Home » Xi Jinping held the Shenzhen Reform Commission meeting with unusual economic expressions (Figure) Consumption | Domestic demand | Financial news |

Xi Jinping held the Shenzhen Reform Commission meeting with unusual economic expressions (Figure) Consumption | Domestic demand | Financial news |

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The Chinese economy is at risk of a hard landing, and the authorities’ attempts to stimulate domestic demand for consumption have also failed. (Image source: Getty Images)

[Look at China December 18, 2021](See a comprehensive report by Chinese reporter Li Zhengxin) On December 17, the President of ChinaXi JinpingPresided overShenzhen Reform CommissionThe meeting pointed out that there is an urgent need to speed up the establishment of a unified national market.Highlight ChinaeconomyThe risk of a hard landing, the authorities try to stimulateDomestic consumptionAlso failed.

According to China’s state media CCTV (CCTV), on December 17, Xi Jinping presided over the 23rd meeting of the Central Committee for Comprehensively Deepening Reform (Shenzhen Reform Commission). Li Keqiang, Wang Huning, and Han Zheng, members of the Standing Committee of the Political Bureau of the CPC Central Committee and deputy directors of the Committee for Comprehensively Deepening Reform of the Central Committee, attended the meeting.

When Xi Jinping presided over the meeting, he emphasized that “there is an urgent need to accelerate the construction of an efficient, standardized, fair competition, and fully open nationwide unified large market, establish a unified national market system and rules, and promote the smooth flow of commodity elements and resources on a larger scale.”

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Xi Jinping also proposed that it is necessary to promote the development of personal pensions suitable for China’s national conditions, government policy support, voluntary participation by individuals, and market-oriented operations, and link up with basic pension insurance and enterprise (occupational) annuities to realize the supplementary function of pension insurance.

The Beijing authorities previously proposed in the “Fourteen Five-Year Plans and 2035 Long-Term Goals Outline” that they should “accelerate the construction of a unified domestic market, and optimize the market environment in accordance with international advanced rules and best practices.”

According to the official explanation, the “national unified market” refers to the reduction of logistics costs. At the same time, the construction of a national unified market will also stimulate consumption and better play the role of consumption in driving economic development.

However, Xi Jinping used the word “urgent” to express China’s economic risks at this deep reform committee meeting, and this means that attempts to stimulate domestic consumption have also failed.

Investment, export, and consumption are recognized as the “troika” that drives the economy, but China’s investment and export growth is weak. In particular, Xi Jinping’s administration’s strategy of internal economic circulation requires people to consume more to expand domestic demand.

In fact, since the outbreak of the COVID-19 epidemic, most groups (especially individual industrial and commercial households) have been affected more obviously and lasted for a relatively long time, dragging down the income growth of relevant groups and suppressing consumption.

At the Central Economic Work Conference held from December 8th to 10th, it was required that “Next year’s economic work should take the lead and make progress while steadily…. Actively introduce policies conducive to economic stability”; “strive to stabilize the macroeconomic market.” , To keep the economy operating within a reasonable range and maintain the overall social stability.”

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The central economic work conference mentioned the word “stable” 25 times, while in 2020 it only mentioned 13 times.

Moreover, the meeting also mentioned that economic development is facing the triple pressure of “demand contraction, supply shock, and weakening expectations”, highlighting Xi Jinping’s concerns about the economic situation in the special year of the 2022 CPC National Congress.

Tang Xinyuan, a special commentator of “Watch China”, pointed out that the most important official meeting on China’s economy is the annual CPC Central Economic Work Conference. This year’s Central Economic Work Conference is particularly critical because it faces increasing pressure from the outside world and China The economy has shown signs of recession. How Zhongnanhai will set the tone for China’s economic policy next year has become the focus of attention from all walks of life.

Li Jin, the chief researcher of the China Enterprise Research Institute, wrote an article that the Central Economic Work Conference’s description of “stable words and progress while maintaining stability” is extraordinary. The reason is that China’s economic recovery is uneven and the downward pressure on the economy has increased. , And there are uncertainties in the epidemic situation and the external environment.

Li Jin pointed out that this imbalance is mainly manifested in that this year’s external demand is significantly better than domestic demand, upstream industries (such as kerosene) are significantly better than downstream, large and medium enterprises are significantly better than small and micro enterprises, and industries are significantly better than service industries.

However, in the third quarter of this year, China’s GDP growth has fallen to 4.9%. In the fourth quarter, it will fall below 4%. It is still in the shifting period of economic growth next year, and the endogenous growth momentum has weakened. There is a risk of a hard landing if greater measures are not taken to intervene.”

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Editor in charge: Xin He Source: Look at China

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