news

securities times reporter zhang dachengdan he jueyuan

qin yanling guo bohao

the political bureau of the cpc central committee held a meeting on september 26 to analyze and study the current economic situation and plan the next economic work. the meeting pointed out that my country's economic fundamentals and favorable conditions such as a vast market, strong economic resilience and great potential have not changed. at the same time, some new situations and problems have emerged in the current economic operation. it is necessary to look at the current economic situation comprehensively, objectively and calmly, face up to difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency to do a good job in economic work. it is necessary to seize key points and take proactive actions to effectively implement existing policies, step up efforts to launch incremental policies, further improve the pertinence and effectiveness of policy measures, and strive to complete the annual economic and social development goals and tasks.

this meeting will clearly introduce a number of important incremental policies, involving real estate, capital markets, fiscal and monetary counter-cyclical adjustments and other aspects. securities times reporters jointly interviewed a number of experts and scholars to explain in detail the important measures deployed by the meeting.

promote the real estate market to stop falling and stabilize

the meeting’s description of real estate released a very strong policy signal. the meeting clearly stated for the first time that we should promote the real estate market to stop falling and stabilize, showing its determination to stabilize the property market.

chen wenjing, policy research director of the china index research institute, believes that for the first time in the politburo meeting, it was pointed out that the real estate market should be stabilized, which further demonstrates the importance of stabilizing the real estate market in stabilizing the macroeconomy. only when the real estate market is stabilized can the real estate market be stabilized. provide support for the smooth operation of the macro economy.

yan yuejin, deputy director of shanghai yiju real estate research institute, said that observing the transaction data of new and second-hand houses in various places since july, especially the data in august shows that the market is facing new pressure. the signal to stabilize the real estate market has been sent out, clearly requiring all localities to do a good job in stabilizing market transactions and prices. this also means that in the fourth quarter, various regions may continue to launch major policies to better promote the real estate market to stabilize.

the meeting clarified the policy direction from both supply and demand aspects. among them, on the demand side, the meeting clearly stated that it is necessary to respond to the concerns of the masses, adjust housing purchase restriction policies, and reduce existing mortgage interest rates.

regarding purchase restriction policies, chen wenjing pointed out that the cities that currently still have purchase restriction policies include only parts of beijing, shanghai, guangzhou, shenzhen, tianjin and hainan. it is expected that the purchase restriction policies in beijing, shanghai and shenzhen will be further optimized and adjusted in the future. the purchase restriction policies in other regions such as guangzhou are expected to be fully liberalized. shenzhen’s greater efforts to optimize purchase restriction policies will also help to exert the driving effect of large cities and boost market confidence.

on the supply side, the meeting clearly stated that the construction of commercial housing should strictly control the increment, optimize the stock, improve the quality, increase the loan supply for "white list" projects, and support the revitalization of the existing idle land.

chen wenjing believes that the construction of commercial housing must strictly control the increment, optimize the stock, and improve the quality. this is different from the previous formulation of digesting the stock and optimizing the increment. more emphasis is placed on strict control of the increment, which means that the supply of land in various places in the future , housing supply, etc. will be promoted based on the actual needs of the city itself. the supply of various types of housing cannot be expanded blindly, or the real demand for housing will be used as the benchmark; the stock must be optimized, the existing housing stock must be upgraded, renovated, and planned to be revitalized. utilization, etc. may be an important direction; further improving the quality of commercial housing construction, the construction of "good houses" may already be a basic requirement, and supporting policies to promote the construction of "good houses" are expected to continue to be implemented.

in addition, it will increase the lending intensity for “whitelist” projects and support the revitalization of idle land. chen wenjing believes that the urban real estate financing coordination mechanism is still expected to intensify and advance in depth in the future, better play the role of the project financing "white list", improve the corporate financial environment, ensure project delivery, and further stabilize the expectations of home buyers. at the same time, more supporting funds are expected to enter the market in the future, accelerating the revitalization and utilization of idle land, and providing more financial support to enterprises.

overall, chen wenjing predicts that if various real estate policy measures can be accelerated and refined, market expectations may be significantly restored and the real estate market will bottom out and stabilize.

efforts to boost capital markets

the meeting emphasized that efforts should be made to boost the capital market, vigorously guide medium and long-term funds to enter the market, and open up the blocking points for social security, insurance, financial management and other funds to enter the market. it is necessary to support mergers, acquisitions and reorganizations of listed companies, steadily promote the reform of public funds, and study and introduce policies and measures to protect small and medium-sized investors. yan xiang, chief economist of huafu securities, said that a series of measures to stabilize the market, starting from the capital and asset sides, will greatly boost market confidence. as the effects of the policies gradually emerge, the inherent stability of the capital market is expected to be improved.

the meeting clearly guided medium and long-term funds to enter the market. the central financial services office and the china securities regulatory commission jointly issued the "guiding opinions on promoting medium- and long-term capital entry into the market" (hereinafter referred to as the "guiding opinions"), focusing on the goal of "making more money, making money for a longer period of time, and providing better returns", supporting medium and long-term funds entered the market.

yan xiang pointed out that because medium and long-term funds have the characteristics of higher professionalism and stronger stability, promoting the entry of medium- and long-term funds into the market is conducive to the optimization of investor structure and the cultivation of market value investment concepts on the one hand, and on the other hand, in the face of relatively volatile market conditions in times of crisis, it can better play the role of "stabilizer" and "ballast stone" to alleviate investors' concerns and promote further improvement in market stability.

"our country has made many institutional arrangements for medium- and long-term capital entry into the market, but they mostly exist in independent and decentralized forms, lacking unified systemic regulations." zhao xijun, co-dean of the capital market research institute of renmin university of china, told a reporter from the securities times, it is particularly important to build a relatively complete, systematic and standardized investment system for long-term funds entering the market. the promulgation of the "guiding opinions" will have a positive and far-reaching impact on the capital market, and can attract medium and long-term funds to invest in the value of the capital market and increase medium- and long-term funds. investment scale and proportion, optimize the investor structure of the capital market, and lay a solid foundation for the smooth operation and healthy development of the capital market.

regarding investor protection, the meeting clearly stated that relevant measures should be studied and introduced. the reporter learned that in view of the market situation where small and medium-sized investors account for the vast majority of the 225 million investors in the country, the regulatory authorities, while strengthening their foundations and conducting strict supervision and management, have integrated investor protection throughout the construction of the capital market system and regulatory enforcement. the whole process and all aspects have been explored and deepened, and some new ways for investors to exercise their rights and safeguard their rights with chinese characteristics have been explored and deepened, such as advance compensation, representative litigation, industry-specific professional mediation, etc.

yan xiang pointed out that the implementation of subsequent measures will continue to strengthen investor protection and enhance investors' sense of gain, which will lay a solid foundation for the improvement of long-term investment returns in china's capital market in the future.

financial boost is on the way

the meeting proposed to increase the counter-cyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively carry out the "three guarantees" work at the grassroots level. in terms of policy direction, the meeting emphasized that the fiscal side should "make good use of ultra-long-term special treasury bonds and local government special bonds", and the monetary and financial side should "reduce the deposit reserve ratio and implement strong interest rate cuts."

in order to increase counter-cyclical adjustment, the people's bank of china has recently announced that it will lower the deposit reserve ratio by 0.5 percentage points and the main policy interest rate by 20 basis points, as well as lower existing mortgage interest rates and other measures. this will not only support the development of the real economy but also consolidate the fiscal sector. revenue growth basis.

finance is a key link in securing the bottom line of people's livelihood. currently, it is difficult for both ends of the fiscal revenue and expenditure to achieve the annual budget targets, and it is necessary to introduce more incremental fiscal policies.

the incremental countercyclical fiscal policy focuses on ultra-long-term special government bonds and local government special bonds. there is still a policy window for increasing the issuance of special government bonds during the year. gao hongyu, an assistant professor at the school of finance and taxation at the central university of finance and economics, told a reporter from the securities times that another batch of ultra-long-term government bonds worth hundreds of billions of yuan can be issued within this year, focusing on projects such as people's livelihood security, infrastructure, energy conservation and environmental protection, and expanding fiscal expenditures. some market experts also believe that ways such as issuing special government bonds to supplement capital can be considered to increase the core tier-one capital of large commercial banks.

in terms of support areas, gao hongyu believes that the scope of use of ultra-long-term special treasury bonds can be further adjusted and expanded. in addition to further supporting equipment updates and trade-ins, support for major projects and service industries can be increased.

the meeting made it clear that fiscal and taxation policies will be improved and the construction of a new model of real estate development will be promoted. some market institutions believe that special bonds can be used to acquire idle land and existing housing stock, which can solve the current problem of insufficient resources for purchase, storage and destocking. in addition, restarting special land reserve bonds can ease the financial pressure on local governments and accelerate the return of land revenue.

some market experts suggest that the central government increase the issuance of government bonds in the fourth quarter, following last year's approach. luo zhiheng, chief economist and director of the research institute of yuekai securities, believes that additional deficits and the issuance of government bonds can be studied to make up for the revenue gap caused by the decline in land transfer income and other factors, and increase the growth rate of fiscal expenditures.

the additional issuance of treasury bonds can be used to alleviate the liquidity risks of some local governments, provide subsidies to unemployed college graduates and low- and middle-income people in urban and rural areas, and invest in major projects planned for the 15th five-year plan in advance. gao ruidong, chief economist of everbright securities and director of the research institute, said that it is necessary to increase financial resources by increasing the profits from state-owned capital operations or issuing additional government bonds.

create a good business environment

the meeting pointed out that it is necessary to help enterprises tide over difficulties and further standardize enterprise-related law enforcement and regulatory behaviors. it is necessary to introduce a private economy promotion law to create a good environment for the development of the non-public economy.

"the position and role of the private economy in the entire economy is becoming more and more important, and it has long surpassed the traditional '56789'." wei chu, dean of the school of applied economics at renmin university of china, said that after the third session of the 20th party congress the "decision of the central committee of the communist party of china on further comprehensively deepening reform and promoting chinese-style modernization" passed by the central plenary session has already made institutional arrangements for the development of the private economy, including legal guarantees, institutional mechanisms, open fields, supporting policies, and strengthening supervision. wei chu believes that to promote the development of the private economy, government departments must first remove obstacles, strengthen confidence, and launch a number of reform measures that are ripe and achievable.

liu yonghao, chairman of new hope group, believes that currently private enterprises are facing challenges, difficulties and problems in transitioning from a period of high-speed growth to a period of high-quality development. the way out is for enterprises, especially those in traditional industries, to arm themselves with digital and intelligent transformation. "in the face of difficult problems, our private enterprises must cheer up, have confidence and not lie down." liu yonghao suggested that relevant departments should strengthen cooperation to create a good public opinion environment for the legal operation of enterprises; at the same time, improve the assessment mechanism to use assessment indicators form to guide local government departments to implement relevant policies to support the development of private enterprises.

in terms of administrative law enforcement, ma huaide, president of china university of political science and law, once wrote that the life of the law lies in its implementation. in the context of the formation of the socialist legal system with chinese characteristics, ensuring the correct implementation of the law is a key task of administrative law enforcement.

ma huaide believes that in the current administrative law enforcement, to a certain extent, there are phenomena of law enforcement alienation such as inaction, disorderly conduct, and sport-style law enforcement, violent law enforcement, selective law enforcement, and profit-seeking law enforcement. there is still a certain gap between the strict standards, fairness and civilized requirements. it is necessary to comprehensively use administrative law enforcement work reports, statistical analysis, evaluation and evaluation, work status inspection, case file review, case guidance, performance evaluation and major administrative penalty decision filing to carry out regular supervision of administrative law enforcement work and establish a complete administrative the law enforcement supervision system framework promotes the solution of stubborn administrative law enforcement problems.

protect the employment of key groups

strengthen support for needy groups

people's livelihood is the foundation of people's happiness and the foundation of social harmony. the meeting of the political bureau of the central committee emphasized that we must maintain the bottom line of people's livelihood, focus on the employment of key groups such as fresh college graduates, migrant workers, people who have escaped poverty, zero-employment families, etc., and strengthen the employment of groups such as the elderly, disabled, and those who have been unemployed for a long time. of assistance.

why should we do a good job in employment of key groups? "100 questions on study and counseling of the third plenary session of the 20th central committee of the communist party of china" pointed out that in recent years, the number of college graduates has hit new highs, with the number expected to reach 11.79 million in 2024 and will remain above 10 million per year in the next 10 years. , the total scale is large and employment is difficult; due to the structural dislocation of supply and demand, it is difficult for college graduates to fully meet their expectations for high-quality jobs. as an important part of my country's industrial workers, the number of migrant workers in my country has reached 298 million in 2023, accounting for about 40% of the employed population. stabilizing key employment groups will stabilize the basic employment market.

regarding the structural dislocation of supply and demand that coexists between "there are jobs but no one can do them" and "some people have no jobs to do", yang guoqing, associate professor at the party school of the shanghai municipal party committee, told reporters that to resolve the structural employment contradiction, we must not only improve the employability of the labor force, but also improve employment. public service system.

li zhong, deputy minister of the ministry of human resources and social security, said recently that the employment of young people such as college graduates has always been a top priority, and support policies such as finance, taxation, and finance have been improved, and job development has been strengthened to ensure the overall stability of youth employment levels. at the same time, we must attach equal importance to migrant work and nearby employment, improve the migrant work service system, and stabilize the employment scale of migrant workers, especially those who have been lifted out of poverty.

in terms of strengthening assistance to groups with employment difficulties, the "opinions of the central committee of the communist party of china and the state council on implementing the employment priority strategy to promote high-quality and full employment" issued on september 25 also proposed to improve the employment assistance system for people with difficulties and strengthen support for the elderly and disabled , help groups with employment difficulties such as those who have been unemployed for a long time, reasonably determine and dynamically adjust the identification standards for people with employment difficulties, and improve the employment assistance system of timely discovery, priority service, precise assistance, and dynamic management.