(1) 4 trillion investment to boost domestic demand. A large part of China's rapid economic growth depends on exports, the financial tsunami has led to a sharp contraction in external demand, the rise of international trade protectionism has led to a serious setback in China's exports. In the face of such a situation, China wants to maintain the original economic growth rate, must capitalize on domestic demand. China has a population of 1.3 billion, accounting for 1/5 of the world's population, and the Chinese people do not advocate overspending like Americans do, and every household has a certain amount of savings, so there is a lot of potential for consumption can be tapped. The country's policy of boosting domestic demand was introduced precisely to develop domestic consumption potential in order to tide over this difficult period. Since government investment and government consumption have always been robust, while residents' consumption is insufficient and the social security and service system is relatively weak, the 4 trillion dollars can only be maximized if it is invested in education, medical care, unemployment protection in order to, housing security and the construction of basic facilities. The following is the focus of this 4 trillion investment and capital budget: low-cost housing, shantytown renovation and other security housing 400 billion, rural water, electricity, road and gas housing and other livelihood projects and infrastructure 370 billion, railroads, highways, airports, water conservancy and other major infrastructure construction and urban grid renovation of 1,500 billion, health care, education, culture, and other social undertakings such as development of 150 billion, energy conservation, emission reduction and ecological projects 210 billion, self-sufficient innovation and structural adjustment 370 billion, post-disaster recovery and reconstruction 100 billion. From the above investment ratio can be seen, the state's investment in infrastructure construction, post-disaster reconstruction, livelihood projects and housing security is relatively large.
(2) Ten industrial adjustment and revitalization plan. The state has formulated a revitalization plan for ten major industries, including the automobile industry, iron and steel industry, textile industry, shipping industry, equipment manufacturing industry, electronic information industry, light industry, petrochemical industry, non-ferrous metal industry and logistics industry. The planning of the automobile industry took the lead, focusing on five aspects: First, to cultivate the automobile consumer market. From January 20 to December 31, 2009, the vehicle purchase tax for passenger cars with a displacement of 1.6 liters or less was reduced by 5%, and from March 1 to December 31, 2009, the state arranged 5 billion yuan to provide farmers with a one-time financial subsidy for the scrapping of three-wheeled vehicles and low-speed trucks in exchange for the purchase of light trucks and the purchase of microbuses with a displacement of 1.3 liters or less. It will increase subsidized funding for the scrapping and renewal of old vehicles, and clean up and eliminate unreasonable regulations restricting the purchase of automobiles. Secondly, we should promote the reorganization of the automobile industry. Support large automobile enterprise groups to carry out mergers and acquisitions, and support the backbone enterprises of auto parts to expand their scale through mergers and acquisitions. Third, to support enterprise independent innovation and technological transformation, the next three years the central arrangements for 10 billion yuan of special funds, focusing on supporting enterprise technological innovation, technological transformation and new energy vehicles and parts development. Fourth, the implementation of new energy vehicle strategy, promote the industrialization of electric vehicles and their key components. The central financial arrangements for subsidies to support energy-saving and new energy vehicles in large and medium-sized cities demonstration and promotion. Fifth, to support the development of automobile manufacturers to develop their own brands, accelerate the construction of automobile and parts and components export base, the development of modern automobile service industry, improve automobile consumer credit. And these five major initiatives, consumers and enterprises have the greatest impact on the first. "Reduction" of small-displacement car purchase tax not only allows consumers to get the benefits (buy a 100,000 yuan car can save about 8500), while the rise in consumer confidence will also increase the demand for automobiles, so that automotive companies see the hope.
While the real estate industry was eventually not included in the top ten revitalization of industry, but taking into account the real estate industry to stimulate domestic demand and increase the national revenue played an indispensable role (according to the relevant calculations show that the real estate industry, every reduction in the amount of 1 million square meters of construction, will affect the employment of 300,000 people, reducing the demand for 20,000 tons of steel, reducing the demand for 80,000 sets of windows and doors, and reducing the sanitary wares of 20,000 sets of about Demand. Real estate industry in China's fixed asset investment has accounted for the proportion of about 1/4, and upstream and downstream *** involving more than 50 industries), in 2008 the state adjusted the real estate tax policy three times, one of which was in March 2008, the reduction and exemption of low-cost housing and affordable housing construction and operation of the relevant taxes, as well as the reduction and exemption of the relevant taxes involved in the rental of housing; and the second is the second is the November 2008 on individual The second is the reduction of the deed tax rate for first-time purchasers of ordinary housing of less than 90 square meters to a uniform rate of 1%, as well as the exemption of stamp duty and land value-added tax; and the third is the issuance of Document No. 131 of the Office of the State Council in December 2008, which stipulates a one-year temporary reduction of the business tax on the transfer of housing. Local governments were also encouraged to introduce stronger measures to rescue the market. Local governments also responded positively. The Nanjing government issued 40,000 ****counting 2.4 trillion yuan home purchase consumption vouchers on April 16***, 2009, and it is estimated that the vouchers can pull in about 4 billion yuan of commercial housing sales. The revitalization of real estate will directly boost demand for steel, cement and other industries, thus providing a large number of jobs. At the same time, the healthy growth of the real estate industry contributes greatly to the country's fiscal revenue. Therefore, the country has a considerable part of the 4 trillion investment is related to the real estate industry.
(3) Reform of the medical and health system: On April 6, 2009, Xinhua News Agency was authorized to release the Opinions of the Central Government and the State Council on Deepening the Reform of the Medical and Health System. The Opinions set forth the immediate goals of "effectively reducing the burden of medical expenses on residents and effectively alleviating the 'difficulty and expense of seeing a doctor,'" as well as "establishing a sound basic medical and healthcare system that covers urban and rural residents, and providing the public with a safe, effective, convenient, and affordable medical care system. The long-term goal is to "establish a sound basic medical and healthcare system that covers urban and rural residents, and provide the public with safe, effective, convenient, and inexpensive medical and healthcare services". 850 billion yuan of investment in healthcare reform is being used to ensure support for five key reforms: accelerating the promotion of the basic healthcare security system, initially establishing a national basic drug system, improving the primary medical and healthcare system, promoting the gradual equalization of basic public healthcare services, and advancing the pilot reform of public hospitals. Reform of the medical and healthcare system will effectively enhance the medical protection of urban low- and middle-income earners and farmers, weakening their demand for preventive savings and thus promoting private investment and consumption.
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Here are more detailed policies:
In response to the financial crisis' negative impacts such as economic contraction and increased unemployment, there are mainly the following Policy measures, it should be said that these policy measures and economic growth, inflation, unemployment, balance of payments 4 aspects of the country's macroeconomic purposes are related to the positive impact:
(1) Monetary policy, on the other hand, from July 2008 on a timely and large adjustments. Reduce the open market hedging efforts, successively stop issuing 3-year central bank bills, reduce the frequency of issuance of 1-year and 3-month central bank bills, to guide the central bank bill issuance rate downward appropriately, to ensure the supply of liquidity.
(2) Loose monetary policy. September, October, November, December successive reductions in the benchmark interest rate, cut the reserve requirement ratio, the decline in the reserve requirement ratio, the decline in the benchmark lending rate, the purpose is to increase the supply of money in the market, expanding investment and consumption.
(3) October 27, 2008 also implemented The first set of housing loan interest rate of 70% discount; support for residents to purchase for the first time the ordinary owner of housing and improvement of ordinary housing.
(4) Removed constraints on commercial bank credit planning.
(5) Adhering to the principle of differentiated treatment and pressure, financial institutions are encouraged to increase loans for reconstruction of disaster areas, "three rural areas", small and medium-sized enterprises, etc.
(6) The government has also abolished the restrictions on commercial banks' credit planning.
(6) Promote foreign trade: the import and export industry is the first to bear the brunt of the impact, and a large number of employees (according to statistics has reached 100 million people). One is to increase the export tax rebate; the other is the appreciation of the RMB, both of which are means to increase the competitiveness of exports;
(7) Foreign economic cooperation and coordination (such as currency swaps between China, Japan and South Korea, etc.).
The above are the main monetary policies, other policies
(1) loose fiscal policy: reduce taxes (already implemented the decline of securities transaction tax and the abolition of interest tax), expand government spending (40,000 million to stimulate domestic demand is being implemented);
(2) promote foreign trade: import and export industry is the first to bear the brunt of the impact and the number of people employed Many people (according to statistics has reached a hundred million people). One is to increase the export tax rebate; the second is the appreciation of the RMB, are the means to increase the competitiveness of exports;
(3) to reduce the burden on enterprises: the adjustment of the labor law, etc.;
(4) to strengthen the social security/medical care expenditures of the public **** finance, to maintain the stability of the environment of socio-economic development.
(5) Industrial revitalization plan .
Policy Purpose: The Chinese government decisively introduced corresponding policies to promote economic growth and reduce the impact of the financial crisis on China's real economy.