XINLI: Macro-control should do five things well in the second half

Xinhua News July 16, China International Economic Exchange Center held the first "economic monthly talk." This issue, China International Economic Exchange Center, Deputy director of the Xinli, said that the first half of China in response to the crisis, the expansion of domestic demand to spend. According to the figures published by the Bureau of Statistics, the national economy has been out of the trough, there has been steady rebound momentum. GDP growth rose to 7.9% in the two quarter after falling to 6.1% in the first quarter, which was encouraging. Economic operation has five highlights: first, the growth of consumption significantly accelerated.　　Total retail sales of consumer goods increased by 16.6% in the first half, of which the sale area of commercial housing grew by 33.4%, and car sales grew 18.1%, breaking 6 million vehicles. Second, the Tertiary industry growth rate first rebound.　　The first half of the 8.3%, faster than the second industry 6.6%, six high energy-consuming industry growth rate is lower than the industrial growth rate of 2.8%. Third, the total investment in fixed assets has increased dramatically. The first half reached 33.5%, up 7.2%.　　One production investment grew 68.9%, infrastructure investment grew 57.4%, real estate investment increased 9.9%, and Midwest investment grew faster than in the east. Four is the fiscal revenue rebounded. 5 June grew by 4.8% and 19.6% respectively.　　The charge is more than 507.4 billion yuan. Five is the rapid growth of credit. At the end of June, M2, M1 and M0 grew 28.5%, 24.8% and 11.5% respectively. The loan increased by 7.3703 trillion yuan at the beginning of the year, an increase of 4.9179 trillion yuan.　　The Shanghai Composite index reached 3,114 points on July 10, up 87% from its lowest point last year.　　The above situation shows that the recovery of the national economy is basically in line with the direction of changing the way of development, the rebound is healthy, the central government timely and effective implementation of the policy of expanding domestic demand results. The outstanding problem in the economic operation is that the situation of the import and export decline has not been effectively controlled. Total imports and exports fell 23.5% in the first half of the year, with export falling 21.8%, falling 19.7% in the first quarter and 23.4% in the two quarter, which had a huge negative impact on economic growth. Whether or not this year will meet the 8% per cent growth target set at the beginning depends on whether the expansion of domestic demand will make up for the impact of the decline in exports, depending on the growth of consumption and social investment. We must be soberly aware that the current upturn is still fragile and should unswervingly implement policies to expand domestic demand since the four quarter of last year, insisting on a positive fiscal policy and a moderately loose monetary policy. The main contradiction in the current economic life is still lack of demand, to continue to expand domestic demand, the national economy on a stable rebound and sustained faster growth of the track.　　Efforts to maintain the economic recovery in the first half of the momentum, and strive for three quarters of GDP growth rebounded to about 8%, four quarter to 9%, the year to around 7.5%-8%, so that the Chinese economy in the global economy to take the lead in recovery. To this end, in the second half of the macro-control, should focus on the following five things: (i) focus on expanding consumption. Maintenance RoomCity, the automobile market prosperous situation. To address the situation in some cities where prices have risen too fast, earnestly implement the opinion of the State Council issued in 07 on stabilizing the housing prices of urban residents, strengthen the responsibility of local governments in stabilizing housing prices, expand the construction of affordable housing, and, where conditions are available, incorporate peasant workers ' housing into affordable housing coverage, Increase the low-cost housing land supply, maintain a reasonable price income ratio, to ensure the healthy development of the housing market. To further create the conditions for the expansion of the automobile market, through perfecting the personal credit system, expanding the automobile consumption loan, improving the automobile use condition, make the real estate industry and the automobile industry become the pillar industry of the sustained economic growth. Further expand the subsidized varieties of home appliances to the countryside, reduce the import tariffs of high-end consumer goods, part of the processing trade export products exclusively for domestic sales.　　The implementation plan of adjusting income distribution structure should be promulgated as soon as possible, and efforts should be made to increase income of workers and middle-income earners, and to increase farmers ' income. (b) Encourage increased private investment. Private investment grew by 34.3% in the first half and accounted for 49.5% of urban investment. We should accelerate the reform of monopoly industry, allow private capital to enter and strengthen competition within the industry. Including finance, telecommunications, railways, civil aviation, urban utilities, and so on, should be set up specific reform plans and procedures.　　Encourage the whole nation to start a business. (c) Adjust the direction of financial investment. Give full play to financial funds 42 of the role of the heavy. Financial investment should not only focus on how many big projects, but should focus on pulling consumption, pulling private investment, pulling exports, pulling bank loans. In the first half, the effect of pulling bank loans is obvious.　　In how to stimulate consumption, private investment and exports should also work hard. (iv) optimizing the loan structure. Establish a financial system that provides loans to small businesses, self-employed households and farmers. Our current financial system is mainly for large and medium-sized enterprises. For small micro-economy to the demand for microfinance, the establishment of regional small banks, township banks, loan companies, rural cooperatives to develop credit cooperation. The corresponding supervision and statistic system should be set up accordingly.　　With such a financial services system, one can support the mass entrepreneurial activities, two is conducive to expanding employment, three is conducive to speeding up the development of the tertiary industry, four conducive to enhancing the vitality of economic development, should be implemented as soon as possible. (v) Creation of export demand to drive exports of goods and services with capital exports. We should give full play to our foreign exchange reserves and the advantages of surplus industrial production capacity by increasing overseas energy and resources investment, driving exploration and development equipment and services, promoting the export of construction machinery and building materials by increasing foreign aid loans, and promoting the export of spare parts and raw materials by encouraging overseas development of processing trade To increase the import of Chinese goods by granting renminbi loans to enterprises that import Chinese products overseas, and to increase the export of ships, machine tools and technical equipment by expanding buyer credit for electromechanical products. The restructuring of the export sector will focus on expanding exports to emerging economies and developing countries and changing their over-reliance on developed country markets.