Interpretation of Several Policies on Promoting the Steady Growth of the Industrial Economy -- Escorting the Steady Growth of the Industrial Economy with the Continuous Release of Policy Dividends


Release time:

2022-02-28

Industry is the main body and growth engine of the national economy, and industry is stable and the economy is stable. In order to implement the decisions and deployments of the Party Central Committee and the State Council, the National Development and Reform Commission, the Ministry of Industry and Information Technology and relevant departments have recently jointly issued the ''Several Policies for Promoting the Steady Growth of the Industrial Economire'', from tax cuts and fee reductions, financial support, investment in foreign trade, etc. In terms of 18 policies and measures to stabilize industrial growth.

Industry is the main body and growth engine of the national economy, and industrial stability is economic stability. In order to implement the decisions and deployments of the Party Central Committee and the State Council, the National Development and Reform Commission, the Ministry of Industry and Information Technology and relevant departments have recently jointly issued the ''Several Policies for Promoting the Steady Growth of the Industrial Economy'', from tax cuts and fee reductions, financial support, investment in foreign trade, etc. In terms of 18 policies and measures to stabilize industrial growth, this is an "upgraded version" based on the "Implementation Plan on Revitalizing Industrial Economic Operation and Promoting High-quality Industrial Development" jointly issued by the two departments in December 2021 and a "strengthening needle" to further promote the smooth operation of the industrial economy. It is of great significance to boost market confidence and stabilize industrial growth. It is necessary to accurately grasp the key points of policies, speed up the implementation of various policies, and promote the smooth operation and quality upgrading of the industrial economy, build a solid economic "ballast stone".

1. steady growth policy continues to be strong, industrial economy to achieve a boost recovery

2021, the global epidemic continues to repeat, the world economic recovery momentum slows down, the supply chain is not smooth, high inflation and other problems intensified. The domestic economic recovery in the first half of the year is better, the main indicators are in line with expectations, the second half of the year by the epidemic situation intertwined, commodity prices, energy factor protection and other factors, the economic operation is facing demand contraction, supply shock, the expected weakening of the triple pressure, particularly in the industrial sector. In the face of the complex and grim situation at home and abroad and the increasing downward pressure on the economy, the Central Economic work Conference proposed that we should take the lead in stability and seek progress in the midst of stability, and that all localities and departments should shoulder the responsibility of stabilizing the macro-economy. all parties should actively launch policies that are conducive to economic stability, and policy efforts should be appropriately advanced. In accordance with the deployment requirements of the Party Central Committee and the State Council, in December 2021, the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued the "Implementation Plan for Vibrating the Operation of the Industrial Economy and Promoting the High-Quality Development of Industry", focusing on the key points to overcome the difficulties and break through the blocking points. "Combination fist" for steady industrial growth ". All departments to strengthen cross-cyclical adjustment, focusing on the word of stability, the introduction of lowering interest rates, speed up the issuance of special bonds, promote the stability of foreign trade and other policy measures; all regions to increase implementation efforts, according to local conditions to develop the fourth quarter of 2021, to promote the stability of the first quarter of this year, the supporting policy measures, up and down linkage to stabilize industrial growth.

Under the concerted efforts of a number of policies, the main indicators of my country's industrial economy have been stable and improving since the fourth quarter of last year, and the operation of the industrial economy has achieved initial results. First, industrial production continued to pick up. In 2021, the value added of industries above designated size increased by 9.6 percent year-on-year, with an average two-year growth rate of 6.1 percent, close to the average for normal years. In the fourth quarter, the added value of industries above designated size increased by 3.5, 3.8 and 4.3 respectively year-on-year, maintaining a rebound trend for three consecutive months. Second, the price increase has slowed down. With a series of policies to ensure supply and stabilize prices and help enterprises to bail out, the prices of coal and other commodities have fallen significantly, the year-on-year increase in PPI has fallen for two consecutive months, the "scissors gap" between the ex-factory price of industrial products and the purchase price has narrowed, and the cost pressure of enterprises has eased. Third, economic development is expected to improve. Since November last year, the manufacturing purchasing managers' index (PMI) has rebounded above the rise and fall line for three consecutive months; in January this year, the SME development index rebounded to 89.4, maintaining a slight rebound for three consecutive months. Since the beginning of this year, the policies of various regions and departments have been working hard, and enterprises have been working hard to achieve a "good start". Special questionnaire survey shows that this year, most of the industrial enterprises after the Spring Festival to resume work and production earlier than the normal year level, many enterprises have entered the full capacity of production state. On the whole, driven by various policies, my country's industrial economy has overcome many difficulties and achieved a good start to the "14th Five-Year Plan" and a smooth continuation in the first quarter of this year.

2. stable industrial growth in 2022 still faces multiple challenges, and there is an urgent need for policies to continue to protect

The current domestic and international environment is still complex and changeable, and the stable recovery of the industrial economy still faces multiple challenges. Internationally, the global epidemic continues to mutate and spread, with the rapid spread of mutant strains such as Omicjon, and the future trend remains unclear. Global inflation continues to be high, the industrial chain supply chain "stagnation" short-term difficult to alleviate, the United States and other major economies monetary policy shift spillover effects can not be ignored. From a domestic perspective, the spread of domestic epidemics continues to constrain consumption and investment recovery, and the long-term lack of effective demand is not conducive to the smooth supply and demand cycle, affecting economic development expectations. Commodity prices are likely to remain high in the short term, superimposed on the changes in the market environment and the uncertainty of the epidemic and other factors, the production and operation of small and medium-sized enterprises are still facing greater pressure.

The Central Economic Work Conference proposed that efforts should be made to stabilize the macroeconomic market and maintain economic operation within a reasonable range. Industry is the "ballast stone" of economic development. To stabilize the macroeconomic market, industry has a great responsibility. Since the outbreak of the epidemic, in the service industry continued to be depressed, China's industry to shoulder the burden of "steady growth", in 2020 and 2021 to GDP growth has remained at more than 36.5 percent, a significant increase of 9.6 points compared to 2019, has become an important support to promote economic stability and recovery. It is necessary to fully understand and grasp the situation, enhance the sense of responsibility and urgency to stabilize industrial growth, strengthen pre-adjustment, fine-tuning and cross-cycle adjustment, and focus on supply constraints, high costs, and insufficient demand on the basis of various policies and measures that have been introduced. Supply constraints, high costs, and insufficient demand are the difficult and painful points that restrict the steady growth of the industry, grasp the effectiveness of the policy, go all out to consolidate the momentum of stabilization and recovery of the industrial economy, and ensure the stable operation of the industrial economy throughout the year.

3. play the role of macro policy regulation to promote the steady growth of the industrial economy and improve quality and efficiency

In accordance with the decision-making and deployment of the Party Central Committee and the State Council, and in accordance with the principle of short-term results, the National Development and Reform Commission, the Ministry of Industry and Information Technology and relevant departments have recently formulated and issued "Several Policies" to strengthen fiscal, taxation and financial support, tap the potential of investment and foreign trade, break supply bottlenecks, on the basis of the policies that have been introduced to invigorate the operation of the industrial economy, we will further strengthen the expansion and efficiency and form a superimposed multiplier effect, which will create a better policy environment for the smooth operation and high-quality development of the industry.

Fiscal and financial precision policy, strengthen supply security. The Central Economic Work Conference proposed to continue to implement a proactive fiscal policy and a prudent monetary policy. On the one hand, the "several policies" accurately implement policies, focusing on key areas such as manufacturing, small and medium-sized enterprises, green transformation, and scientific and technological innovation, on the basis of continuing the implementation of some expired tax and fee reduction policies, put forward new and greater structural measures and quantitative indicators, so as to stabilize the main body of the market and consolidate the foundation of industrial development; on the other hand, the "Several Policies" emphasize cross-term assessment in the protection of industrial land, energy use and environmental governance, avoid "one size fits all", and further enhance policy flexibility, which is conducive to promoting the accumulation of resource elements to the real economy and stimulating industrial growth potential.

Keep supply stable prices continue to work hard to stabilize market expectations. After the "gray rhino" events such as the continuous rise in the price of bulk products in 2021 and the interruption of production due to insufficient energy factor protection, ensuring supply and price stability has become an important prerequisite for ensuring the security and stability of the supply chain of the industrial chain. The Central Economic Work Conference requires that we must correctly understand and grasp the supply guarantee of primary products and prevent and resolve major risks. On the basis of the measures to ensure supply and stabilize prices introduced in the early stage, the "Several Policies" put forward measures such as tiered electricity prices for high energy-consuming industries, setting reasonable expectations for the transformation and upgrading of high energy-consuming industries in various regions. At the same time, it continued to emphasize the importance of ensuring supply and price stability of important raw materials and primary products, and proposed incentive measures in the development of mineral resources and the promotion of comprehensive utilization of renewable resources, in order to strengthen the supply and demand of bulk raw materials, open up the supply of key products, and stabilize Market expectations and other aspects provide policy guarantees.

Investment in foreign trade takes a multi-pronged approach to boost effective demand. In 2021, in the context of the continued downturn in domestic demand, manufacturing investment continued to exert strength, and foreign trade exports "outshone others", becoming an important force in promoting the smooth operation of the industrial economy. In the face of the complex and changeable external environment, the weakening of our export substitution effect, the decline in investment in real estate and other fields and other demand contraction factors, we need to take a multi-pronged approach to stabilize investment and foreign trade, and further enhance the internal vitality of industrial development. In terms of stable investment, the "Several Policies" focus on revitalizing the stock and optimizing the increment, in the implementation of the photovoltaic industry innovation and development, promote energy-saving carbon reduction technology transformation, strengthen the construction of new infrastructure and other aspects of a series of deployment, to promote the formation of more effective investment. In terms of stabilizing foreign trade, the "Several Policies" have formulated support measures to support new foreign trade models such as overseas warehouses and stabilize shipping charges, which will help consolidate the growth of foreign trade exports, smooth the international cycle, reduce export costs, and alleviate the plight of enterprises "increasing income but not profits.

Policy landing up and down linkage to enhance development resilience. The manufacturing industry is the main battlefield for revitalizing the real economy, and all regions and departments attach great importance to and support the development of the real economy, promoting the proportion of manufacturing from 26.2 percent in 2020 to 27.4 percent in 2021, laying a solid foundation for effectively responding to the epidemic and ensuring the security of the industrial chain and supply chain. The "Several Policies" further focus on the resilience of the industrial chain and supply chain. It not only lays out various policies in terms of strong chain supplement, green and low-carbon transformation, new infrastructure construction, digital transformation and upgrading, and relief of difficulties for small and medium-sized enterprises, but also makes systematic deployment from the aspects of monitoring and scheduling, evaluation and evaluation, and exerting joint forces, providing institutional guarantee for the accurate implementation and effectiveness of policies.

is often successful, and walkers often come. We must thoroughly implement the spirit of the Central Economic Work Conference and the decisions and deployments of the Party Central Committee and the State Council, earnestly implement the work requirements of stability and progress while maintaining stability, strengthen the coordination of various departments, accelerate the implementation of various policies and measures, and hedge with policy dividends. Downward pressure, to ensure that the industrial economy operates within a reasonable range, and to welcome the victory of the Party's 20th National Congress with outstanding results.

Zhang Li, President of China Electronic Information Industry Development Research Institute