Xinhua News Agency, Beijing, September 5th Title: Fully release policy effectiveness and further consolidate the foundation of economic recovery — — Relevant departments introduced the continuation policies and measures of the economic stability package.
Xinhua News Agency reporter Wu Yu, Shen Cheng
Recently, the executive meeting of the State Council has deployed successive policies and measures to stabilize the economy. What was the effect of the previous economic stabilization package? How to implement the continuation policy measures? At the routine briefing on the State Council policy held by the State Council Office on the 5th, the heads of relevant departments gave an introduction.

Introduce continuity policy to maintain the momentum of economic recovery and development
The the State Council executive meeting held on August 24th deployed and implemented 19 continuation policies to promote economic stabilization and keep the economy running in a reasonable range.

Yang Yinkai, Deputy Secretary-General of the National Development and Reform Commission, said at the briefing that since the end of May, the package policy of stabilizing the economy has been implemented, and the effect is constantly emerging, and the economy has continued to resume development.
"The second half of the year is a crucial period to make up for the epidemic losses in the second quarter, and it is also a golden period for policies to play a role. We must seize the time window and decisively introduce the continuation policy to effectively maintain the momentum of economic recovery and development." Yang Yinkai introduced that the continuation policy works together from both ends of supply and demand, focusing on expanding effective demand, promoting investment and consumption to increase employment, strengthening energy supply security, stabilizing grain production, ensuring smooth logistics, and continuously reducing the activation of market players, which is conducive to further consolidating the foundation of economic recovery and effectively enhancing the development potential.
The executive meeting of the State Council proposed to increase the quota of policy-oriented development financial instruments by more than 300 billion yuan, and at the same time required to make good use of the local balance limit of special bonds of more than 500 billion yuan according to law.
Yang Yinkai said that this is an important measure to expand effective investment under the current situation. In terms of making good use of policy-oriented development financial instruments, the National Development and Reform Commission will continue to play the role of a coordination mechanism to promote the implementation of new quotas as soon as possible. In terms of making good use of the stock of local government special debt limit, we will do a good job in screening and recommending alternative projects, speed up the signing of funds and the implementation of supporting financing, and vigorously promote the construction of projects.
Use policy tools effectively and effectively to enhance the development momentum.
"At present, China has sufficient monetary policy space and rich policy tools, and there is no shortage of price tools or quantitative tools." Liu Guoqiang, deputy governor of the People’s Bank of China, introduced at the briefing that the People’s Bank of China will increase the credit line of 800 billion yuan to policy-oriented development banks and set up a new credit line of 300 billion yuan for policy-oriented development financial instruments, adding more than 300 billion yuan of financial instruments, and can expand the scale according to actual needs.
"With the concerted efforts of all parties, 300 billion yuan has been completed and more than 900 major projects have been supported." Liu Guoqiang said that an additional quota of more than 300 billion yuan to supplement the project capital will help to give full play to the comprehensive effect of effective investment, such as "supplementing the short board, adjusting the structure and stabilizing the consumption with employment", and support the economic recovery and development. Judging from the alternative projects, the new quota can be landed.
According to reports, the People’s Bank of China will continue to highlight its support for key areas, weak links and industries affected by the epidemic, make good use of small loans to support agriculture, and implement special loans to support clean and efficient use of coal, scientific and technological innovation loans, special loans for inclusive old-age care, special loans for transportation and logistics, small and micro loans for inclusive benefits, and carbon emission reduction support tools.
Liu Guoqiang said that it is necessary to give further play to the guiding role of the quoted interest rate in the loan market and the market-oriented adjustment mechanism of the deposit interest rate, and guide financial institutions to transmit the decline effect of the deposit interest rate to the loan side, so as to reduce the cost of corporate financing and personal credit.
Make good use of the local balance limit of more than 500 billion yuan of special bonds according to law.

Owen Han, Assistant Minister of Finance, said that after the introduction of the economic stabilization package, the Ministry of Finance quickly refined the relevant work, further strengthened the tax refund policy, accelerated the progress of fiscal expenditure, accelerated the issuance and use of special bonds for local governments, and supported small and medium-sized enterprises to solve problems.
Owen Han introduced that by the end of August, a total of 3.52 trillion yuan of special bonds had been issued, and the quota for project construction had been basically issued. At the same time, new infrastructure and new energy projects will be included in the key support scope of special bonds, so as to give full play to the role of special bonds in promoting the expansion of effective investment.
In terms of making good use of the local balance limit of more than 500 billion yuan of special bonds according to law, Owen Han said that the Ministry of Finance intends to guide local governments to make good use of the balance limit according to law, issue new special bonds to support the construction of major projects, support qualified provinces to achieve the expected goals of economic and social development, and consolidate the trend of economic recovery.
Ou Wenhan said that by issuing new special bonds, we will focus on supporting transportation infrastructure, energy, agriculture, forestry, water conservancy, ecological and environmental protection, as well as the construction of new energy projects and new infrastructure projects. At the same time, we will actively study the appropriate expansion of special bond funds investment areas and expand the scope of special bonds used as project capital.
Continue to strengthen efforts to stabilize foreign trade, stabilize foreign investment and promote consumption

Li Fei, Assistant Minister of Commerce, said that in order to implement the decision-making arrangements made by the CPC Central Committee and the State Council, the Ministry of Commerce will continue to strengthen efforts and pay close attention to implementation from three aspects, and promote the economic stability package and the continuation of policies and measures to achieve results in the business field.
First, take measures to stabilize foreign trade. We will accelerate the development of new formats and modes such as cross-border e-commerce and market procurement trade, actively support the export of key products such as new energy vehicles, smooth the channels for foreign trade enterprises to seize orders, provide more convenience for enterprises to participate in exhibitions and negotiate, and help enterprises improve their ability to cope with risks such as exchange rate.
The second is to increase efforts to stabilize foreign investment. We will promptly launch a new batch of policies to stabilize foreign investment, such as promoting manufacturing investment and setting up foreign R&D centers, strengthen the whole-process service and all-round guarantee, promote the landing of a number of key foreign-funded projects, and encourage platforms such as national economic development zones to better play the role of attracting foreign investment.
The third is to actively and effectively promote consumption. We will further promote consumption in key areas such as automobiles, home appliances, and homes, increase targeted relief assistance, and support the recovery and development of catering, accommodation and other industries. On the premise of strict epidemic prevention and control, we will continue to do a good job in consumption promotion activities, actively create new consumption scenarios, improve the urban and rural commercial circulation system, and vigorously promote rural consumption.
(Photo copy: Gao Chang Cartography: Cheng Yuanyuan Content Source: the State Council Press Office website)










































































