Continue to effectively prevent and resolve risks in key areas (Mid-year Economic Observation)
2024-08-06
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This article is reproduced from [People's Daily Online];
Security is the prerequisite for development, and development is the guarantee of security.
General Secretary Xi Jinping pointed out: "Promoting Chinese-style modernization is a brand-new undertaking, and we will inevitably encounter various contradictions, risks and challenges on the road ahead." "To effectively respond to these risks and challenges and win the strategic initiative in the increasingly fierce international competition, we need to further deepen reform in an all-round way, use a sound system to prevent and resolve risks, effectively respond to challenges, cultivate new opportunities in crises, and create new situations in changing situations."
The Third Plenary Session of the 20th CPC Central Committee proposed: "We must coordinate development and security, and implement various measures to prevent and resolve risks in key areas such as real estate, local government debt, and small and medium-sized financial institutions."
Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments have made systematic plans and continued efforts to coordinate the resolution of risks such as real estate, local debt, and small and medium-sized financial institutions, and have maintained the bottom line of preventing systemic risks. Summer grain production has once again achieved a bumper harvest, energy and resource supply has been stable, the security assurance capabilities of important industrial chains and supply chains have been continuously improved, and the foundation for safe development has been consolidated, providing solid support for my country's economy to withstand pressure, operate smoothly, and make steady progress.
Risks and hidden dangers are handled prudently and orderly, and the policy effects continue to be released
In January this year, General Secretary Xi Jinping delivered an important speech at the opening ceremony of the special seminar for provincial and ministerial-level leading cadres to promote high-quality financial development, emphasizing that "we must persist in making risk prevention and control the eternal theme of financial work" and "we must focus on preventing and resolving financial risks, especially systemic risks."
We will continue to effectively prevent and resolve risks in key areas, resolve and deal with existing risks in a safe and orderly manner, and strictly control new risks. Relevant departments will take multiple measures and the policy effects will continue to be released.
"The house delivery time is much earlier than expected, and we can move into our new home as soon as possible." The smooth receipt of the house and the delivery standards exceeding expectations made Ms. Zhang, the owner of the Beitou Heyuan project in Xingning District, Nanning City, Guangxi, "feel relieved."
Previously, the Beitou Heyuan project had cash flow problems and the project progressed slowly. In January this year, under the coordination and promotion of the local housing and construction department and the Guangxi Financial Regulatory Bureau, Minsheng Bank Nanning Branch invested 330 million yuan in the project, the first real estate development loan under the national urban real estate financing coordination mechanism. By the end of June this year, 42 of the 49 residential buildings in the project had completed completion acceptance or pre-acceptance, and a total of 887 commercial houses had been delivered to owners.
Implementing the urban real estate financing coordination mechanism is one of the key measures to prevent and resolve risks in the real estate sector. Data shows that as of now, 297 cities at or above the prefecture level have established urban real estate financing coordination mechanisms, and commercial banks have approved loans of 1.3 trillion yuan for "white list" projects.
Establish 300 billion yuan of affordable housing refinancing, reduce the minimum down payment ratio of personal housing loans at the national level, cancel the policy floor of personal housing loan interest rates at the national level... Comprehensive measures are taken on both the supply and demand sides to fight the battle of securing the delivery of commercial housing projects and support rigid and improved housing demand. In the first half of this year, the year-on-year decline in sales area and sales of newly built commercial housing nationwide narrowed compared with January to May. In recent months, the online signing area of second-hand houses has increased year-on-year, and the transaction area in first-tier cities in June has increased rapidly month-on-month.
Since the beginning of this year, policies have been implemented in the same direction and governance has been coordinated, and positive progress has been made in preventing and resolving risks in key areas. Positive changes have occurred in the real estate market, the pace of reform and risk reduction of small and medium-sized financial institutions has accelerated, and the prevention and resolution of local debt risks have been coordinated.
In March, the State Council held a video conference on preventing and resolving local debt risks, requiring all regions and departments to "properly resolve existing debt risks and strictly prevent new debt risks." Financial institutions should follow the principles of marketization and rule of law, reasonably use debt restructuring, replacement and other means, classify and implement policies to resolve the existing debt risks of financing platforms, and strictly control incremental debt.
Under the policy guidance of "one province, one policy", the reform of provincial cooperatives has been accelerated, and the reform plans of rural credit in many provinces have been finalized, promoting the reform of system, mechanism, management and momentum in an integrated manner. In line with the changes in the supply and demand pattern of the rural financial market, many places have successively established unified legal person rural commercial banks at the prefecture and city levels, and the merger and reorganization of village banks has continued to advance. At present, the operating and regulatory indicators of various financial institutions in my country are in a reasonable range, and the quality and efficiency of serving the real economy have been significantly improved.
Dong Ximiao, chief researcher at China UnionPay, believes that in the long run, the basic trend of my country's economy recovering and improving in the long run has not changed. There is a solid foundation for maintaining the stability of the financial system. Positive progress has been made in preventing and resolving risks in key areas, consolidating the foundation for overall economic stability and steady progress.
Treat both the symptoms and the root causes, combine long-term and short-term measures, and improve the long-term mechanism for risk prevention and control
General Secretary Xi Jinping pointed out: "We must adhere to the treatment of both the symptoms and the root causes, and combine the long-term and short-term, and firmly hold the bottom line of preventing systemic risks." "We must improve the risk prevention and control mechanism, establish and improve the risk analysis mechanism, decision-making risk assessment mechanism, risk prevention and control coordination mechanism, and risk prevention and control responsibility mechanism."
Since the beginning of this year, policies that focus on the current situation and are based on the long-term have been implemented one after another, focusing on improving the long-term risk prevention and control mechanism and maintaining the stability of the overall economic and financial situation.
Relying on the construction unit's own funds and the 405 million yuan "normal and emergency dual-use" public infrastructure construction loan issued by the Bank of Communications, the construction of the Guangdong Foshan International Land Port Bonded Logistics Center and the International Express Mail Supervision Center is accelerating. After the project is completed, it will be used as a logistics organization in normal times, which can effectively promote the integrated operation of logistics in the Guangdong-Hong Kong-Macao Greater Bay Area; in emergency conversion, it can ensure transportation efficiency and cold chain warehousing requirements.
The "three major projects" of affordable housing construction, urban village renovation and "dual-use" public infrastructure construction are important tools for building a new model of real estate development. Data shows that in the first half of this year, the "three major projects" boosted real estate development investment by 0.9 percentage points.
"Accelerating the construction of a new real estate development model is the fundamental solution to solving real estate development problems and promoting the stable and healthy development of the real estate market." Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, said that with the continuous improvement of basic systems such as financing, finance, taxation, land, and sales, the "market + guarantee" housing supply system will be more adaptable to the development trend of new urbanization and changes in the supply and demand relationship in the real estate market, and promote the real estate market to achieve long-term healthy operation and stable development.
The Third Plenary Session of the 20th CPC Central Committee proposed: "Improve the government debt management system, establish a full-caliber local debt monitoring and supervision system and a long-term mechanism for preventing and resolving hidden debt risks, and accelerate the reform and transformation of local financing platforms."
Reduce the number of financing platforms as planned, and establish a long-term mechanism for financing platform management; orderly resolve the existing hidden debt and resolutely curb the increase in hidden debt; strengthen the management and use of local government bonds, improve the full life cycle management mechanism of special bonds "borrowing, using, managing and repaying", and improve the efficiency of fund use... Since the beginning of this year, all localities have strengthened their sense of responsibility and systematic concepts, conscientiously implemented a package of debt resolution plans, and steadily promoted the resolution of debt risks.
"At present, the work of resolving local government debt has achieved obvious results, the debt structure of the central and local governments has been continuously optimized, and the stock of government hidden debt is gradually shrinking." Zhang Yiqun, deputy chairman of the Performance Management Committee of the Chinese Finance Society, said that the government's ability to issue, manage, control and resolve debts has continued to increase, effectively alleviating the debt burden of local governments and providing positive support for stimulating local economic vitality and achieving high-quality development.
The Political Bureau of the CPC Central Committee held a meeting to review the "Regulations on Accountability for Preventing and Resolving Financial Risks (Trial Implementation)" to further strengthen the responsibilities of relevant management departments, financial institutions, industry regulatory departments and local party committees and governments in the financial field; the draft Financial Stability Law was submitted to the 10th meeting of the Standing Committee of the 14th National People's Congress for a second review, to improve relevant regulations on financial risk prevention and disposal... A series of policy measures are aimed at strengthening the financial stability guarantee system, improving the financial regulatory system, and enhancing the ability to prevent and control financial risks.
Dong Ximiao believes that consolidating the institutional foundation for preventing and resolving financial risks, continuously improving the financial risk prevention, early warning, disposal and accountability systems, and filling the gaps in the financial risk prevention and resolution system will further enhance the effectiveness of financial risk prevention and control.
Adhere to the benign interaction between high-quality development and high-level security
General Secretary Xi Jinping emphasized: "Adhere to the overall coordination of development and security, give equal importance to development and security, and achieve a virtuous interaction between high-quality development and high-level security."
Preventing and defusing risks is to promote high-quality development, and achieving high-quality development is conducive to preventing and defusing risks fundamentally. Since the beginning of this year, in the face of severe and complex domestic and international situations, macroeconomic policies have focused on laying a solid security foundation for high-quality development.
Hold the food "rice bowl" firmly——
"Our farm used to have poor land conditions, with high-standard farmland accounting for only 8.1%, and we also lacked infrastructure such as gravel roads, cement drying yards, and farm tool yards. This year, with the support of funds from the issuance of additional treasury bonds in 2023, the farm will build 65,000 acres of high-standard farmland, which is expected to increase grain production capacity by 900 tons annually," said Liu Bo, chairman of Daxing Farm Co., Ltd. of Beidahuang Agricultural Reclamation Group.
The central finance has promoted projects such as the construction of high-standard farmland by means of increasing treasury bonds, transfer payments, and raising subsidy standards. It has fully implemented full cost insurance and planting income insurance for the three major grain crops, and promptly allocated agricultural disaster prevention and mitigation and water conservancy disaster relief funds, and pre-allocated central natural disaster relief funds to support local flood control, drought relief, and geological disaster relief work; the Financial Regulatory Administration has guided banking and financial institutions to support the national food security strategy, and increased credit support for key core technology research in the seed industry and the construction of high-standard farmland... Farmer-friendly policies have continued to gain momentum to lay a solid foundation for food security.
The sown area of summer grains remained stable this year, with a total output of 149.78 million tons, an increase of 3.627 million tons over the previous year. The bumper harvest of summer grains has laid a solid foundation for stabilizing grain production throughout the year and consolidating and strengthening the upward trend of the economy.
Strengthening energy security
In the Sichuan Basin, Sinopec's West Sichuan Gas Field has made breakthroughs in precise target trajectory control technology for wells over 8,000 meters deep, creating an annual production capacity of 2 billion cubic meters of natural gas; in the desert Gobi, the main project of the "double tower and one machine" solar thermal energy storage power station in Guazhou County, Gansu Province has entered the commissioning stage. After it is put into operation, the annual power generation will reach 1.8 billion kilowatt-hours... From establishing a coal production capacity reserve system, strengthening the construction of coal transportation channels and product reserve capabilities, to insisting on both centralized and distributed, onshore and offshore, and accelerating the construction of large-scale wind power and photovoltaic base projects, policies have been implemented to ensure that raw coal production in the first half of this year will be basically stable, oil and gas production will grow steadily, electricity production will be effectively guaranteed, and the proportion of clean electricity such as industrial hydropower, nuclear power, wind power and solar power generation above a certain scale will increase by 2.3 percentage points compared with the same period last year.
Hu Hanzhou, director of the Energy Statistics Department of the National Bureau of Statistics, introduced that in the first half of the year, high-quality development and high-level security of the energy industry were coordinated and promoted, domestic energy production was generally stable, energy imports remained stable, and the foundation for energy supply security was further consolidated.
Improving the security of the industrial chain and supply chain——
In July, the first domestically produced FB2 medium-pressure rotor of the world's largest grade was successfully shipped, marking that my country has successfully mastered the key core technologies of the entire process of FB2 medium-pressure rotor forgings for million-kilowatt ultra-supercritical units, providing hard-core support for ensuring the security of the national energy equipment industry chain and supply chain.
The Ministry of Industry and Information Technology and three other departments jointly issued the "Guidelines for Improving Supply Chain Management Level of Manufacturing Enterprises (Trial)", which made arrangements for strengthening the multi-dimensional coordination of enterprise supply chains; the People's Bank of China and other departments required the continuous improvement of the supply chain financial policy framework and infrastructure, and the availability of supply chain financing for small and micro enterprises; the Financial Supervision Administration guided banking financial institutions to focus on technological innovation, specialization, specialization and green and low-carbon development, as well as small and micro enterprises in the upstream and downstream of key industrial chains and supply chains, foreign trade and other fields, and improve professional service mechanisms... As the manufacturing industry continues to make progress in supplementing, strengthening and extending the chain, innovative entities continue to be cultivated and expanded. As of the end of June, the country has cultivated more than 140,000 specialization, specialization and new small and medium-sized enterprises, including 12,000 specialization, specialization and new "little giant" enterprises; 200 national-level small and medium-sized enterprise characteristic industrial clusters and 688 provincial-level small and medium-sized enterprise characteristic clusters have been built.
"In the first half of the year, risks in key areas were resolved in an orderly manner, the security of food, energy resources, and important industrial chain supply chains continued to improve, and the foundation of economic security was consolidated, which provided escort for high-quality development." Xu Guangjian, professor at the School of Public Administration of Renmin University of China, said. my country's national economy is generally stable, the transformation of industries to "new" and "green" is more obvious, and high-quality development is steadily advancing, providing strong support for better resolving and resisting various risks and challenges.
People's Daily (Edition 01, August 5, 2024)
