National Development and Reform Commission: firmly implement the strategy of expanding domestic demand moderately ahead of infrastructure investment

People’s Daily Online Beijing, February 6 (sun Hongli)2022, China’s economic trend?An official with the National Development and Reform Commission (NDRC) said in an interview with Xinhua News Agency that although the external environment is becoming more complex, grim and uncertain, and China’s development is facing triple pressures unseen in years, there are still many favorable factors and conditions supporting China’s development.China’s economy is resilient, has great potential, has broad prospects, and enjoys long-term growth. We have the foundation, conditions, confidence, and ability to maintain steady, sound, and sustainable economic development.In the interview, the relevant person in charge of the National Development and Reform Commission elaborated the favorable factors supporting development and the key points of the current macro control and control. The main points are as follows:On the basis of development, China’s overall national strength will continue to grow significantly. By 2021, China’s GDP will exceed 114 trillion yuan.In terms of factors of production, we worked hard to address shortages of factors of supply, and significantly increased the guarantee of energy and raw materials.High-quality coal production capacity was released, prices dropped significantly, and electricity supply was stable and orderly.In 2021, the output of integrated circuits increased by 33.3% from the previous year, and the supply of automobile chips gradually increased.From an internal driving force, we accelerated efforts to foster a strong domestic market and made new strides in building a new pattern of development.There is huge potential for consumption growth.Traditional industries are accelerating their expansion into digital, networked and intelligent industries, emerging industries are booming, major regional strategies and the new type of urbanization are actively advancing, and investment demand is constantly stimulated.Reform in key areas was deepened and opening-up continued to expand.In terms of policy support, we strengthened the integration of cross-cyclical and counter-cyclical macro-control policies, and continued to release the combined effects of the seven major policies — macro, micro, structural, scientific and technological, reform and opening up, regional, and social policies.There is still considerable room for macroeconomic policy and we have plenty of policy tools at our disposal, which will enable us to maintain steady economic performance.At present, the focus of macro regulation is to ensure stability. We need to ensure that our macro policies are consistent, stable and sustainable, make them more forward-looking, targeted and effective, and keep the pace, intensity and focus of our policies in order to stabilize the overall macroeconomic market.Proactive fiscal policy we will make fiscal policy more effective. We will take targeted measures to cut taxes and fees on micro, small and medium-sized enterprises, individual businesses, manufacturing and other key industries.We need to follow a prudent monetary policy that is flexible and appropriate, maintain adequate liquidity, and guide financial institutions to increase support for the real economy.We will implement the policy of giving top priority to employment and ensure employment for key groups.We will strengthen overall policy coordination between last year and this year. The cross-cycle adjustment policies introduced last year will continue to have an impact, and a series of new policy measures will be introduced this year. We need to ensure effective coordination.We will strengthen overall planning and coordination of policies among government departments and effectively link economic and non-economic policies.All policies should be evaluated and analyzed before they are introduced. Policies conducive to economic stability should be actively promoted, and policies with contractionary effects should be introduced with caution.To get the economy off to a steady start, we need to make policy decisions at a higher level than we did in the first quarter of this year, when there were many uncertainties. We need to move the focus of policy action forward as appropriate, make early arrangements, act early, and deliver early results, and respond to various challenges with a stable economic performance.We will promptly introduce and implement a series of policies and measures to expand domestic demand.Timely study and put forward targeted measures to invigorate industrial operation.Moderately advance infrastructure investment, and strive to form more physical workload in the first quarter.We will steadfastly implement the strategy of expanding domestic demand, focus on releasing consumer demand and guide enterprises to introduce more customized, intelligent, and green products.We will implement policies and measures to boost consumption of major items such as automobiles and home appliances.We will improve the service quality of rural tourism, health and elderly care, and special home stay facilities, and enrich the supply of tourism products for surrounding areas, outings, and snow and ice travel.We will promote the integration of consumption of goods and services, and expand new types of consumption such as information consumption and green consumption.We will move faster to integrate county and rural e-commerce systems and express delivery systems.We will promote rational growth of investment, carry out infrastructure investment in an appropriate and advanced manner, and make solid progress in implementing the 102 major projects planned for the 14th Five-Year Plan.We will promote the development of new types of infrastructure, and increase support for upgrading traditional industries to make them more sophisticated, intelligent, and green.We will strengthen the guarantee of land use for major projects, including land use for Marine energy and other factors, and fully use the land for investment from the central government budget and special bonds of local governments.We will improve the environment for the development of the private economy, actively mobilize the vitality of private capital, and strengthen effective supervision over capital in accordance with the law.We will make solid progress in promoting common prosperity, expand the middle-income group, and raise people’s incomes.We will ensure that workers with new forms of employment receive reasonable remuneration for their work, and establish and improve public services and security systems that are compatible with flexible employment.We will promote national pooling of basic old-age insurance.We will make basic public services more equitable.We will continue to encourage both rental and purchase, accelerate the development of the market for long-term rental housing, and promote the construction of low-income housing.We will promote balanced development between urban and rural areas and between regions to unleash the potential of domestic demand.We will comprehensively promote rural revitalization and continue to promote the development of poverty-stricken areas.We will make steady progress in developing city clusters and metropolitan areas and improve the quality of new urbanization.

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