
Poster design: Pan Hongyu
Xinhua News Agency, Beijing, April 24th Title: Observation on the Seven Major Economic Policies of China in 2022.
Xinhua news agency reporter
The national economic data of the first quarter released recently shows that the growth rate of main indicators is basically stable, and the overall start is stable. At present, the world situation has evolved in a complicated way, domestic epidemics have occurred frequently recently, some unexpected factors have exceeded expectations, and economic operation is facing greater downward pressure.
坚持稳字当头、稳中求进,是做好今年经济工作的政策导向。去年中央经济工作会议上,对宏观政策、微观政策、结构政策、科技政策、改革开放政策、区域政策、社会政策七个方面作出了部署。习近平总书记在会上深入阐释这七大政策取向,勾勒出做好今年经济工作的路线图。
为了落实习近平总书记的重要要求和中央经济工作会议精神,围绕七大政策组合,今年以来各部门、各地积极出台多项具体举措,积极落实、扎实推进,立足当前、着眼长远,有效应对风险挑战,护航中国经济稳健前行。
聚焦一个“稳”字:宏观政策稳住大盘
宏观政策位居七大政策之首,是稳定经济的重要手段,更是当前面临多重挑战的中国经济必须运用好的“关键工具”。
财政政策和货币政策是宏观政策的两大抓手。今年以来,财政政策把“稳”放在宏观调控突出位置,加大财政支出强度和逆周期政策力度。
在山东济南,跨黄河桥隧项目下的济泺路穿黄北延隧道项目正在紧张施工。在今年山东省发行的地方政府专项债券中,约有10亿元债券资金投向这个项目。

The first train of China-Laos Railway (Jiangjin-Vientiane) international freight departs from Xiaonanya Railway Logistics Center in Chongqing Jiangjin Luohuang Logistics Park (photo taken on March 2, unmanned aerial vehicle). Xinhua News Agency reporter Tang Yushe
Special debt is an important starting point of fiscal policy this year. Of the 3.65 trillion yuan of new special debt quota this year, the quota for project construction has all been issued; Of the 1.46 trillion yuan quota issued in advance last year, about 1.25 trillion yuan had been issued by the end of March.
Available financial resources can increase the intensity of security expenditure. This year, the national general public budget expenditure was 26.71 trillion yuan, an increase of more than 2 trillion yuan over the previous year; Central to local transfer payments increased by about 1.5 trillion yuan, with a scale of nearly 9.8 trillion yuan. In the first quarter, the national general public budget expenditure increased by 8.3% year-on-year, and the growth rate and expenditure accelerated, ensuring people’s livelihood and expenditure in key areas.
The Ministry of Finance said that it will persist in making efforts ahead, speed up the expenditure of financial funds, the issuance and use of special bonds, and the release of the central infrastructure investment budget, and ensure that policies conducive to activation and motivation will be introduced, implemented and effective early.
Give full play to the dual functions of the total amount and structure of monetary policy tools. Since the beginning of this year, monetary policy has worked hard on the word "stability", focusing on the word "advance", enhancing foresight, accuracy and autonomy, and further enhancing its ability to serve the real economy.
Maintaining a reasonable and abundant liquidity is equivalent to maintaining the "healthy blood" of macroeconomic operation. At the end of March, China’s broad money (M2) increased by 9.7% year-on-year, 0.3 percentage points higher than the same period of last year.
While the total financial volume is growing steadily, the credit structure is constantly optimized. In the first quarter, RMB loans increased by 8.34 trillion yuan, a record increase. Among them, loans from enterprises (institutions) mainly based on loans from the real economy accounted for over 80%.
Under the precise force of monetary policy, the comprehensive financing cost of enterprises has further decreased. On January 20th, the quoted market interest rate (LPR) of one-year and five-year loans was lowered by 10 basis points and 5 basis points respectively. Since the beginning of this year, the People’s Bank of China has guided the market interest rate to continue to decline, driving the corporate loan interest rate to drop by 0.21 percentage points year-on-year to 4.4%, which is the lowest since statistics.
Recently, various financial instruments have continued to overweight, signaling steady growth.
On April 15th, the People’s Bank of China announced that it would reduce the deposit reserve ratio of financial institutions, which will release about 530 billion yuan of long-term funds to further support the development of the real economy and promote the steady decline of comprehensive financing costs.
Increase small loans to support agriculture, accelerate the landing of two carbon reduction tools, and accelerate the investment of 100 billion yuan of refinancing in the field of transportation and logistics & HELIP; … Recently, structural monetary policy tools, such as refinancing, have made frequent efforts, which is expected to lead to an increase of 1 trillion yuan in loans from financial institutions.
In addition, the People’s Bank of China has made great efforts to speed up the transfer of surplus profits to the central finance, thus enhancing the available financial resources. By mid-April, 600 billion yuan has been paid, equivalent to 600 billion yuan of base currency, which is basically equivalent to the overall RRR cut of 0.25 percentage point. The total balance profit for the whole year will be more than 1.1 trillion yuan.
The People’s Bank of China said that it will continue to implement a prudent monetary policy, not engage in flood irrigation, give consideration to internal and external balance, stimulate market vitality, support financing in key areas and weak links, and create a suitable monetary and financial environment for high-quality development and supply-side structural reform.
Implement a "quasi" word: focus on pain points and difficulties to help enterprises bail out.
Over 150 million market players are the cornerstone of China’s economy. The more dynamic the market players are, the healthier the economic "body" will be.
Under the impact of the epidemic, the difficulties faced by market players, especially small and medium-sized enterprises and individual industrial and commercial households, have intensified. In the first quarter, the development index of small and medium-sized enterprises declined, and the indexes of industry, construction, transportation, postal storage, wholesale and retail, accommodation and catering were all below the critical value of prosperity.
The greater the pressure, the more we should focus on the "urgent difficulties and worries" of market players.

The staff of Tianjin Heping District Taxation Bureau instructed taxpayers to carry out the operation of VAT deduction and tax refund for small and micro enterprises (photo taken on April 1). Xinhua news agency
A tax refund of nearly 3 million yuan was recently refunded to Shanghai Huiduo Hotel Management Co., Ltd. "This has greatly reduced the financial pressure on enterprises." Company general manager Yalan said.
The combined tax and fee support policy is being implemented in various places, and it is estimated that the annual tax rebate and tax reduction scale will reach about 2.5 trillion yuan. From April 1 to 15, 420.2 billion yuan of tax refund has been returned to the accounts of 527,000 taxpayers.
Focus on corporate financing problems. At the end of March, the balance of Pratt & Whitney small and micro loans and the number of credit granting households increased by 24.6% and 42.9% year-on-year, respectively, and the loan demand of small and micro enterprises was further released.
From tax reduction and fee reduction to financial support; From the introduction of 43 policies by 14 departments to promote the recovery and development of difficult industries in the service industry, to increasing financial support for smooth logistics and stable supply chain in the industrial chain … … A series of policies were introduced intensively, focusing on the difficulties and pain points of enterprise development.
Various localities have introduced more targeted relief measures according to local conditions: Shenzhen has introduced "30 measures" and Hunan has introduced "36 measures"; On the basis of "40 measures", Jiangsu put forward "22 measures" … …
On March 1st this year, the Regulations on the Administration of Registration of Market Subjects in People’s Republic of China (PRC) came into effect, which accelerated the standardization of national registration business and reduced the institutional transaction cost of market subjects.
According to Liu Junhai, a professor at the Law School of Renmin University of China, continuously optimizing the business environment around relaxing market access and improving modern market supervision will further stimulate market vitality and social creativity.
The reporter learned that all localities and departments are stepping up research on more targeted policies around the "urgent need" and "the hope of the heart" of market players. Only by eliminating the pain points and improving the development environment can market players tide over the difficulties and "the green hills are always there".
Focus on a word "smooth": get through the blocking point and make precise efforts.
The effective demand is insufficient, the endogenous motivation of investment is not strong, the area of real estate land purchase is declining, and the problem of "stuck neck" in some industries is prominent, and the epidemic spread has seriously affected the smooth flow of people and logistics in some provinces … …
Some of these are long-standing "shortcomings" and some are recent difficulties. We must rely on the "acupuncture" precision of structural policies to open up supply and demand, connect domestic and foreign countries, and smooth the upstream and downstream of the industrial chain supply chain.

The first train of the Great Wall Motor special train is on the special railway line of Yongchuan National High-tech Zone in Chongqing (photo taken on April 14, photo of drone). Xinhua News Agency reporter Tang Yushe
— — Continue to deepen structural reform on the supply side.
On the one hand, encourage enterprises to apply advanced technology and speed up key core technology research and industrialization; On the one hand, we will intensify technological transformation and equipment renewal to better meet the needs of investment and consumption upgrading and promote the upgrading of traditional industries.
Various policies are taking effect. In the first quarter, the national investment in high-tech industries increased by 27% year-on-year, of which the investment in high-tech manufacturing and high-tech service industries increased by 32.7% and 14.5% respectively.
— — Enhance the core competitiveness of manufacturing industry.
In March, small and medium-sized enterprises in the manufacturing industry deferred tax payment of 256.7 billion yuan, basically covering all small and medium-sized enterprises in the manufacturing industry with tax returns; Increase financial support for small and medium-sized enterprises and broaden financing channels for "specialized and innovative" enterprises; State-level "little giant" enterprises are ready to cultivate more than 3,000 … … Since the beginning of this year, in the face of the new downward pressure on the economy, relevant departments and localities have made concerted efforts to solve the practical difficulties faced by manufacturing enterprises from two aspects: bail-out and training.
— — Accelerate the formation of a safe and efficient logistics network with internal and external connectivity.
In view of the frequent epidemic situation and poor logistics, the national video conference on ensuring smooth logistics and promoting the stability of industrial chain supply chain clearly requires that the working and living conditions of logistics employees should be improved and financial support such as delaying repayment of loans should be given, and sufficient national unified passes should be issued and used. The nucleic acid test results will be recognized nationwide within 48 hours, and the closed-loop management of "taking and chasing" should be implemented, and access should not be restricted on the grounds of waiting for nucleic acid results. Solve outstanding problems in key areas one by one. Focus on stabilizing the industrial chain supply chain.

The staff of Chuanhua Highway Port in Hangzhou sent a gift bag full of food to the driver when the truck left the highway port (photo taken on April 13). Xinhua News Agency reporter Jianghan photo
— — Promote a virtuous circle and healthy development of the real estate industry.
The real estate industry is large in scale, long in chain and wide in scope, and plays a decisive role in the national economy. Adhering to the principle of "housing and not speculating", stabilizing land prices, housing prices and expectations are the focus of the current real estate policy.
In the first quarter, the investment in real estate development increased by 0.7% year-on-year, the sales area of commercial housing decreased by 13.8%, and the sales volume decreased by 22.7%. Supply growth slowed down and demand expectations weakened.
In response to the new situation and new challenges, all localities have made corresponding adjustments due to the city’s policy, supporting the first set of rigid housing demand, reasonable improvement demand and rental housing demand. Banks in more than 100 cities independently lowered the mortgage interest rate; In some cities, if families with two or three children buy the first set of housing, the upper limit of housing provident fund loan will be raised.
Highlight a "new" word: science and technology policy promotes "hard power"

On April 16th, the return capsule of Shenzhou XIII manned spacecraft landed successfully at Dongfeng landing site. This is the astronauts Zhai Zhigang, Wang Yaping and Ye Guangfu (left to right) safely and smoothly leaving the cabin (imposition photo). Xinhua news agency
On April 16, the return capsule of Shenzhou 13 manned spacecraft landed successfully at the Dongfeng landing site, and three astronauts who had been on the space station for half a year successfully left the capsule. This year, China will also complete the on-orbit construction of the space station and plan to carry out six missions.
Scientific and technological innovation plays a strategic supporting and leading role in national economic and social development. Under the ever-changing situation, scientific and technological innovation is the "key variable" and the "maximum increment" of high-quality development.
Scientific and technological innovation is a systematic project, which requires both a breakthrough and a promotion. We should not only attach importance to scientific research institutes, but also ignore the subject of market innovation.
Since the beginning of this year, various departments have played a "combination boxing" to promote the solid landing of science and technology policies — —
Implement a three-year action plan for the reform of the science and technology system and formulate a ten-year plan for the implementation of basic research; Strengthen the national strategic scientific and technological strength; Strengthen the main position of enterprise innovation; Improve and optimize the ecology of scientific and technological innovation; Continue to carry out international scientific and technological cooperation … …
A number of policy packages have been introduced one after another — —
Increase the deduction ratio of R&D expenses of small and medium-sized science and technology enterprises from 75% to 100%; The value-added tax rebate has been significantly increased; For small and micro enterprises with an annual taxable income of 1 million to 3 million yuan, corporate income tax will be halved … …
The the State Council executive meeting held a few days ago decided to set up a special re-loan for scientific and technological innovation. The People’s Bank of China has made it clear that the total amount of special re-loans for scientific and technological innovation is 200 billion yuan, and the scope of supporting enterprises includes high-tech enterprises, "specialized and innovative" small and medium-sized enterprises, national technological innovation demonstration enterprises, and single champion enterprises in manufacturing industry.
Dong Ximiao, a part-time researcher at the Institute of Finance of Fudan University, said that this will encourage and guide financial institutions to increase targeted support for scientific and technological innovation, help enhance the "hard power" of China’s scientific and technological innovation, and inject more new kinetic energy into innovation.
Anchor a "living" word: strive to give impetus to reform and opening up
Reform and opening up is the source of vitality for the development and progress of contemporary China and the only way to adhere to Socialism with Chinese characteristics. The more severe and complicated the situation is, the more we need motivation for reform and vitality for opening up.
In the face of multiple pressure challenges, we should use reform methods to stimulate market vitality and innovation vitality to the maximum extent — —
Guiding opinions on strengthening the construction of digital government, guiding opinions on further promoting the reform of financial system below the provincial level and several opinions on improving the incentive mechanism of science and technology … … On April 19th, the 25th meeting of the Central Committee for Comprehensively Deepening Reform deliberated and adopted a number of reform documents, releasing a clear signal of continuous deepening reform.
Just recently, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a National Unified Market" was released, which provided a program of action for the construction of a national unified market in the coming period, and will certainly have an important impact on deepening reform and opening up under the new situation, making better use of and consolidating the great advantages of China’s market resources, and comprehensively promoting the transformation of China’s market from large to strong.
Do a good job in the pilot project of comprehensive reform of factor market allocation; Fully implement the stock issuance registration system; Implementing the national treatment of foreign-funded enterprises … … From the central government to the local government, a series of measures to deepen reform and opening up and optimize the business environment have been implemented with precision and continuous progress.

This is the permanent meeting place of Boao Forum for Asia (photo of drone) taken on April 9. Xinhua News Agency reporter Zhang Lizhen photo
The century-long changes have superimposed the epidemic situation of the century, and we have continuously created new advantages in foreign competition and cooperation with high-level opening up — —
The just-concluded 2022 annual meeting of Boao Forum for Asia attracted the attention of the world and once again issued an "open strong voice". China will definitely open up to the outside world at a high level, implement the negative list of foreign investment access in depth, expand the scope of encouraging foreign investment, optimize foreign investment promotion services, and set up a comprehensive pilot project of expanding and opening up the service industry … …
Since the beginning of this year, the Regional Comprehensive Economic Partnership Agreement (RCEP) has come into effect; The implementation of the negative list of foreign investment access in the 2021 edition of the National and Pilot Free Trade Zone; The cross-border e-commerce comprehensive test area will be expanded to 132 cities and regions across the country; The 131st China Import and Export Fair opened online, attracting about 25,500 exhibitors from home and abroad … …
China’s foreign trade and economic cooperation is facing some new challenges under the situation of repeated epidemics at home and abroad and the increase of new variables in the international situation. Ensure the smooth flow of logistics, speed up the progress of export tax rebate, coordinate and solve the problem of foreign-funded enterprises returning to work and production, and accelerate the landing of major projects … … Many policy initiatives have made active efforts to escort the steady development of foreign investment and foreign trade.
Based on the present, focus on the long-term. China will comprehensively deepen reform and open wider to the outside world to cope with pressures and challenges, and will also provide broader market opportunities for all countries.
Grasp the word "coordination": enhance the balance and coordination of development
China is a vast country with huge differences in population and resource endowments, so it has always been a major issue to coordinate regional development.
Coordinated development is both a means and a goal, and it is also a standard and scale for evaluating development. Just like "playing the piano", we should deal with the relationship between local and global, current and long-term, key and non-key.
Since the beginning of this year, uncertainties have increased, and it is even more necessary to implement regional major strategies and regional coordinated development strategies, promote the coordinated development of the eastern, central, western and northeastern regions, and comprehensively promote rural revitalization.

Sunrise in xiong’an new area on April 1st (photo of drone). Xinhua News Agency reporter Xing Guangli photo
Xiong’an new area, as a historic project to promote the coordinated development of Beijing-Tianjin-Hebei, started 43 key projects at the same time in the first quarter, and more than 230 key projects will be arranged throughout the year, so that the "city of the future" bearing the great cause of a thousand years is in full swing. Beijing City Sub-center, fixed assets investment will maintain a scale of 100 billion yuan in 2022.
Guangdong-Hong Kong-Macao Greater Bay Area’s construction is speeding up again. In the first quarter, the cumulative import and export throughput of the "Guangdong-Hong Kong-Macao Greater Bay Area Combined Port" project of Shenzhen Customs reached 54,000 TEUs, a year-on-year increase of more than 6 times. Guangdong-Hong Kong-Macao Greater Bay Area (Guangdong) Talent Port, which opened on March 31st, provides all-round and one-stop services for talents in the region.
The National Development and Reform Commission issued the Opinions on Promoting the Integrated Development of Regional Public Resource Transactions in the Yangtze River Delta, supporting the Yangtze River Delta region to take the lead in forming a unified big market.
Focusing on promoting the development of the Yangtze River Economic Belt, Zhejiang, Jiangsu, Yunnan, Hubei and other places recently held a meeting of the leading group for promoting the development of the Yangtze River Economic Belt to consider the main points of work in 2022. Zhejiang issued a high-quality implementation plan to promote the development of the Yangtze River Economic Belt (2022— 2025), continue to promote the ecological protection and green development of the Yangtze River. Anhui released the "14th Five-Year Plan" action plan to implement the integrated development plan of the Yangtze River Delta, and promoted the implementation of major policies, major issues and major projects.
To promote the ecological protection and high-quality development of the Yellow River Basin, Shandong issued a special fund of 200 million yuan to support the development of ecological protection along the 9 cities along the Yellow River, Shanxi issued an implementation plan for ecological protection and high-quality development of the Yellow River Basin during the 14th Five-Year Plan, and Qinghai held a special meeting on promoting related project construction … …
This year is a crucial year for consolidating and expanding the achievements of poverty alleviation and effectively connecting with rural revitalization. With the increase of uncertain factors, it is a great test to keep the bottom line of returning to poverty on a large scale and revitalize the countryside.
In this regard, this year’s Document No.1 of the Central Committee made specific arrangements such as improving the monitoring and assistance mechanism, promoting the continuous increase of poverty-stricken population, increasing support for key counties for rural revitalization and centralized resettlement areas for ex situ relocation, and promoting the effectiveness of poverty-stricken areas.
Cross the north and south, connect the east and the west, and connect urban and rural areas. Giving full play to the role of these regional growth poles and power sources and forming a high-quality economic layout will provide an important driving force for China’s development.
Focus on the word "guarantee": social policies cover the people’s livelihood.
Protecting people’s livelihood is related to the overall situation. The more difficulties you encounter, the more you have to hold on to the bottom line of people’s livelihood.
Employment ranks first in the "six guarantees" and "six guarantees". Faced with the more severe employment situation, the central government allocated 61.758 billion yuan of employment subsidy funds this year, an increase of 5.168 billion yuan over last year.

This is the recruitment activity scene (photo of drone) taken in Tongguan Industrial Park, Wangcheng Economic Development Zone, Changsha on March 10th. Xinhua News Agency reporter Chen Zeguo photo
From studying and introducing policies and measures to promote the employment and entrepreneurship of young people such as college graduates, to carrying out special actions such as public employment services on campus and raising millions of trainee positions, and then organizing and implementing "Spring Breeze Action" to provide employment services for migrant workers and people out of poverty … … Since the beginning of this year, China has taken a multi-pronged approach to stabilize and expand the employment of key groups.

University graduates and young talents work in a big data company named Chongqing Zhi Nuo in the "Demonstration Base of Mass Entrepreneurship and Innovation" in Dadukou, Chongqing (photo taken on March 28th). Xinhua News Agency reporter Tang Yushe
Flexible employment is an important channel for about 200 million people to increase their employment and income. Faced with the difficulties and challenges brought by the epidemic, various localities have accelerated the improvement of flexible employment policies.
Guangdong and other provinces have liberalized the household registration restrictions for flexible employees to participate in social security in their places of employment; Seven provinces, including Beijing and Hainan, and seven Internet platform enterprises are promoting the pilot of occupational injury protection for employees in new employment forms to fill the shortcomings of rights protection.
During the epidemic, we must not forget the people in difficulty. This year, the subsidy funds for the needy people increased further than last year, reaching 154.683 billion yuan.
In order to reduce the impact of epidemic situation and other factors on people’s lives and strengthen unemployment protection, on the basis of routine treatment such as unemployment insurance, unemployment subsidies are distributed to the unemployed and temporary living allowances are distributed to unemployed migrant workers; We will increase the efforts to ensure the supply and price stability of living materials, issue subsidies in a timely manner, simplify the rescue process for low-income objects, extremely poor people and other low-income people, and ensure that the most difficult groups are "covered" and the most basic living is "guaranteed".
Adhere to the best efforts and capabilities, and continue to raise the basic pension standards for retirees and urban and rural residents. Retirees’ pensions will usher in "18 consecutive rises". At present, Fujian, Jiangsu, Hainan, Tibet, Ningxia, Guizhou, Shanxi and other places have announced plans for raising the provincial basic pension for urban and rural residents.
"Seven" go hand in hand: form a joint force of steady growth policies
In the face of the complicated situation, the seven major policies form an organic whole, and the "seven" heads converge to achieve steady growth.
Under the challenge of multiple risks, China’s economy faced difficulties in the first quarter and generally operated in a reasonable range. However, the growth rate of some major indicators slowed down and the downward pressure on the economy increased.
We must strengthen our confidence and face up to difficulties. "The environment facing China’s economy in 2022 is not optimistic, but China still has enough policy space to support stable economic growth." Rui Ze, director of the China Bureau of the World Bank, said.

This is an important container shipping hub of Hainan Free Trade Port — — Yangpu International Container Terminal (photo of drone). Xinhua News Agency reporter Pu Xiaoxu photo
Facing new situations and problems, we should pay more attention to coordination and cooperation. The the State Council Financial Stability and Development Committee held a special meeting a few days ago, which made it clear that relevant departments should earnestly shoulder their responsibilities, actively introduce policies that are beneficial to the market, and prudently introduce contractive policies.
"We must adhere to the systematic concept in practical work, increase policy intensity, improve policy accuracy, form policy synergy, and maintain a stable and healthy economic environment." Zhang Yuxian, director of the Economic Forecasting Department of the National Information Center, said.
Focusing on the smooth operation of the economy, it is even more necessary to face difficulties and strive forward. Relevant authorities said that on the one hand, we must adhere to scientific accuracy and dynamic clearing, and control the current epidemic as soon as possible; On the other hand, it is necessary to seize the second quarter window period, implement various measures to stabilize growth, and ensure stable and healthy economic and social development.
Liao Min, deputy director of the Office of the Central Financial and Economic Committee and vice minister of the Ministry of Finance, said a few days ago that the corresponding policies have been made clear to coordinate epidemic prevention and control, economic and social development, and promote economic operation in a reasonable range. At present, all measures are being fully promoted in accordance with the requirements of early efforts and precise policies, and more policy combinations are also being studied and reserved.
"China has a complete industrial system, a large-scale market space, many dividends from reform and opening up, and strong economic governance capabilities, which can effectively cope with various risk challenges." Fu Linghui, spokesman of the National Bureau of Statistics, said that it is necessary to continue to coordinate the prevention and control of epidemic situation and economic and social development, intensify the implementation of macro policies, fully stabilize the macro-economic market, and strive to achieve the expected goals and tasks for the whole year. (Reporter Qi Zhongxi, Shen Cheng, Jiang Lin, Liu Xiacun, Wu Yu, Xie Xiyao, Ruta, Hu Zhe)