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Central Economic Work Conference: Deepening the Supply - Side Reform and Revitalizing the Real

date:2017-01-06    source:    Views:1849

The Central Economic Work Conference was held in Beijing from December 14th to 16th. Xi Jinping, General Secretary of the CPC Central Committee and Chairman of the Central Military Commission, delivered an important speech at the meeting to analyze the current domestic and international economic situation, summarize the economic work in 2016, clarify the guiding ideology of economic work and deploy 2017 economic work. Li Keqiang in his speech on next year's macroeconomic policy orientation, to make specific arrangements for economic work next year, and make a concluding speech.
The meeting held that the prominent contradictions and problems faced by China's economic operation, despite the cyclical and aggregate factors, are rooted in major structural imbalances, leading to a sluggish economic cycle. We must try our best from the supply side and structural reforms. To achieve a new dynamic balance between supply and demand.
Next year will continue to deepen the supply side of structural reform
Zhu Zhixin, vice chairman of China International Economic and Exchange Center, said at the annual meeting of China's economy on the 17th, next year to deepen the structural reform of supply side, one is to grasp the relationship between demand management and supply side structural reform. Focus on supply side reform is not an alternative to demand management, through the steady growth in demand management, the release of new demand, and guide the market confidence and improve market expectations for the supply side of the structural reform is also very necessary; the second is to promote the " Complement "process, handle the" stability "and" progress "relationship. Especially in the capacity to go to inventory and deleveraging, in accordance with the principles of the market to eliminate backward production capacity, technology and environmental standards to adjust excess capacity at the same time, but also actively complement the short supply of some industries capacity shortcomings.
Central Economic Work Conference proposed: to production capacity, we should continue to promote the iron and steel industry to resolve the excess capacity of the coal industry. Since the second half, steel, coal and other traditional industries overcapacity, prices rose momentum, some related companies continue to expand in the interests of production. While other industries such as thermal power, building materials and other signs of overheating investment at the same time around the new, expansion of many new energy automotive industrial park, the potential risk of new excess capacity.
"To the production capacity will not happen overnight, but continuous, tortuous process." Renmin University of China National Development and Strategic Research Institute Executive Yuan Liu Yuanchun said that here both product prices, capacity utilization and other factors, but also related to the interests of the Game. Some places with administrative means to focus on production capacity, once the market changes, "zombie" is often resurgence.
In his view, to the final capacity or through market and legal means to promote. The government should take the market as the main body, strengthen the standard supervision, through the improvement of technology, safety, environmental threshold, eliminate backward production capacity.
To focus on revitalizing the real economy
Xi Jinping also pointed out in his speech, we should focus on revitalizing the real economy. To adhere to improve the quality and core competitiveness as the center, adhere to innovation-driven development and expansion of high-quality products and service supply.
Yang Weimin, deputy director of the Central Financial Leading Group Office, believes that the revitalization of the real economy is the main task of supply side structural reform. The past two to three years, the financial sector as a proportion of GDP increased rapidly, but the proportion of the manufacturing sector is rapidly declining, this change is not normal. China from low-income countries into middle-income countries, to become the world's second largest economy, relying on the real economy, in the future to enter high-income countries can only and must rely on the real economy.
Yang Weimin said that the revitalization of the real economy on the one hand to go to production capacity, on the other hand to improve product quality; both to promote the strategic development of new industries, but also pay attention to the use of new technologies, new formats to enhance the overall transformation of traditional industries; Both inside and outside the market, two kinds of resources; it is necessary to improve the quality of large enterprises, but also attach great importance to the development of small and medium-sized enterprises.

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