Since the beginning of this year, the international environment has become more complicated and severe, and domestic epidemics have frequently spread, with obvious adverse effects, extremely unusual economic development, and unexpected factors have brought serious impacts.
The CPC Central Committee with the Supreme Leader as the core has viewed the general trend and sought the overall situation, and put forward the clear requirements of "the epidemic situation should be prevented, the economy should be stabilized and the development should be safe". The epidemic prevention and control and economic and social development should be effectively coordinated, and the word "stability" should be adhered to. China’s economy has overcome difficulties, stabilized and rebounded, and its economic operation has remained in a reasonable range, demonstrating its strong resilience and great potential.
Economic operation has stabilized and rebounded
Looking back at the economic performance of China in the first half of the year, the first two months started well. In late March, it was hit by unexpected factors such as the rebound of the epidemic and the Ukrainian crisis, and the downward pressure suddenly increased. Since the end of May, the economic operation has continued to stabilize and rebound, and the positive factors have been increasing.
Since June, many economic indicators have rebounded obviously:
Important economic leading indicators — — China manufacturing purchasing managers index (PMI) rebounded to 50.2%, and returned to the expansion range after three consecutive months of contraction;
The prosperity index of the logistics industry was 52.1%, up 2.8 percentage points from last month, which means that the index returned to more than 50% after three months.
The year-on-year growth rate of industrial added value above designated size was 3.2 percentage points faster than that in May;
The total retail sales of social consumer goods changed from 6.7% in May to 3.1%… …
"In the face of an extremely complicated and difficult situation, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, we intensified macro-policy adjustment and effectively implemented a package of policies and measures to stabilize the economy. The rebound of the epidemic was effectively controlled and the national economy stabilized and rebounded." Fu Linghui, spokesperson of the National Bureau of Statistics, said at the press conference of the State Council Office a few days ago.
The trend of economic stabilization and recovery is hard-won. In the face of risk challenges, seven major policies including macro, micro, structural, scientific and technological, reform and opening up, regional and social policies have been accelerated, incremental policy tools have been planned and launched, and 33 policies in six aspects have been continuously strengthened to fully stabilize the macroeconomic market.
The implementation of the new combined tax and fee support policy, as of July 20, the country’s total new tax reduction and fee reduction and tax refund deferred fee exceeded 3 trillion yuan; Maintain a reasonable and abundant liquidity. In the first half of the year, RMB loans increased by 13.68 trillion yuan, an increase of 919.2 billion yuan over the same period of last year. Focus on carrying out special rectification actions for illegal charges related to enterprises throughout the country; Do a good job in releasing college graduates’ jobs at the grassroots level in urban and rural areas … …
From the focus of 33 policies on stabilizing the economy, to accelerating the construction of a unified national market, phased measures are combined with institutional arrangements, and inclusive fairness and precise support are coordinated to push the economy back to the normal operation track.
Accelerate the investment in infrastructure such as water conservancy and transportation, and raise 300 billion yuan to support the construction of major projects through the issuance of financial bonds; We will steadily increase the consumption of automobiles, household appliances and other commodities, and many cities such as Beijing, Hefei and Fuzhou will issue coupons. Intensive deployment of a series of measures to stabilize foreign trade … … Stabilize investment, promote consumption, stabilize foreign trade, focus on a series of arrangements to smooth the economic cycle, and accumulate basic strength for economic development.
From the total amount, the main economic indicators have achieved positive growth, and the foundation of "stability" has been continuously strengthened.
In the first half of the year, the GDP increased by 2.5% year-on-year, including 0.4% in the second quarter. National investment in fixed assets (excluding farmers) increased by 6.1% year-on-year; There are 6.54 million new jobs in cities and towns nationwide.
From the structural point of view, the new kinetic energy maintained a rapid growth, and the "progressive" kinetic energy accelerated its agglomeration.
In the first half of the year, the added value of high-tech manufacturing above designated size increased by 9.6% year-on-year, and investment in high-tech industries increased by 20.2%; The added value of manufacturing industry accounted for 0.7 percentage points higher than the same period of last year; The proportion of clean energy consumption in total energy consumption increased by 1.3 percentage points year-on-year … …
"In the face of internal and external staged and sudden factors, China’s economy has stabilized and rebounded in a relatively short period of time, showing strong resilience and great potential." Yuan Da, director of the Comprehensive Department of the National Development and Reform Commission, said.
Earnestly grasp the bottom line of people’s livelihood
Under the impact of the epidemic and the downward pressure of the economy, it is very important to put the protection of people’s livelihood in a prominent position and effectively grasp the bottom line of people’s livelihood.
Employment is an important support for people’s livelihood and stabilizing the economic market. Affected by the impact of the epidemic, the employment pressure has suddenly increased this year, and the difficulty of ensuring people’s livelihood has increased. All aspects continue to increase efforts to stabilize employment and strengthen the protection of people’s livelihood.
We will implement a phased deferred social insurance premium policy for five enterprises in poor industries such as catering and retail and 17 enterprises in other industries with difficulties, increase the unemployment insurance return rate of small and medium-sized enterprises to 90%, strengthen the implementation of social security, training and other subsidies, and launch a one-time training subsidy … …
Promoting the employment of college graduates, migrant workers and other groups is the top priority of employment work. For college graduates, implement the plan of raising millions of employment trainee positions to promote young people’s professional ability; For migrant workers, deepen labor cooperation between the east and the west, vigorously cultivate labor brands, and actively broaden the channels for working … … By the end of June, the number of migrant workers out of poverty in China had reached 32.23 million, an increase of 1.6 million over the same period of last year.
Since the beginning of this year, international energy and food prices have risen sharply, and global inflationary pressures have risen. It is even more significant to ensure supply and stabilize prices.
The central government issued 30 billion yuan to subsidize the actual grain farmers and put 1 million tons of national potash reserves; From May 1 this year to March 31, 2023, a provisional import tax rate of zero will be imposed on all coal; Accelerate the release of high-quality coal production capacity and improve the medium and long-term trading price mechanism of coal … …
In the face of global inflationary pressure, China is determined not to engage in "flood irrigation"-style strong stimulus, scientifically grasp the strength, rhythm and focus of policies, and ensure that the supply of important livelihood commodities and basic energy is sufficient and the prices are stable, thus becoming an important "stabilizer" for global prices.
"There are still many uncertainties and unstable factors, but we have the confidence, confidence and ability to continue to keep prices in a reasonable range, and the expected CPI target of an annual increase of about 3% can be achieved." Wan Jinsong, director of the price department of the National Development and Reform Commission, said.
Pay more attention to the assistance of the people in need, and hold the bottom line of people’s livelihood. Focus on low-income people and poor people, and issue additional living allowances on the basis of the original living allowances; Paying pension and medical insurance premiums for needy groups to prevent poverty-stricken households from returning to poverty; Timely start the linkage mechanism between social assistance and security standards and price increases, and issue temporary price subsidies. By the end of May, the central government’s budget of 154.68 billion yuan for relief subsidies for people with financial difficulties had been fully released.
Comply with the expectations of the masses to make up for shortcomings and solve problems, and enhance people’s livelihood and well-being. Starting this year, the care expenses of infants under 3 years old can be included in the special additional deduction of personal income tax according to the standard of 1000 yuan every month; 327 products were selected in the seventh batch of centralized drug purchase organized by the state, with an average price reduction of 48%; The coverage of direct settlement of medical treatment in different provinces has been further expanded … … In the first half of the year, China’s social investment increased by 14.9%, which was significantly faster than the growth rate of all investments.
Foreign businessmen are optimistic about China market.
The fundamentals of China’s strong economic resilience, sufficient potential, wide room for manoeuvre and long-term improvement will not change.
On June 21st, the third Qingdao Summit of Multinational Corporation Leaders closed. This summit attracted 476 heads of Fortune 500 companies and industry leaders, and signed 99 key foreign investment projects with a total investment of 15.6 billion US dollars.
During the summit, AstraZeneca, a biopharmaceutical company, announced that it would invest in building a production and supply base and set up a regional headquarters in Qingdao, Shandong Province, and set up an innovation center with the theme of rare diseases, a life science innovation park and an industrial fund.
"China’s huge population base and higher demand for medical care and health, an open and fair business environment, and favorable policies to support innovative drug research and development have brought broad opportunities for our investment in China." Chloe Wang, president of AstraZeneca China, said.
AstraZeneca’s increased investment in China is a microcosm of multinational companies’ optimism about China’s development prospects.
A set of data shows the confidence of the outside world in the long-term improvement of China’s economy:
In the first five months of this year, the actual use of foreign capital in China was 564.2 billion yuan, up 17.3% year-on-year, equivalent to 87.77 billion US dollars, up 22.6% year-on-year; By the end of May, there were 666,000 registered foreign-invested enterprises in China, an increase of 0.3% over the end of last year. In the first quarter, 72.1% of foreign-funded enterprises increased their capital in China by more than 5%.
According to the 2022 White Paper on American Enterprises in China recently released by the American Chamber of Commerce in China, 83% of the enterprises surveyed do not consider transferring their production or procurement outside China.
China’s economy is steadily moving towards high quality, the consumer market is constantly expanding and upgrading, and new formats and trends are booming, attracting more and more foreign investors to share the "China opportunity".
With a total area of 100,000 square meters, it is estimated that more than 600 global new products will debut, more than 2,800 Chinese and foreign exhibiting brands, and the proportion of overseas enterprises’ exhibition area will increase from 75% in the first session to 80%… …
The 2nd China International Consumer Goods Expo, which opened in Haikou, Hainan Province on July 25th, attracted the attention of global enterprises.
"We hope that with the help of the Expo, we can tailor-made advanced products for consumers in China, and fully help consumers in China to live a high-quality and beautiful life. Danone has always been optimistic about China’s huge consumption potential and market opportunities. " Xie Weibo, president of Danone China, North Asia and Oceania, a multinational food and beverage company, said.
Kenyan economist Beatrice Martiri-Maisori said recently that China has a solid economic foundation. Against the background of repeated COVID-19 epidemics and complicated international situation, the economic data in the first half of the year showed the world the resilience of China’s economy.
"We must seize the critical period of economic recovery, pay close attention to the effectiveness of the economic stability package, and continue to do a good job ‘ Six stabilities ’ ‘ Six guarantees ’ Work, continue to increase effectiveness, activate power and add momentum, continuously consolidate the foundation of stable economic recovery, and ensure that the economy operates in a reasonable range. " Fu Linghui said.
Firmly grasping the favorable conditions, facing up to difficulties without fear, being confident and motivated, China’s economic ship will surely break through the waves along the high-quality development channel and make steady progress. (Reporter Qi Zhongxi, Zhang Xinxin, Shen Cheng, Wei Yukun)
