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Written by Yu Hui

On July 30, the Political Bureau of the CPC Central Committee held a meeting.Analyze and study the current economic situation and deploy economic work in the second half of the year, deliberate on "Several Provisions on Rectifying Formalism to Reduce Burdens on Grassroots Units".

The Politburo meeting held in late July every year has always been a key meeting for determining the direction of macroeconomic policies in the second half of the year and has attracted much attention.

According to Xinhua News Agency on July 30, on July 26, the CPC Central Committee held a symposium for non-Party members in Zhongnanhai.Current economic situation and economic work in the second half of the yearThe forum was attended by leaders of the central committees of the democratic parties, the All-China Federation of Industry and Commerce, and representatives of non-party personages. Xi Jinping, General Secretary of the CPC Central Committee, presided over the forum and delivered an important speech.

The CPC Central Committee held a symposium for non-Party members in Zhongnanhai

Several important information are worth noting.

First, we must be steadfast in completing our goals and tasks.

Before this Central Political Bureau meeting was held, the national economic performance in the first half of the year had been announced to the public.

On July 15, the National Bureau of Statistics released the 2024 China Economic "Semi-Annual Report". In the first half of the year, China's GDP was 61.7 trillion yuan.Year-on-year growth was 5.0%. In terms of quarters, GDP grew by 5.3% year-on-year in the first quarter and 4.7% in the second quarter.

The spokesperson of the National Bureau of Statistics said that in the short term, the slowdown in economic growth in the second quarter was affected by short-term factors such as extreme weather and frequent flooding and waterlogging disasters, which also reflected the increasing difficulties and challenges in the current economic operation, especially the problem of insufficient effective domestic demand and the lack of smooth domestic circulation. However, in the medium and long term, the fundamentals of stable economic operation and long-term improvement have not changed.

This year's Government Work Report clearly mentioned the main expected development goal for this year - a GDP growth of around 5%.

The Central Political Bureau meeting mentioned thatUnwaveringComplete the annual economic and social development goals and tasks.

Second, analyze the latest situation.

The meeting affirmed the achievements so far this year, pointing out that "the overall economic operation is stable, with steady progress."

At the same time, the meeting also analyzed the latest situation:

• The current changes in the external environment have broughtIncreased adverse effects, insufficient effective domestic demand,Economic operation is dividedHowever, there are still many hidden risks in key areas, and there are pains in the transformation from old to new growth drivers.

Compared with the meeting of the Political Bureau of the Central Committee at the end of April, "economic operations are showing signs of differentiation" is a new expression.

At the press conference of the CPC Central Committee held on July 19, Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission in charge of daily work and director of the Central Rural Work Leading Group, also mentioned the phenomenon of differentiation.

When talking about the difficulties and challenges facing my country's economy, he said, "It is mainly due to insufficient effective demand, operating difficulties of some enterprises and financial difficulties of some localities, which shows that my country's economic recovery is not strong enough.There is differentiation among different regions, industries and enterprises。”

Han Wenxiu mentioned "differentiation in economic operation" at the press conference

How do you view the current economic situation?

At a symposium with non-Party members on July 26, General Secretary Xi Jinping emphasized that my country's current economic development is facing some difficulties and problems.It is a problem in development and transformation, which can be completely overcome through hard work.We must strengthen our confidence in development, maintain strategic focus, and proactively respond to problems and challenges.Use tangible high-quality development achievements to promote the bright future of China's economy。

Third, “developing new quality productive forces in accordance with local conditions” was mentioned twice.

The Politburo meetings held on April 30 and July 30 both emphasized the need to "develop new quality productive forces in accordance with local conditions."

"Develop new quality productive forces in accordance with local conditions" is an important statement made by General Secretary Xi Jinping when he attended the deliberation of the Jiangsu delegation at the Second Session of the 14th National People's Congress.

General Secretary Xi Jinping emphasized thatDeveloping new quality productive forces does not mean ignoring or abandoning traditional industries. We must prevent a rush into industries and bubbles, and we should not stick to a single model.

On July 30, the People's Daily published a signed article by He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council.

The article mentions that the situations in various parts of my country are complex and diverse, and development is unbalanced. When developing industries in practice, we must fully consider the actual conditions of different regions and industries, and adopt measures based on local conditions and provide classified guidance.

"It is necessary to grasp the direction and path of developing new quality productivity according to the local development stage, functional positioning, resource endowment, industrial foundation, scientific research conditions, etc., and develop selectively, sequentially and with focus.We cannot blindly follow the trend or simply apply a single development model。”

The Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation

Fourth, promptly introduce a series of reform measures that are mature, achievable and feasible.

In the second half of this year, the tasks of reform, development and stability are very heavy.

The Central Political Bureau meeting reiterated the adherence to and implementation of the "two unshakable" principles and the "prevention and correction of the use of administrative and criminal means to interfere in economic disputes".

The meeting also mentioned that reform should be used as a driving force to promote stable growth, adjust the structure and prevent risks, and emphasized that "Timely launch of a number of reform measures that are mature, tangible and achievable”。

Fifth, solve the problem of insufficient effective demand.

Insufficient effective demand remains one of the main problems my country faces in further promoting economic recovery.

The Central Economic Work Conference held at the end of last year mentioned that further promoting economic recovery requires overcoming some difficulties and challenges, one of which is "insufficient effective demand."

The Central Political Bureau meetings held on April 30 and July 30 also mentioned the problem of insufficient effective demand.

When deploying economic work in the second half of the year, the Politburo meeting mentioned that macroeconomic policies should continue to be implemented.More powerful。

• Accelerate the full implementation of the determined policy measures, and reserve and launch a batch of incremental policy measures as early as possible.

• Speed ​​up the issuance and use of special bonds, make good use of ultra-long-term special government bonds,Support the construction of security capabilities in major national strategies and key areas, and make greater efforts to promote large-scale equipment upgrades and the replacement of old and new for major durable consumer goods。

The "double heavy" (implementation of major national strategies and building security capabilities in key areas) and the "double new" (promoting large-scale equipment upgrades and replacement of old consumer goods with new ones) are both important measures to expand domestic demand.

Data shows that as of July 5, the Ministry of Finance has issued seven rounds of ultra-long-term special treasury bonds, with a total issuance scale of 308 billion yuan. At present, all 15,000 projects for the additional issuance of treasury bonds in 2023 have started construction.

In addition, large-scale equipment upgrades and trade-ins of old consumer goods have recently received major policy support.

On July 25, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures on Further Supporting Large-Scale Equipment Upgrading and Consumer Goods Trade-in".Coordinated arrangements for approximately 300 billion yuan of ultra-long-term special treasury bond funds, and step up support for large-scale equipment upgrades and trade-ins of old consumer goods.

The Politburo meeting also clearly mentioned that domestic demand should be expanded with a focus on boosting consumption.

"The focus of economic policies should be shifted more towards benefiting people's livelihood and promoting consumption.We need to increase residents’ income through multiple channels and enhance the consumption capacity and willingness of middle- and low-income groups., taking service consumption as an important starting point for expanding and upgrading consumption, and supportingCulture and tourism, elderly care, childcare, housekeepingetc. for consumption.”

The Political Knowledge Editor also noted that in terms of fostering and expanding emerging industries and future industries, this meeting mentioned that it is necessary to provide strong and effective support for the development of gazelle companies and unicorn companies.We must strengthen industry self-discipline and prevent vicious "involutionary" competition.Strengthen the market mechanism of survival of the fittest and smooth the channels for exiting backward and inefficient production capacity.

This is the first time that the Central Political Bureau meeting proposed preventing "involutionary" vicious competition.

The meeting also mentioned that it is necessary to implement new policies to promote the stable and healthy development of the real estate market, adhere to the combination of digesting the existing stock and optimizing the increase,Actively support the acquisition of existing commercial housing for use as affordable housing, further improve the work of ensuring the delivery of housing, and accelerate the construction of a new model for real estate development.

Source: Xinhua News Agency, CCTV, People's Daily Online, etc.

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