These 6 major economic provinces must bravely take the lead! Li Keqiang: Reasonably increase the intensity of macro policies, and major economic provinces should tap their own policy potential to stabilize the economy

According to CCTV news, on August 16, Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a symposium with the principals of the provincial government in Shenzhen.

Li Xi, Member of the Political Bureau of the CPC Central Committee and Secretary of the Guangdong Provincial Party Committee, and the Governor of Guangdong delivered speeches, and the Governors of Jiangsu, Zhejiang, Shandong, Henan, and Sichuan delivered speeches via video.

Li Keqiang said that the six major economic provinces account for more than 40% of the country’s total economic output, the number of market players, and employment. Economically large provinces should bravely take the lead, tap their own policy potentials, ensure that market entities stabilize the economy, and stabilize the employment of local and migrant workers.

Reasonably increase the intensity of macro policies and promote reform and opening up

Li Keqiang said that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, all localities and departments implemented the deployment of the CPC Central Committee and the State Council to effectively cope with the unexpected shock in the second quarter, and the economy stabilized and rebounded in June. In July, the trend of recovery continued, but there were still slight fluctuations. Potential to rise but not fall. There must be a greater sense of urgency and a solid foundation for economic recovery. Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we must fully implement the new development concept, efficiently coordinate epidemic prevention and control and economic and social development, and implement the requirements that the epidemic must be prevented, the economy must be stabilized, and development must be safe.

We must give full play to the enthusiasm of the central and local governments, insist that development is the basis and key to solving all problems in our country , thoroughly implement a package of policies to stabilize the economy , reasonably increase the intensity of macro policies, advance reform and opening up, stabilize employment and prices, and keep the economy operating within a reasonable range , to protect the basic livelihood of the people.

It is worth noting that at the August press conference of the National Development and Reform Commission held on the morning of August 16, Yuan Da, director of the General Department of the National Development and Reform Commission, said that in the second half of the year, the policy environment for promoting sustainable economic recovery and development should be optimized. Adhere to the stability of the word, seek progress while maintaining stability, and put stable growth in a more prominent position. Macroeconomic policies must be active in expanding demand, and they must be both powerful and reasonable, and do not advance the future.

And just a few days ago, the People’s Bank of China launched a 400 billion yuan medium-term lending facility (MLF) operation. The MLF operation bid interest rate was lowered by 10 basis points to 2.75%, and the 7-day reverse repurchase rate was simultaneously lowered by 10 basis points to 2%, exceeding market expectations. . In the opinion of many experts, represented by the central bank’s current rate cut, a new round of stabilizing growth policies may be brewing.

Large economic provinces should tap their own policy potential to ensure market entities stabilize the economy

The leaders of the major economic provincial governments who participated in this symposium and spoke were from 6 provinces of Guangdong, Jiangsu, Zhejiang, Shandong, Henan, and Sichuan. It belongs to the central region and Sichuan belongs to the western region.

Li Keqiang said that the six major economic provinces account for more than 40% of the country’s total economic output, the number of market players, and employment.

Regarding the development work of major economic provinces, Li Keqiang said that major economic provinces should bravely take the lead, tap their own policy potentials, ensure that market entities stabilize the economy, and stabilize the employment of local and migrant workers.

Regarding the financial work of the major economic province, Li Keqiang said that stabilizing the economy is also stabilizing the source of revenue. Provinces whose finances are turned over to the central government must complete the task of turning over their finances to the central government. Provinces must insist that the government live a tight life, revitalize the financial stock funds, and ensure the balance of fiscal revenue and expenditure and the “three guarantees” at the grass-roots level.

Regarding the steady growth and expansion of domestic demand in major economic provinces, Li Keqiang said that we should find more ways to promote consumption. We will revitalize the debt limit space for special bonds, make good use of policy-based development financial tools, expand effective investment and drive consumption.

Regarding the reform and development work in the major economic province, Li Keqiang said that the courage to explore reforms and deepen the reform of “delegating power, delegating power and improving services” will stimulate the vitality of the market and social creativity. Promote high-level opening to the outside world, stabilize foreign trade and foreign investment, and achieve mutual benefit and win-win results.

In the second half of the year, major economic provinces may exert force to drive national economic growth

Previously, the symposium of the principals of the governments of the southeastern coastal provinces held on July 7 clearly required the five southeastern coastal provinces and cities to continue to provoke the national development and economic stabilization, and play the main role in safeguarding the national financial resources.

Subsequently, although the Politburo meeting of the Central Committee of the Communist Party of China held on July 28 proposed that the focus of economic development throughout the year should be “striving to achieve the best results”, it also proposed that the development of major economic provinces “must be brave, and the provinces with conditions should strive to complete the economic development.” Social Development Expectations” requirements.

The symposium of the principals of the government of major economic provinces held on August 16, on the basis of the southeastern coastal provinces, further put forward development requirements for the central and western provinces.

Li Chao, chief economist of Zheshang Securities, pointed out that the GDP growth targets for 2022 set by the top five provinces in terms of economic aggregate in 2021 are Guangdong Province (about 5.5%), Jiangsu Province (above 5.5%) and Shandong Province. (over 5.5%), Zhejiang Province (about 6%) and Henan Province (about 7%), all of which are on par with or higher than the national target, and are expected to play a leading role in the national economy. As far as the focus of efforts is concerned, the core of each major economic province focuses on fixed asset investment, of which the manufacturing industry is an important support. For example, Guangdong Province emphasizes the “improvement of the chain length system”, and Jiangsu clearly states that “the added value of the manufacturing industry accounts for 35.8% of the regional GDP. ‘ goals, etc.

Li Chao believes that the economic restoration in the second half of the year mainly depends on two paths, one of which is the endogenous restoration of the economy. Industry development is still the focus; on the one hand, relying on normalized nucleic acid to effectively prevent the epidemic will help the steady recovery of consumption.

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