Press briefing on China's economic development in 70 years

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How should we understand the significance of developing a powerful domestic market for China's economy at a time when the world economic recovery is weak and external uncertainties are on the rise? What are the government's major policies and measures in this regard? Thank you.

Ning Jizhe:

Just as you've mentioned, developing a powerful domestic market is very significant and important. First, it will help maintain sustained and healthy economic development and better ensure and improve the people's livelihood. Second, it is conducive to promoting a dynamic balance between supply and demand, and advancing high-quality industrial development. Third, it is helpful for hedging the risks brought about by the slowdown of world economic growth, and promoting the steady development of the world economy. Therefore, we must adopt active and efficient measures and step up efforts to ensure "six stabilities" so as to stabilize investment, promote consumption, expand employment, increase income, and createa virtuous cycle of the national economic growth.For this end, we need to focus on the following four aspects.

Ning Jizhe:

First, we should work to expand effective investment, which is one of the important measures to promote the "six stabilities" and maintain stable economic growth. We will increase investment under the government budget, other forms of government investment, enterprise and private investment, and special local government bonds to be used to shore up weak areas, adjust structure and expand domestic demand. We will allocate part of next year's special bonds quota in advance, and inject them mainly into projects concerning transportation, energy, ecological and environmental protection, services for citizens, logistics, municipal services, and infrastructure in industrial parks, so that results can be seen as early as possible. We will reduce the minimum capital ratio of infrastructure projects appropriately to better support effective investment. We will take multiple measures to stimulate private investment and raise the ratio of private investment in total investment to more than 60%. We will speed up the pace and progress of project construction, and focus on building up the number of projects in reserve, so that projects can be launched, constructed and added to the pool one after another, just like "three wheels" working together to help expand effective investment.

Ning Jizhe:

Second, we should endeavor to improve the quality and scale of consumption. This is an effective measure to boost the economy and improve people's livelihood. We will promote the upgrading of consumption, and promote the replacement of the old vehicles, home appliances and consumer electronics with new ones. We will lift the restrictions on automobile consumption. Cities like Guangzhou and Shenzhen have relaxed or lifted purchase restrictions. Cities like Xi'an, Kunming and Guiyang are also considering a similar removal. More regions will follow suit as is appropriate in the future. We will encourage green consumption, and support residents in buying energy-efficient home appliances. We will support the consumption of services by introducing and implementing policies and measures for elderly care, household services and infants and children care services, so as to further stimulate the potential of the consumption of services.

Ning Jizhe:

Third, we should endeavor to bridge the development gap between urban and rural areas. This is an important measure to resolve the problem of imbalanced and inadequate development, and unleash the market's potential. We need to tap into the potential of the "four major regions"[through four development strategies], including the development of the western region, revitalization of the northeast, the rise of the central region as well as supporting the eastern region in spearheading development. We will give full play to the role of the five new strategic growth poles, advancing the coordinated and integrated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze River Economic Belt, the construction of the Guangdong-Hong Kong-Macao Great Bay Area, and the regional integration of the Yangtze River Delta. We will implement the strategy of promoting ecological protection and high-quality development of the Yellow River basin. Projects will be constructed in line with strategic planning to further release the huge market potential. We will also promote the renovation and construction of urban areas, such as the renovation of old residential communities, building of parking lots, and other facilities which the public are very concerned about. We will advance the improvement of the living environment in rural areas, and strengthen the areas with weaker infrastructure and public services there.

Ning Jizhe:

Fourth, we will endeavor to promote industrial upgrading, which is a positive measure to adjust the economic structure and boost development. We will improve new types of infrastructure, such as 5G and Artificial Intelligence (AI), and advance the development of strategic emerging industrial clusters. We will strengthen technological transformation in the key areas of the traditional manufacturing industries, including the application of information technology and the Internet, digital transition and intelligent upgrading, the utilization of energy conservation and environmental protection technology, as well as the development of circular economy. We will actively promote the integrated development of the manufacturing and production-oriented service industry. Thank you.

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