Three major economic policy directions: regional development will be accelerated

On December 6, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the economic work in 2020. From the message of the meeting, deepening reform, expanding opening up, improving the foresight of macro-control and promoting regional economic development will become an important trend of economic development next year.

Trend 1: the trend of economic stability has not changed. Deepening reform and expanding opening up are still the "two wing joint forces" that will help economic development next year. At present and in the future, the basic trend of China's economic stability towards good and long-term good has not changed At the meeting of the Political Bureau, it was first set that the basic economic trend of next year has not changed. At the same time, it was put forward that we should use dialectical thinking to look at the development and change of the situation, enhance our confidence in winning, be good at transforming external pressure into a strong driving force for deepening reform and expanding opening up, and concentrate on our own affairs. This means that no matter how the economic situation changes next year, we should continue to do two things well: deepen reform and expand opening up. These two things are the "joint efforts of two wings" to promote high-quality economic development. On the one hand, deepen supply side structural reform and Reform in key areas. We will further consolidate the results of capacity reduction, optimize the stock, speed up the clearance of "zombie enterprises", and comprehensively promote the disposal of assets and debts, merger and reorganization, transformation and upgrading; accelerate the cultivation and development of new industries, new products, new technologies, and new formats, and promote the formation of new momentum in the optimization and upgrading of traditional industries; deepen structural reform on the financial supply side, and balance steady growth and risk prevention We will accurately and effectively handle risks in key areas, deepen financial reform and opening up, and enhance the ability of financial services to the real economy. On the other hand, efforts should be made to expand high-level opening up. The continuous expansion of opening-up is an important driving force to promote China's economic and social development and deepen the reform of the system and mechanism. In recent years, China has significantly increased its opening-up efforts and adopted a series of major measures to promote it. Next year, high-level opening up will remain an important support for high-quality economic development.

Trend 2: The macro policy will remain stable, but the "precision drip irrigation" will be strengthened. At present, the situation at home and abroad is relatively complex. How to keep the economic fundamentals stable next year also puts forward higher requirements for macro-control. Therefore, the meeting of the Political Bureau made it clear that we should adhere to the policy framework that macro policies should be stable, micro policies should be flexible and social policies should be based on the bottom, adhere to the problem oriented, goal oriented and result oriented, improve the foresight, pertinence and effectiveness of macro-control, and make good use of the tools of counter cyclical adjustment. The juxtaposition of several words used for macro-control this time: "prospective, targeted and effective", means that macro-control will pay more attention to the precise implementation of key issues while maintaining the fixed force, and the rhythm and strength of "precise drip irrigation" is expected to increase. The third trend is the development of high quality, which will speed up the development of regional economy. In the seven key tasks of 2019 deployed by the central economic work conference held in December 2018, promoting high-quality development of manufacturing industry ranks first. At this political bureau meeting, it was proposed to speed up the construction of modern economic system, promote the high-quality development of agriculture, manufacturing industry and service industry, strengthen the construction of infrastructure, promote the formation of regional economic layout with complementary advantages and high-quality development, improve the scientific and technological strength and innovation capacity, deepen the reform of economic system, and build a new open economic system with higher level. From now on, the "high-quality development" of the single production manufacturing industry has been mentioned.

This time, the "high-quality development of agriculture, manufacturing industry and service industry" covering the three industries means that the high-quality development system has entered a new stage, with a wider range and more comprehensive requirements. In the future, domestic policies will also focus more on improving the high-quality development of industries, so as to better match the supply quality of these industries with the upgrading of demand structure. In addition, while promoting the high-quality development of the industry, the meeting also proposed to "promote the formation of regional economic layout with complementary advantages and high-quality development". The author believes that the development of regional economy will usher in a big acceleration next year. From the perspective of this year's policy release, regional economic development has obtained strong support from the policy. In February this year, the outline of Guangdong Hong Kong Macao Bay development plan was released. The plan is from the near-term to 2022 and the long-term to 2035. Building Guangdong, Hong Kong and Macao Bay area is conducive to deepening supply side structural reform, accelerating the cultivation of new driving forces for development, realizing innovation driven development, and providing support for the continuous enhancement of China's economic innovation and competitiveness. On December 1 this year, the outline of regional integration development plan for the Yangtze River Delta was officially released, which has become a space layout leading the national high-quality development and improving China's reform and opening up To build a strong and active growth pole for China's development. The author believes that the setting of the economic situation of next year at this meeting has also given the market a "reassurance" and boosted market confidence. Although we are faced with a complex situation in which the risks and challenges at home and abroad have increased significantly, the basic trend of China's economic stability towards good and long-term good has not changed.