By tf-lawyer.com On October 8, the State Council Information Office held a press conference in Beijing to discuss a new set of incremental policies aimed at bolstering the economy and fostering sustainable growth. Zheng Zhanjie, the head of the National Development and Reform Commission (NDRC), took center stage to explain the government’s strategic response to the emerging economic challenges.
During the conference, Zheng emphasized that due to the current economic landscape, the central government has proactively implemented a broad array of incremental policies. These initiatives are designed to enhance macroeconomic counter-cyclical adjustments, boost effective domestic demand, provide increased support for enterprises, stabilize the real estate sector, and revitalize the capital market. Zheng underscored that while the NDRC is focused on mitigating immediate economic challenges, it remains equally dedicated to addressing long-term developmental issues to ensure a foundation for sustainable, high-quality growth.
He identified three primary areas of focus for the new policies: improving the quality of the economy, supporting the healthy development of the real economy and its related entities, and balancing high-quality development with safety. Zheng outlined four core principles that guided the planning of these policies:
1. **Goal Orientation**: Establishing clear yearly objectives and effectively utilizing policy levers to unlock greater development potential.
2. **Problem Orientation**: Addressing the specific needs of businesses and societal challenges while tackling economic and social development hurdles.
3. **Systematic Approach**: Coordinating policies across diverse sectors such as finance, consumption, investment, real estate, stock markets, employment, and public welfare to enhance policy coherence and effectiveness.
4. **Integration of Short and Long-term Strategies**: Ensuring that the policies implemented this year align with those of the following year to foster stable economic growth and effectively conclude the 14th Five-Year Plan.
Zheng noted that carrying out this set of incremental policies will be a complex endeavor requiring targeted and precise strategies for optimal effectiveness and sustainability. He outlined five specific actions to be taken:
1. **Addressing Downward Economic Pressure**: Strengthening macroeconomic counter-cyclical adjustments with a consistent and vigorous approach.
2. **Boosting Weak Domestic Demand**: Focusing incremental policies on improving living standards and stimulating consumption, while effectively leveraging investment.
3. **Supporting Struggling Enterprises**: Enhancing assistance to businesses, optimizing the business environment, and helping them navigate through their challenges.
4. **Revitalizing the Real Estate Market**: Implementing comprehensive measures to stabilize the currently weakened property sector.
5. **Stabilizing the Capital Market**: Rolling out a series of strong measures to uplift the capital market amidst recent fluctuations.
Looking ahead, the NDRC plans to collaborate closely with various departments and regions to implement the central government’s directives thoroughly. By systematically applying the packaged incremental policies and addressing challenges in their execution, the agency aims to foster economic stability, improve structural quality, and ensure ongoing positive development. Zheng expressed optimism about achieving measurable results by the end of the year, laying a firm foundation for the successful conclusion of the 14th Five-Year Plan and a promising launch into the 15th Five-Year Plan.
