The State Council Instructed To Accelerate The Reform And Improvement Of Stock Market System.

The < < a href= > http://www.91se91.com/news/index_c.asp > > the State Council < /a > on the implementation of the mid-term evaluation report of the Twelfth Five Year Plan for national economic and social development, pointed out that the "second half of 12th Five-Year" and the future economic growth are facing downward pressure. We must optimize macroeconomic regulation and control policies to create a good macro environment for steady growth and structural adjustment. We must prevent some areas from blindly pursuing high growth regardless of their conditions, further increase overcapacity and debt risks, increase the pressure of energy saving and emission reduction, and keep the bottom line of economic growth, avoid triggering the chain reaction of employment, finance and finance, and prevent large fluctuations in the economy. We must lay a solid foundation for the medium and long-term stable growth on the basis of ensuring the realization of the expected growth target of the outline. < p > the website of the NDRC is disclosed on the 9 th.

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< p > to ensure the realization of the expected growth target, the report proposes to further improve the macro < a href= "http://www.91se91.com/news/index_q.asp" > regulatory policy < /a > system.

We should rationally grasp the direction and intensity of macroeconomic regulation and control, intensify the pre adjustment and fine-tuning efforts according to the changes in the situation, and fiscal policy should play a more active role in safeguarding the government's investment priorities, preventing local government debt risks, promoting structural adjustment and ensuring the improvement of people's livelihood. Monetary and credit policies should effectively guard against inflation, keep financial market liquidity and interest rate level reasonable and moderate, and guide funds to invest more effectively in the real economic sectors that meet effective demand, with economic efficiency and in line with industrial policies, and provide more efficient financial services for entrepreneurial innovation and structural adjustment.

We should further improve the formation mechanism of RMB exchange rate (6.2005, 0.0037, 0.06%), and further enhance the two way elasticity of exchange rate in accordance with the principle of initiative, gradualism and controllability, so as to accelerate the realization of RMB capital account convertibility.

We should further strengthen coordination and coordination among fiscal, monetary, industrial, land and environmental protection policies, and strive to improve the macroeconomic regulation and control policy system with the goal of controlling aggregate aggregate services and giving consideration to multiple structural objectives, so as to prevent major economic fluctuations.

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< p > actively prevent and control financial risks properly.

To actively and reliably deal with the risk of local government debt, while ensuring reasonable financing needs, effectively controlling the overall debt risk is of great significance for stabilizing the economic growth in the second half of 12th Five-Year.

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< p > according to the level of liabilities in different regions and different fields, we should take corresponding countermeasures according to the principles of differentiated treatment, classified supervision and combination of congestion and congestion.

According to the principle of doing our best and doing what we can, we should reasonably arrange plans for improving people's livelihood. We should not only protect the bottom line of people's livelihood, but also prevent their appetite from being too high.

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< p > reasonable control of the scale of investment in fixed assets of the whole society. We may reasonably arrange the scale of investment in public welfare and quasi public welfare infrastructure projects according to financial resources, improve the local government investment and financing behavior restraint mechanism, and control the excessive expansion of debt scale from the source.

We should carry out classified management of local government debt, establish scale control, budget management and risk early warning system, strengthen debt management in high-risk areas, improve local government bond system, establish standardized local government debt financing mechanism, strengthen local government debt supervision, resolutely curb local governments' illegal financing activities, comprehensively monitor local government debt situation, establish accrual government comprehensive financial reporting system, and prepare local government balance sheet.

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< p > properly defuse the risk of local government debt and prevent the regional and systematic default risks caused by the breakup of capital chain.

The new debt of the local government shall be included in the assessment scope of the party and government leading cadres.

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In the field of infrastructure and public service, under the premise of ensuring reasonable income, we should actively introduce diversified investment entities such as private capital, promote franchising, improve the pricing mechanism of municipal public utilities, improve operational efficiency and reduce the pressure of government expenditure. < p >

We should speed up the reform and improvement of the stock market system, further improve the functions of stock market financing and investment, promote the standardized development of venture capital and private equity funds, further improve the bond market, innovate bond varieties, and raise the proportion of direct financing to equity financing and bond financing.

We should strengthen and improve financial supervision, effectively regulate the shadow banking system, prevent funds from being concentrated in overcapacity and speculative areas, and effectively prevent and control systemic financial risks.

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< p > build a stable growth mechanism in the medium and long term.

With the increase of local government debt burden, the high overall debt rate, the continuous growth of money supply and the financing scale of the whole society, the operation space of fiscal policy and monetary policy based on demand management is narrowing in promoting economic growth.

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< p > we must innovate the macro control ideas and policy combinations, adhere to the requirements of both supply and demand management, comply with the urgent requirements of pformation and upgrading and enhance core competitiveness, and focus on improving the efficiency of the supply side, and strive to build a new internal stable growth mechanism.

On the basis of expanding domestic demand, especially consumption demand, making full use of the increasingly significant scale economy and division of labor effect after China's urbanization level has been raised, the focus of steady growth will be shifted to improving the < a href= "http://www.91se91.com/news/index_s.asp" > market economy and the improvement of business environment, constantly strengthening human capital accumulation, accelerating the cultivation of new competitive advantages, promoting entrepreneurship prosperity, innovation driven, structural upgrading, further improving total factor productivity, promoting economic growth and structural upgrading, and creating conditions for sustained and stable growth in the medium and long term. ""

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