China Fund News Two Sessions Reporting Team Reporters Li Shuchao Zhang Ling
html On the afternoon of March 6, the Second Session of the 14th National People’s Congress held a press conference in the Media Center Press Conference Hall. Director of the National Development and Reform Commission Zheng Shajie, Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing respectively discussed development and reform, fiscal budget, commerce, financial securities and other related questions to answer questions from Chinese and foreign journalists.This press conference was full of information. The interpretation of my country’s economic growth goals, ultra-long-term special government bonds, how to expand effective investment, what are the key points to promote consumption, as well as topics such as RRR reduction, investment and financing, and improving the quality of listed companies were all affected by the press conference. attracted active attention from the market.
htmlThe economic growth target of about 35%
is a goal that can be achieved with all one's strength
Speaking of my country's economic situation, Zheng Shajie, director of the National Development and Reform Commission, said at the press conference that China's expected economic growth target will be about 5% this year. , which has been scientifically proven. This goal is in line with the annual requirements of the "14th Five-Year Plan" and basically matches the potential of economic growth. It is a goal that can be achieved with a positive attitude and hard work.
He also talked about the issuance and use of ultra-long-term special treasury bonds. He pointed out that starting from this year, ultra-long-term special treasury bonds will be issued continuously in the next few years, specifically for the implementation of major national strategies and security capacity building in key areas. It is the responsibility of the Party Central Committee and the State Council Focusing on the overall strategic situation of building a strong country and national rejuvenation, we made a major strategic decision and deployment that will benefit both the present and the long-term. In other words, it can not only stimulate current investment and consumption, but also lay the foundation for long-term high-quality development.
He emphasized that the main investment direction of ultra-long-term special government bonds will focus on major and difficult issues in the process of building a strong country and national rejuvenation. Preliminary consideration will focus on supporting the construction of scientific and technological innovation, urban-rural integrated development, coordinated regional development, food and energy security, and high-quality population development. The potential construction demand in these areas is huge and the investment cycle is long. Existing funding channels are difficult to fully meet the requirements, and there is an urgent need to increase support.
In terms of expanding effective investment, Zheng Shanjie pointed out that it is important and critical to give full play to the role of private investment. We will guide local governments to implement the new mechanism for cooperation between government and social capital, and do our best to encourage and support private enterprises to participate in the construction of major national engineering projects and projects that make up for shortcomings. At the same time, we will continue to promote high-quality projects to private capital, make good use of the national financing credit service platform, and strengthen key project financing and factor guarantees.
"In other words, we help private capital find projects and help private investment projects find funds." Zheng Shanjie said.
Recently, the National Development and Reform Commission, together with relevant departments, has studied and formulated the "Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods", which will focus on the implementation of the "four major actions" of equipment update, trade-in of consumer goods, recycling and upgrading of standards.
Zheng Shanjie pointed out that promoting large-scale equipment updates and replacing old consumer goods with new ones can not only promote consumption and investment, but also increase advanced production capacity and improve production efficiency. It can also promote energy conservation, carbon reduction, and reduce safety hazards, which not only benefits the people, but also benefits Enterprise, achieve multiple things with one stone. This is a major plus. Take equipment as an example. Last year, China’s investment in equipment in key fields such as industry and agriculture was about 4.9 trillion yuan. As high-quality development deepens, the demand for equipment updates will continue to expand. Preliminary estimates will be an annual scale of more than 5 trillion yuan. huge market.
Party and government agencies can spend one penny less on people's livelihood projects
and spend more on people's livelihood projects
Appropriate efforts to improve quality and efficiency are the tone and characteristics of this year's fiscal policy.
Minister of Finance Lan Fo'an explained that moderate efforts are mainly to coordinate the use of various fiscal policy tools, appropriately expand the scale of fiscal expenditures, implement preferential tax and fee policies, and promote high-quality development. Improving quality and efficiency mainly involves optimizing fiscal management, strengthening policy coordination, and improving the quality and effectiveness of fiscal policies.
In recent years, we have been talking about "party and government agencies living under tight conditions" every year. This year's government work report further proposed that "governments at all levels must get used to living under tight conditions." Lan Fo'an said in this regard, as the saying goes, only by careful budgeting can you be successful. If the salt keeps flowing, if the party and government agencies spend less money, they can spend more money on people's livelihood projects. Of course, the party and government agencies must live a tight life, not by tightening their wallets and not spending money, but by spending what they should. The province should be "generous with big money and stingy with small money" and concentrate financial resources to do big things.
He said that in 2023, we will increase financial and accounting supervision and seriously investigate and deal with violations such as the use of fiscal funds to engage in "image projects." In the next step, we will continue to strengthen supervision and punishment, resolutely put an end to pomp and circumstance, and resolutely prevent "performance projects" and "face projects."
Focus on two tasks to promote consumption
Promote the trade-in of consumer goods to boost service consumption
In 2023, my country's consumer market will recover steadily, with consumption contributing 82.5% to economic growth. The total retail sales of consumer goods for the year will reach 47.1 trillion yuan. , a year-on-year increase of 7.2%.
Minister of Commerce Wang Wentao said that to promote consumption this year, everyone will also pay attention to the two key tasks we have to do. One is to promote the replacement of old consumer goods such as automobiles, home appliances, home decoration, kitchen and bathroom, and the other is to boost service consumption.
He said that my country's automobile, home appliance, and home improvement markets are complex, and a considerable number of products have long service lives, high energy consumption and emissions, and some have certain safety hazards due to long-term use. It should be said that potential update needs have entered a concentrated release period.
Wang Wentao said that promoting the replacement of old consumer goods with new ones is not only a powerful measure to enhance the current economic growth momentum and consolidate the recovery, but also a long-term strategy to promote high-quality development. "Of course I want to emphasize here that the trade-in of old for new is based on the voluntary basis of consumers."
As for expanding service consumption, Wang Wentao pointed out that in recent years, my country's service consumption has developed rapidly. From 2013 to 2023, the per capita service consumption of residents The proportion of sexual consumption expenditure increased from 39.7% to 45.2%, an increase of 5.5 percentage points. In the future, there will be huge space and potential for service consumption. In the next step, we will work with relevant departments to focus on promoting service consumption.
There is still room for RRR cuts in the future
Since this year, the intensity of RRR cuts and the decline in loan interest rates have exceeded market expectations.
Pan Gongsheng, Governor of the People's Bank of China, said at the press conference that my country's monetary policy toolbox is still rich and there is still sufficient room for monetary policy. In regulating monetary policy, we will pay more attention to balancing the short-term and long-term, stabilizing growth and preventing risks, internal balance and external balance, strengthen counter-cyclical and inter-cyclical adjustments, and strive to boost confidence, stabilize expectations, and stabilize prices. Create a good monetary and financial environment for economic operation and development.
He mentioned at the press conference that currently, the average deposit reserve ratio of the entire Chinese banking industry is 7%, and there is still room for subsequent RRR cuts. We will comprehensively use a variety of monetary policy tools, increase countercyclical adjustments, maintain reasonable and sufficient liquidity, and support the stable growth and balanced release of social financing scale and total monetary credit.
At the same time, he emphasized that maintaining price stability and promoting a moderate price recovery are important considerations for monetary policy. Pan Gongsheng said that prices continue to drive the comprehensive social financing costs to remain stable and declining. Maintenance of price stability and promotion of moderate price recovery will be regarded as important considerations of monetary policy, overall consideration will be given to the health of the banking industry's balance sheet, and comprehensive social financing costs will continue to be stabilized and reduced.
"A prudent monetary policy must be flexible, appropriate, precise and effective. The People's Bank of China will adhere to the fundamental purpose of serving the real economy, strengthen macro-control efforts, strengthen dual adjustment of aggregate volume and structure, consolidate and enhance the positive economic recovery, and continue to promote high-quality development ." Pan Gongsheng said.
Focus on improving the quality of listed companies
"Protecting investors is the core task of the China Securities Regulatory Commission"
Talking about the relationship between investment and financing, Wu Qing, chairman of the China Securities Regulatory Commission, said, I understand that in fact it is one body with two sides that cannot be separated. The investment tool is Financing tools, investment and financing should form a virtuous cycle. It can be said that without investment, there will be no financing, and without buyers, there will be no sellers. Only when investment and financing develop in a virtuous circle can the capital market form a virtuous circle and develop healthily.
Wu Qing emphasized that regulators should pay special attention to fairness issues and regard openness, fairness and impartiality as the most important market principles, especially in a market like ours where small and medium-sized investors account for the vast majority. Therefore, protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important core task of the China Securities Regulatory Commission.
He pointed out that from a regulatory perspective, two key words are important now, one is strong and the other is strict. First of all, being strong means strengthening the foundation. From a scale perspective, China’s capital market is now the world’s largest. The second major market. The market fluctuations in the past period have once again exposed some of our deep-seated problems, which are worth thinking about. We should realize that investors are the foundation of the market, listed companies are the foundation of the market, and investors and listed companies are the source of capital market development. .
At the same time, he placed great emphasis on focusing on improving the quality of listed companies. Wu Qing said that we must focus on improving the quality of listed companies, allowing companies to better play their main role and enhance investment value. We will also work with industry authorities, including departments, local governments, etc., to coordinate efforts and advance together so that listed companies can become better and stronger and create a better environment. Fundamentally, we must unswervingly deepen reform and opening up in an all-round way and consolidate the institutional foundation for high-quality development of the capital market. This is about strengthening.
Wu Qing pointed out that solving the quality of listed companies is a matter for listed companies themselves, and it also requires improvement of the external environment. The China Securities Regulatory Commission must do a good job in import supervision, export supervision and continuous supervision, jointly create a good first-class business environment, and promote listed companies to be able to Steady operations and better returns to investors.
Wu Qing also attaches great importance to dividends from listed companies. He said that in recent years, the dividend situation of A-share listed companies has continued to improve, but there are also many companies that do not pay dividends all year round, and the proportion of stable, timely and predictable dividends needs to be further improved. For companies that have not paid dividends for many years or have a low dividend ratio, take tough measures based on different situations, including restricting controlling shareholders from reducing their holdings; and encourage qualified listed companies to pay dividends multiple times a year.
He also emphasized that corporate IPOs must not be listed for the purpose of making money, let alone for fraud. Therefore, all aspects of registration and review must comply with laws and regulations, and issuers must be strictly urged to truly, accurately and completely disclose information. , we must make every effort to block counterfeiters from the capital market.
Editor: Captain
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