The "Upgraded Version" Of Macro-Control Has Gradually Been Adapted To Lead The New Normal.

At present,

It is still in deep adjustment after the crisis, showing a low growth, imbalance, wide concussion and multi risk "new mediocrity" characteristics.

China entered the critical stage of structural adjustment and power conversion, and the potential growth rate downtrend was superimposed with long-term structural and short-term cyclical problems, and the downward pressure on the economy continued to increase.

In the complex and grim situation at home and abroad, China's economy has withstood unprecedented difficulties and challenges, showing a good trend of overall stability, steady progress, progress and innovation.

The idea of regulation is the fundamental guideline for guiding the practice of regulation and control.

Only by adapting to the law and meeting the practical scientific concept can we fully mobilize the enthusiasm of all sectors and ensure that the economy develops along the expected direction.

The new round of macroeconomic regulation and control insists on marketization and legalization as an action guide for macroeconomic regulation and control, and opens a new realm of regulatory philosophy and practice.

Adhere to the market orientation.

To establish and develop socialist market economy is the goal of China's economic restructuring.

Over the past 30 years, the practice of reform and opening up has proved that only by respecting the market, relying on the market and giving full play to the role of market allocation of resources, can economic construction and various social undertakings flourish.

The eighteen Party of the party further stressed that we should give full play to the decisive role of the market in the allocation of resources and better play the role of the government.

As an important means of the government's economic work, macroeconomic regulation must follow this rule, change the path dependence on micro economic intervention and control the death before, and change the drawbacks of mixing administrative management with macro regulation.

We should pay attention to clarify the boundaries between the government and the market, and all the markets can do to the market. The government mainly formulating rules and safeguarding market fairness. We must change the "dislocation", withdraw from the offside position and make up the "vacancy", which not only plays a decisive role in the market, but also acts as a "good" rather than a "more" to play the role of the government.

Adhere to the concept of legalization.

Market economy is the rule of law economy.

The effective implementation of market function must be based on a legal market environment.

In the fourth Plenary Session of the 18th CPC Central Committee, the party put forward the general goal of comprehensively promoting the rule of law. It urged to speed up the establishment of a modern rule of law government and promote administration according to law, and the government's macro regulation and control should also operate on the track of rule of law.

The new round of macroeconomic regulation and control is adhering to the concept of legalization, which stipulates all environmental laws, land management and other laws, and is no longer a macro-control tool. This is conducive to consolidating the achievements of reform, reducing administrative costs, and greatly improving the efficiency and pertinence of macroeconomic regulation and control.

Following the concept of marketization and legalization, the new government will accelerate the construction of the three list of government power list, responsibility list and market negative list, and straighten out the relationship between government, society and market.

We should integrate macro regulation and control, push forward reform and optimize the system environment, and integrate reform and innovation in regulation and control.

Take the initiative in self revolution and simplify administration and decentralization as a "first hand chess" in reforming administrative system and pforming government functions.

Over the past two years, the State Council has abolished and delegated more than 700 administrative examination and approval, and put it in a thorough and unparalleled position.

The market access threshold has been decreasing, and all kinds of entrepreneurial innovation activities have become a common practice.

Since the reform of commercial system in March last year, there are more than 1 new registered enterprises on average every day.

At the same time, further reforms in finance, taxation, finance, state owned enterprises, price system, science and technology system, and speeding up the construction of the free trade area have constituted a target co-ordination and structural reform system for stabilizing growth, adjusting structure, promoting reform, benefiting people's livelihood, and preventing risks.

The way of regulation is the concrete embodiment of regulation concept and the path choice of regulation policy.

Faced with the fact that the "dilemma" and "difficulty" problem of macroeconomic regulation and control under the new normal situation is increasing, the Central Committee and the State Council have broken the habit of thinking, and have not implemented a single aggregate regulation. Instead, they have been forging ahead and acting positively. In the light of the characteristics of China's economic pition period, we have paid more attention to structural regulation on the basis of optimizing aggregate regulation. At the same time, we have intensified the demand management while paying more attention to supply management. We have also paid more attention to directional regulation and control while highlighting the regulation and control of Art and the ability to control.

We should pay equal attention to gross regulation and structural control.

To ensure that the shift is not lost, speeding up structural adjustment and power conversion is the primary task under the new normal.

If the stimulus is strong enough to ensure growth, it will not only exacerbate overcapacity, but also increase the fluctuation of economic growth; if laissez faire decline, it will affect the realization of the strategic task of "two one hundred year goals" in China.

Facing the pressure of economic downturns, maintaining strategic stability and maintaining the continuity, stability and camera nature of macroeconomic policies, there is neither flood irrigation nor substantially increased issuance of money, nor blind investment and significant deficit expansion. Instead, it is making an inventory of stocks, raising the efficiency of fiscal and monetary policies through the integration of stock funds and policies and measures, giving full play to the guiding role of policies and focusing on promoting social capital.

For example, vigorously promote the PPP mode, in the infrastructure, public services and other fields launched more than 1000, the total amount of nearly two trillion yuan of PPP projects, play the role of "42 Qianjin" leveraging the role of attracting private capital to enter.

In the past two years, 11 major categories of major engineering packages have been implemented as the main contents of the steady growth project, which mainly invested in public services, resources and environment, ecological environment protection, infrastructure and new industries.

In the 1-11 month, the investment in hi-tech industry increased by 16.5% compared to the same period last year, and the growth rate was 6.3 percentage points faster than the total investment. The proportion of infrastructure investment in total investment was 17.9%, an increase of 1.2 percentage points over the same period last year, and the proportion of investment in high energy consuming industries was 11.8%, down 0.6 percentage points.

More emphasis and stimulate consumption vitality, continue to enhance the stimulating effect of consumption on economic growth, issued a series of policies and measures to expand domestic demand and enhance consumption capacity, such as the implementation of the 6 major consumer projects, and build a policy guidance system to promote information, green, housing, tourism, education, pension and other policies.

In the first three quarters, consumption contributed nearly 60% to economic growth, an increase of nearly 10 percentage points over the same period last year, 15 percentage points higher than investment and a record high in recent years.

Demand regulation and supply regulation should be taken into account.

At present, the consumption stage of imitation and wave breaking has basically ended, and personalized and diversified demand has become the mainstream. However, due to the imbalance of structure for more than half a century, the supply and demand are difficult to be coupled, and the innovation ability is low. The product quality, reputation and credibility are not high. The supply of development type and enjoyment type service is insufficient, and it can not keep pace with the upgrading of consumption, resulting in domestic consumption outflow.

According to the conservative statistics in 2014, China's residents spend more than 1 trillion yuan overseas.

On the one hand, the domestic low end products have serious excess capacity, on the other hand, the supply of high-end products and services is seriously insufficient, which is a prominent contradiction in the current economic operation.

To this end, the new government's macroeconomic regulation and control attaches great importance to supply management while paying more attention to supply management. Through international capacity cooperation and merger and reorganization, it will increase the capacity to resolve excess production capacity and take the initiative to promote market clearing. By actively promoting the strategy of "Internet +" and "made in China 2025", we will speed up the integration of industrialization and information technology, foster strong and competitive new industries and modern service industries; vigorously promote "mass entrepreneurship and innovation", and actively develop support platforms such as public innovation, crowdsourcing, public support and public funding to promote the emergence of high-quality, diversified products and services, and the positive results will soon emerge.

New products represented by robots, new energy vehicles and intelligent electronic products have multiplied, and the development of modern service industries such as Internet information and culture is strong.

In the first three quarters, the proportion of the service sector in GDP reached 51.4%, an increase of 2.3 percentage points over the same period last year. It has increased for the first three consecutive years since the first production in 2012, and the trend of economic pformation from industrial leading to service oriented is obvious.

More attention should be paid to directional control.

After thirty years of rapid development of reform and opening up, although China has become the second largest economy in the world, the problem of structural imbalance between regions, between urban and rural areas and between industries is still outstanding, and the "barrel effect" is obvious, which seriously restricts the sustained development of the economy.

Traditional total regulation is difficult to effectively guide the flow of resources to weak links and regions, leading to unbalanced development and instability.

In this regard, the new round of macroeconomic regulation and control will further strengthen directional control on the basis of interval regulation, pay attention to improving the pertinence of regulation and control, and implement "sprinkling irrigation" and "drip irrigation".

The construction of the central and Western railways and major water conservancy projects will be intensified. This year, we will invest 1 trillion and 600 billion yuan in construction funds. We will reduce the interest rate and guide financial institutions to support the financial institutions that serve small and micro enterprises and the "three rural" financial institutions. By the end of 9, the balance of loans for farmers has increased by 14.8%, faster than that of enterprise loans. The proportion of loans for small and micro enterprises is 30.4%, which is 0.3 percentage points higher than that of the end of 6.

Monetary policy is flexible and moderate.

Monetary policy is also facing a dilemma. It is faced with the problem of the overall liquidity of the market and the difficulty of financing and financing. There is also a contradiction between the overall debt ratio of the enterprises and the increase of credit support. There is also the pressure of the RMB exchange rate liberalization and the expansion of exports and the stabilization of capital flows.

On the basis of continued prudent monetary policy, we should strive to innovate monetary policy tools, improve policy pertinence, flexibility and foresight, and increase financial support for the real economy.

Constantly enrich quantitative tools.

In order to meet the financial needs of financial institutions and the real economy and avoid further pushing up leverage and debt levels, we should carry out short-term liquidity adjustment tools (SLO), medium term lending facility (MLF) and standing loan facility (SLF) operation to maintain a reasonable and moderate liquidity of the banking system.

Further improve the price tool.

We should give full play to the function of price leverage, promote the optimal allocation of resources, reduce and expand the upper limit of deposit interest rate while reducing the benchmark interest rate of loans and deposits, further improve the RMB exchange rate formation mechanism, enhance the flexibility of RMB exchange rate, and maintain the basic stability of the RMB exchange rate.

Improve the efficiency of financial supply.

We should clear up the pmission channels of monetary policy to the real economy, reduce the "idling" of funds in the financial system, introduce the deposit insurance system, support the development of private and small and medium-sized banks, promote the reform of policy and development financial institutions, abolish the deposit loan ratio examination, reform the deposit reserve system examination method, and enhance the credit delivery ability of financial institutions, thus playing a positive role in stabilizing growth and adjusting the structure.

At the end of 9, the balance of RMB loans of small and micro enterprises increased by 14.5% compared with the same period last year. The growth rate was 4.2 and 3.7 percentage points higher than that of large and medium-sized enterprises respectively. The balance of the medium and long-term loans in the service industry increased by 17.2%, 11.6 percentage points faster than that of the industry, and the balance of domestic and foreign consumer loans increased by 21.8%.

The weighted average interest rate of corporate loans dropped by about 1.5 percentage points.

The pformation promotes the innovation of regulatory tools.

The new government is committed to fiscal policy and monetary policy innovation. It is suitable for the time to cope with the situation, and operates in a timely and appropriate way.

Fiscal policy is more effective.

This year, affected by many factors, such as the decline of corporate profits and real estate adjustment, fiscal revenue growth has dropped sharply. Fiscal revenue in 1-11 has increased by 5.7%, down 2.6 percentage points compared with the same period last year. On the other hand, fiscal expenditure has increased significantly, and fiscal expenditure has increased by 17.4% in the 1-11 months, and the pressure of revenue and expenditure has been increasing.

Under such a grim situation, fiscal policy should protect people's livelihood, ensure basic, steady growth and structural adjustment, and promote reform and innovation. The new government is "smart and ready to cook". In the face of pressure, it will continue to implement a proactive fiscal policy, constantly innovate policy tools, and use limited funds in the cutting edge.

We will introduce structural tax reductions.

We should carry out structural tax reduction for small and micro enterprises, financial institutions and high-tech enterprises serving the "three rural", and effectively lighten the burden on enterprises.

Since last year, tax reduction has reduced the burden on enterprises by more than 400 billion yuan.

Revitalize stock funds.

We should integrate special funds, create innovative mechanisms, set up a new industry venture capital guidance fund, and set up a national SME development fund to start and implement the national science and technology achievements pformation guidance fund, and so on. We should pay attention to guiding and leveraging industrial innovation and technological innovation.

Carry out debt replacement.

In order to ease the pressure of local governments to repay debts, enhance the efficiency of co-ordinated funds and guard against possible financial and financial risks, three batches of local debt replacement amount have been issued this year, totaling 3 trillion and 200 billion yuan.

The goal of regulation is the starting point and foothold of implementing macroeconomic regulation and control.

The new round of macroeconomic regulation and control is based on the inherent requirements of economic development stages and the resolution of outstanding contradictions. Combined with the national strategic tasks and objectives, we need to focus on the current and long-term goals, and innovate the objectives of macroeconomic regulation and control.

Ensure that the economic operation is in a reasonable range.

With the change of economic development environment, the goal of regulation should not only consider economic growth, but also consider people's livelihood indicators such as employment, price and household income.

The new government creatively put forward the target of "reasonable interval", that is, to maintain stable growth, lower the level of employment protection and prevent the upper limit of inflation.

Compared with the past, the first is shifted from highly concerned GDP to more concerned about people's livelihood.

It is clear that as long as we can ensure relatively full employment, residents' income growth is synchronized with the economy and the ecological environment is constantly improving, GDP growth is higher and lower is acceptable.

The two is from single objective to multiple objectives.

We have raised the importance of protecting jobs and preventing inflation to the same importance as steady growth.

Three, change from bottom line goal to interval goal.

In the past, China's macroeconomic regulation and control emphasized the bottom line goal of the growth rate, and put forward the goal of protecting the "spot" many times. Now, we have adopted an interval goal similar to "7% or so", reflecting the flexibility of regulation.

Efforts should be made to achieve "double high".

On the basis of a reasonable interval, we further put forward the goal of keeping the middle and high speed and moving towards the middle and high end.

This goal not only reflects the inherent requirements of steady growth and structural adjustment, but also reflects the inherent requirements of power pformation and innovation driven.

In order to ensure the completion of the task of building a moderately prosperous society in an all-round way, the economy needs to maintain rapid growth at medium and high speed.

China is still in an important period of strategic opportunities, and has the ability to achieve medium and high speed growth.

If the economy wants to move towards the middle and high end, it must speed up the pformation and upgrading of the structure, and whether the structure can be upgraded smoothly and whether the power can be smoothly pformed will ultimately depend on whether the innovation drive can achieve substantial breakthroughs.

Creative creation is the key to solving new dynamic growth, breaking through the constraints of resources, environment and cyclical downlinks.

The new government is firmly committed to the "double middle and high" target, vigorously promoting the innovation driven strategy, and forging new engines and reshaping new momentum.

The new normal gives birth to new goals, new impetus and new development.

China's economy has withstood pressure and tackled difficulties. It has strengthened its progress and continued to operate in a reasonable range. Structural adjustment has made positive progress and new impetus has been accelerated.

The growth rate of GDP in China is stable at around 7%, keeping the middle and high speed (now increasing 1 percentage points per year, representing an increase of 1.5 percentage points five years ago, equivalent to 2.6 percentage points ten years ago), 10 million 660 thousand new jobs in the first three quarters, achieving an annual target in one quarter, a stable rate of around three in the survey, a moderate rise in consumer prices, a 1.4% increase in the previous month, a rapid increase in residents' income, and a real increase in the per capita disposable income in the former quarter, which continues to outperform GDP.

At the same time, new industries, new formats and new business models are accelerating.

In the 1-11 month, the added value of high-tech industries increased by 10.4% over the same period last year, 4.3 percentage points faster than that of the above scale industries, and the online retail sales grew by more than 30% over the same period last year, maintaining a sustained high growth rate.

Practice has fully proved that the CPC Central Committee and the State Council have strengthened the leadership in economic work and implemented macro-control innovation in line with China's reality, with a high degree of scientificity, pertinence and effectiveness, greatly enriched the theory and practice of macroeconomic regulation and control, and effectively explored the rule of economic growth and macro regulation in the pitional period.

The achievements have attracted worldwide attention and accumulated experience is precious.

When macroeconomic regulation and control innovation is not completed, there is only time to go.

In the great era of great change, great pformation and great development, we must march forward bravely, gather people's wisdom, seek common knowledge and bring together strength, constantly improve the "upgraded version" of macroeconomic regulation and control, and guide China's economic giant to ride the wind and wave the waves.

In the first three quarters of this year, GDP grew by 6.9%, and the global contribution to the world economy was as high as 30%. It is still the anchor of the stability of the world economy, the source of power and the wings of hope.

The achievement of such exhilarating achievements is the result of the vision of the Party Central Committee and the State Council, the overall planning and scientific decision making. It is the result of adapting to the new normal and making every effort to create an upgraded version of macro-control.