Strike while the iron is hot, let the package of incremental policies continue to exert force|surging editorial (2024)

Strike while the iron is hot, let the package of incremental policies continue to exert force|surging editorial (1)

Confidence has returned, expectations have stabilized, and the big ship of China's economy will still ride the wind and waves and move forward steadily.

Strike while the iron is hot, let the package of incremental policies continue to exert force|surging editorial (2)

On October 6, passengers prepare to take a train at Qinhuangdao Railway Station in Hebei Province. Xinhua News Agency

On October 8, the State Council Information Office held a press conference to introduce the relevant situation of "systematically implementing a package of incremental policies to solidly promote the optimization of the upward structure of the economy and the continuous improvement of the development trend". Zheng Shajie, director of the National Development and Reform Commission, said that with the continued release of the effects of various stock policies, especially the introduction and implementation of incremental policies, the market is expected to improve significantly in the near future.

Recently, the national level has launched a package of incremental policies in five aspects: increasing the counter-cyclical adjustment of macro policies, expanding effective domestic demand, increasing assistance to enterprises, promoting the real estate market to stop falling and stabilizing, and boosting the capital market. In terms of results, positive feedback was quickly given in all areas.

For example, in terms of consumption, during the past "Eleventh" Golden Week, 765 million domestic trips were made across the country, a year-on-year increase of 5.9% on a comparable basis; The total travel expenditure of domestic tourists was 700.817 billion yuan, a year-on-year increase of 6.3% on a comparable basis. In the field of real estate, the number of houses and sales in many places has increased significantly, and the property market has shown signs of recovery; In terms of the capital market, on the first trading day of A-shares after the holiday, the three major stock indexes once again continued to rise sharply......

These comprehensive feedbacks show that the incremental policy package is accurate, realistic and effective. This not only provides a positive reference for the scientific use of policy tools, but also shows the important role of macroeconomic regulation and control in stabilizing expectations and improving confidence at a critical moment, and once again writes a vivid footnote for the organic combination of an effective market and a promising government.

There are two characteristics of the incremental policy package and the positive effects it has achieved that are worth summarizing.

First, the implementation of macroeconomic policies must adhere to coordination and cooperation. Economic and social development is a complex system project, and only by implementing policies systematically can the effect of macroeconomic policies be maximized. At the same time, the policy "combination punch" must not only have strength, but also grasp the rhythm. This time, it is generally reflected that many measures have exceeded expectations, and the timing and rhythm of the launch are also very reasonable. For example, holding an important press conference on the first working day after the holiday is a kind of "striking while the iron is hot", which is conducive to maximizing the release of policy dividends and boosting the continuous improvement of social expectations.

Second, we should insist on seeking truth from facts and always move in the same direction as social expectations. For example, promoting the stabilization of real estate, reducing the stock of housing loans, and boosting the capital market are all key links in promoting the current economic improvement, and they are also the most anticipated by the society. For another example, the press conference proposed that it is necessary to further standardize the administrative law enforcement behavior of administrative law enforcement units, speed up the legislative process of the law on the promotion of the private economy, and create a good environment for the development of the non-public economy. If the private economy is good, China's economy will be good, which is the key to stabilizing expectations and boosting confidence.

Of course, while seeing the highlights and results of the policy package, we must also face up to the difficulties and pressures that exist. As Zheng Shajie pointed out, the current external environment has become more complex and severe, and the downward pressure on the domestic economy has increased. Since the third quarter, major economic indicators such as industry, investment and consumption have fluctuated, and risks and hidden dangers in some areas are still large.

This means that the development of policies should be a continuous and continuous improvement process, and we must not only strengthen our confidence but also keep a clear head about the results that have been achieved. For example, while solidly promoting the implementation of the package of policies and insisting on playing a good "combination punch", it is also necessary to reserve space and enrich the policy "toolbox", so as to optimize and adjust the direction of policy forces in a timely manner according to market feedback, and implement more incremental policies.

Confidence is more important than gold. As the effects of various stock policies continue to be released and incremental policies are introduced and implemented, it is believed that the market is expected to further improve. Giving full play to the positive role of the "visible hand" through scientific and effective macroeconomic policies is also an important foundation for supporting the confidence of all sectors in China's economic development. Confidence has returned, expectations have stabilized, and the big ship of China's economy will still ride the wind and waves and move forward steadily.

Edited by Gan Qiongfang

Typesetting|Gan Qiongfang

The Paper Commentary's exclusive manuscript shall not be reproduced without authorization

Strike while the iron is hot, let the package of incremental policies continue to exert force|surging editorial (3)
Strike while the iron is hot, let the package of incremental policies continue to exert force|surging editorial (2024)
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