Recently, many places have intensively introduced measures to stabilize economic growth, especially in expanding domestic demand and promoting effective investment.
Intensive measures to stabilize the economy have been introduced in many places
Recently, the Development and Reform Commission of Xiamen City, Fujian Province issued the Work Plan for Steady Growth of Xiamen City in the First Quarter of 2023 (hereinafter referred to as the Work Plan). The Work Plan includes 34 items in 11 aspects, and it is proposed to strive for the growth rate of regional GDP in the first quarter to be higher than the provincial average, so as to achieve a smooth start of economic operation.
A few days ago, the municipal government office of Xuzhou City, Jiangsu Province issued 17 policies and measures to stabilize the economy and promote development under the new situation, making greater efforts to optimize the business environment, accelerate the construction of projects, promote the development of industrial innovation clusters, ensure the smooth flow of transportation and logistics, promote the healthy development of the real estate market, open up overseas markets, strengthen financial support, and promote employment and entrepreneurship.
On January 9th, the press conference of Zhejiang’s economic policy in 2023 was held in Hangzhou, where the "8+4" policy system of steady progress and quality improvement was released. This system includes eight key policy packages, including expanding effective investment, scientific and technological innovation, cultivating "415X" advanced manufacturing clusters, building a world-class strong port and a strong transportation province, and ensuring and improving people’s livelihood, and four factor guarantee lists, including finance, natural resources, energy and talents.
On January 3rd, the first working day of 2023, the Information Office of Henan Provincial Government held a press conference to introduce "Policies and Measures for Vigorously Boosting Market Confidence and Promoting Economic Stability". Henan planned and launched 90 policies and measures around six major areas, including expanding consumption, increasing investment, educating industries, strengthening the main body, opening up, and benefiting people’s livelihood.
On January 3rd, Chongqing issued the "Policy Package for Stabilizing the Economy (Third Edition)", and issued the first batch of policy documents of "enhancing confidence, stabilizing growth and strengthening the main body".
Ding Changfa, an associate professor in the Department of Economics of Xiamen University, analyzed the First Financial Report. Due to the epidemic situation, the difficulties and pressures faced by economic development in the first quarter of this year were relatively great. Therefore, it is of great significance for all localities to stabilize the overall macroeconomic situation through a series of measures including expanding investment, which will promote sustainable economic development in the future. Follow-up with the improvement of the epidemic situation, the recovery of orders and demand, the overall economy will further pick up.
Expanding domestic demand and promoting effective investment
Among the measures to stabilize the economy issued by various places, expanding consumption and expanding effective investment are important contents. Peng Peng, executive president of Guangdong Economic Restructuring Research Association, analyzed CBN, and found that there is still great potential to tap domestic demand among the troika driving economic growth at present. It is very important to expand domestic demand and increase effective investment such as public facilities investment in 2023.
For example, in promoting the accelerated recovery of consumption, Xiamen proposed to continue to implement policies and measures such as increasing consumption support during the holiday season, support key business districts, characteristic business streets, business enterprises, e-commerce platforms, industry associations, etc., and carry out various consumption promotion activities around shopping hotspots, catering housekeeping, automobile appliances, time-honored brands and national trends, and continue to launch the brand of "Xiamen Consumer Festival". The urban area arranged financial funds to issue electronic coupons through online platforms from January 1 to February 28 to create a festive consumption atmosphere.
The "Several Policies and Measures for Helping Enterprises in Shenyang to Help Stabilize Economic Growth" proposes that in the first quarter of 2023, 100 million yuan of Chinese New Year coupons will be issued, focusing on automobiles, home appliances, supermarkets, restaurants and other fields.
Henan Province proposes to fully release the consumption potential, stabilize the consumption of bulk commodities and accelerate the recovery of contact consumption. Actively cultivate and develop new consumption and continuously optimize the consumption environment.
Among them, many places have proposed to release the housing consumption potential. Henan proposed to guide all localities to steadily implement the long-term mechanism for the stable and healthy development of the real estate market, fully implement 16 packages of policies such as financial support, make good use of the policy toolbox for one city, one policy for the city, cancel unnecessary demand restrictions, optimize the identification standards for second homes, encourage group purchases of commercial housing, and take multiple measures to release housing demand.
Xuzhou proposed that efforts should be made to promote housing consumption. Promote the healthy development of the real estate market. Do a solid job in ensuring the delivery of buildings, people’s livelihood and stability. Implement differentiated housing credit policies to support the reasonable demand, rigid and improved housing demand of individual housing loans.
Zhang Bo, Dean of the Branch of 58 Housing Research Institute, analyzed that from the demand side, there are still many tools in the policy toolbox of first-and second-tier hotspot cities that have not been used, especially in terms of down payment and interest rate adjustment for improving demand. From the point of view of third-and fourth-tier cities, combined with the multi-child policy, aging adaptation and policy room, it needs to be strengthened in a targeted manner in combination with the characteristics of cities.
In terms of accelerating effective investment, Xiamen proposed to focus on major projects in the fields of industry and infrastructure that support the city’s high-quality development, strengthen the awareness of "investment pull" and the first-line service guarantee of projects, ensure the adequate supply of various elements, and promote the rolling succession of projects throughout the life cycle, and strive to increase the growth rate of fixed assets investment in the first quarter higher than the annual target level.
In this year’s work report of Guangzhou Municipal Government, "Insist on expanding demand, unblocking circulation, and go all out to stabilize economic growth" is a separate chapter. In order to stabilize economic growth, this year, Guangzhou proposed to release the effective investment potential, and specifically mentioned that the total investment for the whole year should exceed 1 trillion yuan.
Henan Province proposed to implement the "Double Hundred Projects" for provincial key projects, and start about 100 major projects of tens of billions in four major areas, including industrial transformation and infrastructure.
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