The State Council Information Office held a press conference on the morning of February 24, the National Development and Reform Commission Secretary General Cong Liang, the Ministry of Industry and Information Technology Chief Engineer Tian Yulong, Assistant Minister of Finance Ou Wenhan, Vice Minister of Human Resources and Social Security You Jun, Assistant Minister of Commerce Ren Hongbin, the People's Bank of China Vice President Chen Yulu, to introduce the co-ordination of the new Crown pneumonia epidemic prevention and control and economic and social development work, and answer reporters' questions.
The press conference, from the six ministries and commissions of the relevant person in charge of the detailed introduction of the current situation of the resumption of work and production of enterprises, the production of medical supplies, as well as the next step of fiscal policy, monetary policy, foreign trade policy and other aspects of the support initiatives that will be introduced.
First look at the main points of this conference:
1, the current enterprise resumption of production has made positive progress, large-scale enterprises relative to small and medium-sized enterprises resumption of production progress faster, the upstream industries and capital technology-intensive enterprises relative to downstream industries and labor-intensive enterprises progress faster.
2, the key medical materials to protect the enterprise's resumption of production rate is relatively high, the five categories of medical materials enterprise resumption of production rate, the start-up rate of some reached or exceeded 100%. The daily output of medical protective clothing has reached more than 200,000 sets, and the daily output of N95 masks has reached 919,000 units.
3, the epidemic prevention and control exposed our social governance, public **** health facilities, emergency capacity building, material reserve system and other areas there are still some shortcomings and weaknesses.
4, continue to study the introduction of phased targeted tax cuts and fee reduction policies, focusing on supporting the resumption of production in a number of industries, to help small and medium-sized micro-enterprises to tide over the difficulties. Increase transfer payments, further tilted to places more affected by the epidemic. Expand the scale of issuance of local government special bonds to form effective investment as soon as possible.
5. The fundamentals of the overall stability of China's employment situation have also remained unchanged. Will focus on the employment of college graduates, guiding employers to postpone interviews, medical examinations, contracting, and acceptance, to help graduates can successfully graduate, as early as possible employment. Encourage rural migrant workers in low-risk areas to return to work as soon as possible, adopt the "point-to-point one-stop" direct transportation services, and implement a 24-hour key enterprise labor scheduling guarantee mechanism.
6, continue to maintain a reasonable abundance of liquidity, through the policy rate of interest rates to guide the role of the overall market interest rates continue to decline. Make full use of the existing inclusive monetary policy tools, to increase policy efforts. In the near future, inclusive financial targeted reduction will also be the annual dynamic adjustment, there will be more banks that meet the standard to get preferential policy support.
7, the current monitoring seems to start close to 30%. At present, small and medium-sized enterprises to resume work to resume production is mainly faced with "five difficult", difficult to resume work, difficult to use, difficult to support the industrial chain, difficult to support the funds, difficult to order delivery. The next step is to effectively put the financial and fiscal incentives on the ground. The small and medium-sized enterprises can get benefits, including exemption of pension, unemployment, industrial injury, insurance contributions, exemption of vehicle tolls, including slow payment of social insurance, etc., to reduce the financial pressure on small and medium-sized enterprises.
8, as of February 23, all levels of finance *** arrangement of epidemic prevention and control funds 99.5 billion yuan, of which the central financial *** arrangement of 25.52 billion yuan.
Central Bank of China to explain what is "sound monetary policy will be more flexible and moderate"
Official expression of the subtle changes in monetary policy recently triggered the market heated debate, according to the latest tone, "sound monetary policy will be more flexible and moderate". The latest tone, "stable monetary policy will be more flexible and moderate", then, how to understand the meaning of "more"? In this regard, Chen Yulu gave an authoritative and detailed explanation from the central bank.
Chen Yulu said, sound monetary policy will be more flexible and moderate, mainly three major types of measures to increase efforts:
One is to continue to maintain a reasonable abundance of liquidity, through the guiding role of the policy rate so that the overall market interest rates continue to decline, reduce the cost of financing enterprises.
The second is to make greater use of structural monetary policy tools. On the one hand, has introduced 300 billion special refinancing to continue to use, to land, should be loaned as much as possible, should be loaned quickly, at present there are nearly 1,000 enterprises have been special refinancing, we will continue to make this policy accurate landing. On the other hand, it is also necessary to make full use of the existing inclusive monetary policy tools, such as support for agriculture, support for small re-lending, re-discounting of these monetary policy tools, to increase policy efforts. In the near future, inclusive financial targeted reduction will also be the annual dynamic adjustment, there will be more up to standard banks to get preferential policy support.
Thirdly, the role of policy finance should be more fully utilized. In the previous stage, the three policy banks took the initiative to take many financial measures to support the epidemic prevention and control, and these measures have played a very good role. The next step, the central bank will be more vigorous to support the three policy banks to continue to play a role in supporting the State Development Bank of the manufacturing enterprises, support the Export-Import Bank of foreign trade enterprises, support the Agricultural Development Bank of the whole industrial chain of pig production enterprises to expand financing support.
Currently, the benchmark interest rate for 1-year time deposits is 1.50 percent, the lowest level since the establishment of the system. Recently, financial institutions have been more vocal about lowering the benchmark deposit rate. However, due to inflationary pressures and the impact of cutting interest rates will release too strong easing signals, the market for whether to reduce the benchmark deposit rate is controversial.
China Financial Forty Forum (CF40) members, the Yangtze River Securities chief economist Wu Ge said to brokerage China reporter, different subjects of the deposit benchmark interest rate adjustment of the demand is not the same, the bank hopes to reduce interest rates to maintain the spread, but objectively speaking, taking into account the current CPI is at a high level, for the public, the downward adjustment of the benchmark interest rate of deposits will be in the short term will be the loss of interest; however, the On the other hand, look, the benchmark deposit rate down, can be more stimulate the bank to lower the lending rate of power, thus promoting economic growth, from the medium and long term to benefit the whole society.
"I personally believe that the current downward adjustment of the benchmark deposit rate is two can. But in order to hedge the impact of the epidemic on the economy, more critical is to guard against the contraction of broad credit. Therefore, the current urgency of using quantitative monetary policy tools than the use of price-based monetary policy tools, base money injection, targeted downward adjustment will still have space." Wu Ge said.
CF40's latest quarterly macroeconomic report, released on February 24, suggested that from the perspective of policy tools, fiscal policy should play a leading role. Fiscal policy is characterized by precise targeting, temporary nature, and short policy lag, and is suitable for coping with one-off short-term shocks of epidemics. In contrast, the aggregate policy tools of monetary policy are not suitable for dealing with epidemic shocks. Aggregate policy tools in monetary policy are not targeted, cannot be limited to a specific time, and have a long policy time lag, making them unsuitable for responding to epidemic shocks. The main tasks of monetary policy:
One is to ensure abundant market liquidity;
Two is to prevent the epidemic may bring serious negative impact on broad credit;
Three is to strive to bring the economic growth rate back to the potential rate of economic growth.
Expanding the scale of local government special bond issuance
Fiscal policy, the conference, Ouwenhan also on the next step of how to play a "positive fiscal policy to be more active" to introduce specific policy initiatives.
Ou Wenhan said, on the one hand, to grasp the introduction of fiscal subsidies large-scale fee reductions, slow payment of taxes and other policies, to ensure that as soon as possible to see the results. On the other hand, to reflect a more positive and active orientation, increase policy efforts to prevent the economic operation slipped out of the reasonable range, to prevent short-term shocks evolved into trend changes. Specifically:
One is to continue to study the introduction of phased targeted tax cuts and fee reduction policies, focusing on supporting the resumption of production in a number of industries, and helping small and medium-sized micro-enterprises to tide over the difficult times.
The second is to focus on the use of some of the central sector's stock of funds, co-ordinated for the prevention and control of epidemics, and to protect key expenditures such as poverty alleviation and building a moderately prosperous society in all aspects.
Third, transfer payments should be increased. Further tilted to the places more affected by the epidemic, to ensure that the grassroots to protect wages, functioning, basic livelihood.
The fourth is to expand the scale of local government special bond issuance, in accordance with the principle of "funds follow the project", to guide localities to do a good job of project reserves and preparatory work, as soon as possible to form an effective investment.
CF40 senior researcher Zhang Bin said to brokerage China reporter, the current macroeconomic operation presents a low level of aggregate demand, the economic growth rate is lower than the potential growth rate of the characteristics, to prevent the risk of contraction of broad credit is particularly important. Loose monetary policy is necessary, but the role is limited, more critical, is to expand the scale of government bond issuance as soon as possible. For example, may consider issuing as soon as possible 1 trillion-1.5 trillion special treasury bonds to fill the various preferential policies and increase spending required funds, which is to make up for the government revenue and expenditure gap, to prevent the collapse of broad credit and the local government revenue and expenditure gap secondary damage to the key guarantee.
"The issuance of special treasury bonds can increase the broad credit of the whole society, make up for the decline in commercial lending during the epidemic phase, and help maintain the basic stability of broad credit growth. Issuing low-cost, long-term special treasury bonds with government credit is the best way to finance the gap between revenues and expenditures." Zhang Bin said that the need to learn from the lessons of the past economic stimulus package, the government revenue and expenditure gap can not allow local governments to finance from commercial financial institutions, which in fact is to give up the advantage of using government credit low-cost financing, not only the financing cost is higher, but also may leave a large number of non-performing assets to the financial institutions to increase the systemic financial risks. The government revenue and expenditure gap can not let the enterprise to pay for, this did not play to help residents and the business sector to tide over the difficulties of the original policy intention.
However, Wu Ge, Zhang Bin also said, considering the issuance of special bonds involved in the legal process is relatively cumbersome and complex, the current expansion of the local special debt issuance scale is not a more realistic approach.
Introducing the latest progress of the resumption of work and production
Currently, while doing a good job of epidemic prevention and control, it is equally important to categorize and orderly promote the resumption of work and production. Cong Liang disclosed that the current enterprise resumption of work and production has made positive progress, large-scale enterprises relative to small and medium-sized enterprises resumption of work and production progress faster, the upstream industry and capital technology-intensive enterprises relative to the downstream industry and the progress of labor-intensive enterprises faster. The resumption rate of industrial enterprises above the national scale has gradually increased, with Zhejiang having exceeded 90%, and Jiangsu, Shandong, Fujian, Liaoning, Guangdong and Jiangxi having exceeded 70%. In particular, the key areas of national livelihood enterprises are speeding up the resumption of production, the relevant enterprises are working overtime, full production, mask enterprise capacity utilization rate has reached 110%.
However, Congliang frankly admitted that the epidemic did bring a greater impact on China's economic operation, from the beginning of the Spring Festival holiday consumption and the impact of related services, and later delayed the resumption of production, some enterprises, especially small and medium-sized enterprises have encountered greater difficulties in production and operation.
So the next step, the National Development and Reform Commission will be subdivided and graded in an orderly manner to promote the resumption of work and production of enterprises, so that the flow of people, logistics, capital flow in an orderly manner to rotate up, focusing on the following work:
One is to increase the macro-policy regulation. Positive fiscal policy to be more active, prudent monetary policy to be more flexible and moderate, continue to study the introduction of targeted tax cuts and fee reduction measures to help small and medium-sized micro-enterprises to tide over the difficulties. Actively expand domestic effective demand, promote consumption back and potential release.
The second is to grasp the emergency policy measures have been introduced to implement. Increase support for key industries and small and medium-sized enterprises, the implementation of tax cuts and fee reductions, financial services, rent reductions and subsidies to stabilize jobs and other policies.
Thirdly, we should make good use of the shortcomings and weaknesses of the work. The epidemic prevention and control exposed the existence of some areas of short board weaknesses, we must seriously summarize the experience and lessons learned, with greater efforts, more accurate to make up for. These are both expanding domestic demand, promote the development of new opportunities, conducive to the cultivation and growth of new points of economic growth, the more critical is that it will lay a good foundation for China's future sustained and healthy economic and social development.
"This outbreak prevention and control exposed our social governance, public **** health facilities, emergency capacity building, material reserve system and other areas there are still some short boards weaknesses. Short board is the next step in the investment growth potential is where the development space. We will make up for the shortcomings and weaknesses with greater vigor and precision to improve the quality and effectiveness of economic development. At the same time, we will continue to strengthen economic monitoring, forecasting and early warning and policy pre-research reserves." Cong Liang said.
Six major initiatives to stabilize foreign trade
As one of the "troika" driving economic development, foreign trade has been receiving widespread attention. Foreign trade enterprises in addition to facing domestic enterprises **** the problem, but also faced with the difficult to receive orders, difficult to fulfill, poor international logistics, trade barriers to increase a number of external factors, the two sides of the problem superposition, so that the situation of foreign trade is more complex and severe.
In this regard, in order to help enterprises resume work and production, to protect orders, to protect performance, to protect the market, the Ministry of Commerce issued a response to the epidemic "stabilize foreign trade, foreign investment and promote consumption" 20 policies. According to Ren Hongbin revealed that the next step, the Ministry of Commerce will make every effort to stabilize the basic plate of foreign trade, focusing on the following aspects of work:
One is to further enrich the policy toolbox. Focus on export tax rebates, trade financing, export credit insurance, trade facilitation and other aspects of increased efforts.
The second is to further optimize the layout of the international market. The key markets along the "Belt and Road" have implemented one policy for each country to promote smooth trade.
Third, more precise help for enterprises. Summarize and promote the good practice and experience of resuming work and production and stabilizing the supply chain in various places, and provide legal assistance to minimize the losses of enterprises.
Fourth, to support the rapid development of cross-border e-commerce, market procurement and other new forms of foreign trade, and accelerate the construction of international marketing networks.
Fifth, deepen opening up to the outside world and actively expand imports. We will carefully organize the Third China International Import Expo and build an innovative demonstration zone for import trade promotion.
Sixth, we will strengthen communication and coordination with our economic and trade partners, call on WTO members to lift unnecessary restrictive measures as soon as possible, create a favorable international trade environment, and ****together maintain the stable and healthy development of the global supply chain.
N95 mask daily output has been nearly 920,000
With enterprises resuming work and production one after another, the tension between supply and demand of key medical supplies has been eased somewhat. According to Tian Yulong, the current key medical supplies to ensure that the resumption of production rate is relatively high, the five categories of medical supplies business resumption of production rate, the start-up rate of some of them reached or exceeded 100%, took the side of the supply side of the resumption of production and expansion of production initiatives, the production capacity of the medical supplies continue to be released, the first-line medical personnel in Hubei, the need for the key medical supplies to get the basic protection.
Tian Yulong, a member of the party group of the Ministry of Industry and Information Technology, chief engineer (Xu want to take pictures)
Medical protective clothing production capacity supply, on January 28, the daily output is less than 10,000 sets, so far, the daily output has reached more than 200,000 sets. Production enterprises began less than 20, and now the expansion of production and transfer of production reached more than 50, full steam ahead, there are nearly a hundred has been successively obtaining new qualifications, are successively starting. The number of medical protective clothing guaranteed for Hubei has exceeded more than 2 million pieces, not only a strong guarantee of the needs of the front line, but also to take into account the urgent need for protective clothing in Beijing and other parts of the country where the epidemic is more serious.
Isolation suit production scale is relatively large, the protection is also relatively large, we are now protecting the front line of Wuhan, Hubei Province reached more than 700,000 pieces, as well as medical isolation masks, masks, the daily output reached 40,000 pieces. In terms of elimination supplies, the enterprise resumption rate is also relatively high, now more than 80%.
In terms of mask production, the daily output of N95 has reached 919,000 on Feb. 22, which is 8.6 times of Feb. 1. Since February, through the unified scheduling of the country, 3.3 million masks have been dispatched from the provinces where N95 masks are produced, focusing on safeguarding Wuhan in Hubei province, and other areas including Beijing and other places where there is no production capacity of N95, among which 2.68 million medical N95 masks are dispatched to Wuhan, which is the first time for the production of N95 masks in China. N95 masks 2.68 million, the recent daily dispatch of more than 150,000, coupled with Wuhan's local production, the daily supply of medical N95 masks more than 300,000, fully able to protect more than 60,000 front-line health care workers protection needs.