Wang Yong: To Stabilize The Economy, We Must Grasp The Initiative Of Macroeconomic Regulation And Control Policies.

A few days ago, Vice Premier Li Keqiang at the 2012 China Development Summit Forum said that strategic adjustment of the economic structure is the main direction for China to accelerate the pformation of the mode of economic development, and it is also the key goal to achieve economic and social development this year.

Not long ago, Premier Wen Jiabao mentioned in the government's work report that this year's gross domestic product (GDP) growth target is 7.5%, adjusting the economic structure through slowing down the economic growth, so that the Chinese economy can truly embark on a road of high quality and high efficiency.

This year, the economy is "stable". We must grasp the initiative of macroeconomic regulation and control policies in order to stabilize the economy.

Economic slowdown is due to

Active regulation and passive influence

Since then, China's economy has seen a downward trend.

From the international perspective, with the spread of the sovereign debt crisis in Europe, Japan and the US economy have been in a predicament. Although the BRICs have played an irreplaceable role in stabilizing the global economy, the slowing down of world economic growth is hard to reverse, and the weakening of external demand has become the biggest downside risk facing China's economic growth.

From the domestic perspective, enterprises, especially small and medium-sized enterprises, experienced difficulties in their operation. Last year, economic growth slowed down and showed downward pressure. The economic slowdown this year is still continuing.

Is this the result of active regulation or slowing down by the influence of internal and external uncertainties? If it is the former, then, in structural adjustment, let China's economic growth speed up smoothly to 7.5%, and then bring down the economic growth and raise the quality of the economy. This is exactly the result of the government and people's expectation; if it is the latter, perhaps this year's economic growth rate will be below 7.5%, the economic growth rate will drop sharply, and the quality of the economy will not be raised. Instead, it will trigger a series of social problems such as employment, which is not the result expected by the government and the people.

The author believes that from the actual situation, the two factors are active slowdown and passive slowdown.

Because China's economic growth has been downgraded voluntarily, and on this basis, we have constantly strengthened the regulation and control of the real estate market.

The target of local economic growth is still high.

The slowdown in economic growth is expected to add more momentum to China's expansion of domestic demand, restructuring and pformation.

As Vice Premier Li Keqiang pointed out, expanding domestic demand is the strategic basis of China's economic and social development, especially in this year's international market is still sluggish, expanding domestic demand has more important practical significance for China.

From a realistic point of view, the slowdown in economic growth is expected to be offset by the high GDP growth target.

Although China's GDP growth target has been lowered to 7.5% this year, the "high growth" is still the main keynote from the GDP target set by different regions.

According to the data released by 31 provinces (autonomous regions and municipalities directly under the central government), in addition to 8% in Beijing and Shanghai, 8% in other regions, while those in the central and western regions maintained a two digit growth rate.

Although the central government has repeatedly stressed the need to change the local government's "GDP theory" political performance view for many years, GDP is the most easily quantified and easiest comparative assessment index. In practice, it is still the baton of local officials' promotion and assessment. In fact, under the GDP led assessment mechanism, local economic growth planning is often based on the GDP growth target of the country as high as possible.

What is the most important way to achieve economic growth? The most traditional, direct and immediate way is to promote the rapid growth of investment in fixed assets, consumption and foreign trade through policy stimulus.

At present, some areas in the West have made sure that the rapid growth of fixed assets investment has been listed as the top priority task of local government work this year.

If so, our economy will return to the old road of low level and extensive economic growth.

But the development of the situation has made us soberly aware that the old road in the past is fundamentally impassable, and we must make active efforts to control China's economic development towards the "12th Five-Year" economic development goal.

We must grasp the initiative of macroeconomic regulation and control policies.

First of all, active regulation should ensure that the regulation and control policies play an important role in stabilizing the economy.

Secondly, active regulation should adhere to the strategy of coordinated development of regional economy, which is "differentiated and controlled".

After the construction and development in recent years, the eastern provinces have actually entered the moderately developed level. The focus of this year's economic pformation is economic pformation. While the underdeveloped areas in the central and western regions are still growing, the total economic volume is small, and all undertakings need to accelerate development so as to achieve regional economic coordination and balance.

From all localities, we must act in strict accordance with the overall economic strategy of the country, adhere to the strategy of the whole country and resolutely step out of the vicious circle of unilateral pursuit of GDP growth, one-sided pursuit of "achievements" and "image", and strictly implement the central macroeconomic regulation and control policy so as to ensure smooth central government decrees.

Third, active regulation should deal well with the relationship between investment, consumption and foreign trade "three carriages".

At present, in order to deal with