infrastructure construction such as roads, railways and airports, as well as rural water, power grids and affordable housing projects in cities and towns.

This will directly increase the consumption of all kinds of raw materials, drive the development of related industries, expand the employment of labor force, improve the condition of infrastructure and the living and living conditions of the people.

The Ministry of Railways has announced that 15 billion yuan of funds will be allocated to 25 key construction projects, including high-speed railway, coal pportation corridor and resource development western railway. The preliminary work of some railway projects has already started. It is estimated that only 6 million railway stations in 2009 will create 6 million jobs, 20 million tons of scrap steel and 1.2 million tons of cement, which will directly increase the national GDP growth by 1.5%.

The central investment has a multiplier effect on social investment.

In November, the national Power Grid Corp announced that over the next 2 to 3 years will invest more than one trillion in the construction of power grids. Southern Power Grid Corp also proposed a new power grid development plan of 60 billion yuan.

After the central government's policy of expanding domestic demand, local governments have refined their investment plans according to local conditions.

Liaoning proposed to improve agricultural production and farmers' living conditions in terms of reservoir construction, rural drinking water safety and agricultural infrastructure construction. Chongqing will invest 100 billion yuan in the construction of affordable housing in the next 5 years; the Ningxia Hui Autonomous Region will report to the national development and Reform Commission on additional projects such as shanty town pformation, low rent housing, drinking water for people and livestock, and traffic congestion Beijing announced the construction of more than 10 subway projects in 2009.

To guard against decision-making mistakes and avoid overheating investment, relevant inspection and supervision bodies have been dispatched, and the effectiveness of investment has aroused the concern of the whole society.

Expanding domestic demand to ensure growth and long-term consumption.

Stimulating consumption through livelihood projects has become a prominent highlight of the current round of regulation.

Recently, Hunan, Shanghai, Qingdao, Beijing, Hangzhou and other places have implemented "preferential tax reduction", "no stamp duty" and other preferential tax policies to stimulate the housing market to pick up.

The implementation of "home appliances to the countryside" has been extended from the original Shandong, Henan and Sichuan to 14 provinces and municipalities, and 13% of the price subsidies have prized up a large rural household appliance market.

The framework of the new round of urban medical system reform is gradually clear. The scope of the new rural cooperative medical system is expanding and the subsidy standard is further improved. This will undoubtedly stabilize the consumption expectation of residents and stimulate immediate consumption.

The policy of expanding domestic demand has provided a strong guarantee to meet the crisis, and has enabled all Chinese to see a better future. The central government takes the major infrastructure construction and livelihood projects as the carrier, with government input to make up for the historical debts in the social security system construction and the "three rural" issues, and promotes social equity, so that all residents can further share the fruits of reform and opening up. From the improvement of people's livelihood, consumption will be promoted to form a virtuous cycle of "strengthening the country, the rich and the people, and the rich and the country stronger"; paying attention to optimizing the economic structure, balancing urban and rural development, and taking into account the social and cultural undertakings.

This is not a passive response to emergencies, but a big game of initiative, foresight and scientific development.

It is imperative for us to stabilize exports and expand domestic demand.

According to the National Bureau of statistics, China's export growth rate dropped by 4.8 percentage points in the first three quarters compared with the same period last year.

When winter comes, the policy is warm.

Since December 1st, the state has appropriately raised the export tax rebate rate of some labor-intensive and high-tech goods with high added value. Among them, the export tax rebate rate of some textiles and clothing has increased from 13% to 14%.

In December 1st, the General Administration of Customs issued measures to maximize customs clearance, reduce customs clearance time and cost, improve the speed of enterprise logistics, and encourage enterprises to make use of the opportunity to lower international market prices and import materials in a bonded manner.

In the face of difficulties, the vast number of enterprises will not show weakness.

European and American markets shrink, and emerging markets become the focus of development.

Zhejiang's Yiwu small commodities market is aiming at India, Russia and Brazil. Its export volume has increased by nearly 2 times.

Guangdong Dongguan Long Chang toy company does not spell price to fight quality and technology. This year, it has spent 30 million yuan on R & D, and its fist product, 2000 yuan of robots, has been selling abroad, which is in short supply, and the order is full until next year.

It is difficult to know whether it is difficult or not to take refuge.

Difficulties are challenges and tests.

Facing challenges and making progress again and again, coping with crises has made us more and more mature.

To solve the problems ahead, we make scientific decisions and make decisive decisions. We should have confidence and hope in the future of China's economy.

Yang Jing: editor in charge