economy enters an important window period

With 20 days to go before the first half of the year's economic data are released, the economic situation has entered an important window period. Recently, the National Development and Reform Commission, the Ministry of Finance, the State Assets Management Commission and other ministries have been conducting research in local areas. 

June 11-13, the Research Group of Industry Department of the National Development and Reform Commission went to Zhejiang Province to carry out the economic situation survey in the first half of the year. The research group held symposiums on the real economy of financial services in Yongkang and Hangzhou successively. It studied and discussed the issues related to deepening the structural reform of the financial supply side, strengthening the real economy of financial services, and optimizing the reform path of China's financial institution system, market system and product system. It listened to the financial institutions. Suggestions and opinions of real enterprises. Since this year, the state has taken many measures to promote the structural reform of the financial supply side, directed to guide private and small enterprises in the "precise drip irrigation" of financial living water, stabilized market expectations and enhanced enterprise confidence. For example, since May 15, the central bank has implemented a lower deposit reserve ratio for small and medium-sized banks focusing on local areas and serving counties, and many banks have announced plans to issue sustainable bonds.

Many analysts told Shanghai News that the policy in the second half of the year may give more weight to stable growth, and monetary and fiscal policies will focus on stable growth. In terms of monetary policy, the constraints of internal and external environment on the marginal loosening of monetary conditions tend to weaken in the second half of the year, and the probability of turning to counter-cyclical adjustment is increasing. Zhu Jianfang, chief economist of CITIC Securities, predicts that there will be room for further reduction by the central bank. There may still be one or two directional or non-directional reduction in the year, and the restart time will be in June or July. The second half will be the "intensifying period" of fiscal policy. From the recent policy trends, active fiscal policy has begun to develop strong and stable investment. Previously, the Office of the Central Government issued the Notice on the Issue of Local Government Special Bonds and the Matching Financing of Projects, which allowed some local government special bonds to be used as capital for major eligible projects, and encouraged financial support for special bond projects. Li Chao, chief macro-analyst of Huatai Securities, said that in the second half of the year, the new tools of fiscal policy may include the unused balance within the government debt limit, the increase of new local government special debt quota, soft fiscal instruments, the increase of deficit quota, implicit debt replacement, new tax and fee reduction measures and special construction bonds. 

Ning Jizhe, deputy director of the national development and Reform Commission, led a team to Shanghai for research and held a forum on foreign-funded enterprises. From June 12 to 15, Xiao Weiming, head of the Regional Opening Department of the National Development and Reform Commission, led the delegation to Qinghai Province and Sichuan Province to conduct a special survey. In the meantime, the research group held a forum to listen to the relevant local departments, enterprises and experts on the first half of this year's economic situation, participate in the construction of "one belt and one road", "14th Five-Year" development ideas and other related ideas and suggestions. Since this year, the state has promulgated a series of policies to continuously expand and open up, including the promulgation of the Foreign Investment Law, the promotion of innovation and upgrading of national economic and Technological Development zones, and the creation of new Highlands for reform and opening up.

In recent years, many ministries and high-level ministries have expressed that the pace of China's opening-up will not stop, and a series of policy documents on opening-up will be issued one after another. It is noteworthy that the newly revised negative list of foreign investment access in the national and FTA pilot areas and the Catalogue of Industries Encouraging Foreign Investment will be published in the near future, which will further expand the areas of opening up.

Previously, relevant officials of the Ministry of Commerce also disclosed that a number of free trade pilot zones should be newly laid out to accelerate the exploration of free trade port construction and promote the implementation of a higher level of openness.

In addition, according to the Shanghai Stock Exchange News, the "Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Great Development of the Western Regions in the New Era to Form a New Pattern" has been issued recently by the relevant provinces, Shaanxi and other places have conveyed the document of learning, and studied and implemented measures. Key words 3: Tax reduction and fee reduction

May 20, the Ministry of Finance research team to Heilongjiang Province research, and held in Harbin three northeastern provinces and Dalian city tax reduction and fee reduction work symposium. Recently, according to the work arrangement of the Ministry of Finance, the supervision bureaus all over the country have actively carried out the investigation and evaluation of the implementation effect of tax reduction and fee reduction policies and measures, understood the problems existing in the implementation of tax reduction and fee reduction policies and measures, and put forward practical suggestions for work, so as to provide reference for scientific decision-making of Ministry organs. Since this year, the state has implemented a larger-scale tax reduction and fee reduction policy, including VAT reduction in April and social security premium reduction in May. In the second half of the year, a new round of fee reduction measures will be officially launched.

According to the reporter, this round of fee reduction measures mainly involves reducing administrative and institutional unit fees and operating service fees, such as reducing mobile network traffic and broadband fees of small and medium-sized enterprises, reducing average electricity prices of general industry and commerce, floating Railway cargo carrying out freight rates, reducing port charges and so on.