The Paper reporter Chen Yueshi
Facing the challenges of economic growth brought about by the complex evolution of the world situation and the spread of domestic epidemics, the People's Bank of China published a paper in the "Central Bank Research" column saying that various policy measures to support the stable development of the real economy should be implemented in detail, and consumption should be fully utilized. The basic role and the key role of investment in promoting high-quality economic development.
On May 30th, the research team of the People's Bank of China, in a paper entitled "Promoting the Growth of Consumption Investment to Achieve a Stable and High-Quality Economic Operation", gave 16 suggestions from three aspects: fully releasing consumption potential, expanding effective investment, and developing green economy. policy recommendations.
Subsidies to groups with low monthly income
In the face of the current slow recovery of consumption, especially contact consumption, affected by the epidemic and other factors, the above paper puts forward 5 suggestions:
The first is to take multiple measures to deal with the impact of the epidemic and promote the orderly recovery and development of consumption.The thesis suggests that precise policies targeting regions and groups of different income levels and consumption levels will help release residents' consumption potential, cultivate new growth points of consumption, and consolidate the fundamental role of consumption in economic development.
The second is to stabilize the consumption of low-income groups through priority employment, consumption subsidies, and policy guarantees.The paper suggests that granting subsidies to groups with low monthly income is conducive to enhancing their spending power.
The third is to innovate consumption patterns and explore new consumption potentials.Normalized epidemic prevention and control has increased the demand for online consumption and contactless transactions, which is conducive to giving full play to the advantages of new consumption.
Fourth, vigorously promote the consumption of services such as healthy elderly care and childcare.The above paper believes that at present, my country has entered a stage of population aging development.In-depth research and expansion of multi-level and diversified medical and health services, accelerating the promotion of aging-appropriate transformation and intelligent product development, and promoting the innovation and development of the smart and healthy elderly care industry are conducive to promoting the quality and upgrading of medical and health consumption.Accelerate the construction of an inclusive nursery service system, support social forces to provide diversified and standardized nursery services, and guide market entities to develop more safe and healthy domestic infant products, which will help meet consumer demand for nursery services.
Fifth, actively tap the consumption potential of county and rural areas.The paper points out that the consumer demand in counties and townships is strong, and there is a lot of room for quality improvement and expansion.Establishing a complete county-level commercial system and consumption infrastructure, promoting the sinking of channels and services, improving the convenience of rural consumption, and improving the service environment and quality of rural tourism, leisure agriculture, etc., will help unleash the consumption potential of counties and townships.
Support rigid and improved housing demand and optimize real estate market supply
In addition to consumption, the paper also points out that my country is in the stage of rapid development of new industrialization, informatization, urbanization, and agricultural modernization, and the potential for investment demand is huge.Expanding effective investment is not only conducive to responding to the downward pressure on economic growth, but also conducive to optimizing the supply structure and promoting high-quality economic development.
The Research Bureau of the Central Bank also gave five suggestions:
The first is to speed up the construction of new infrastructure, forging long plates, and increasing stamina.New infrastructure is a necessary prerequisite for making my country's digital economy stronger, better and bigger.By increasing fiscal and financial support, focusing on key areas, strengthening the construction of new infrastructure such as 5G networks, data centers, new-generation supercomputing, cloud computing, and artificial intelligence platforms, consolidating the foundation for the development of the digital economy, leading industrial development, and fully releasing investment growth new potential.
The second is to improve the level of traditional infrastructure and make up for weaknesses and strengths.Focus on networking, network supplementation, and strong chains, and strengthen infrastructure construction such as transportation, energy, and water conservancy.Adhere to the precise and effective investment orientation, take more targeted measures, strengthen the construction of infrastructure to make up for shortcomings, strengthen the construction of urban infrastructure, agricultural and rural infrastructure, and consolidate the foundation for the stable development of urban and rural areas.
The third is to give full play to the role of market players in infrastructure investment.Optimize the development environment for infrastructure investment, promote the standardized development of the cooperation model between the government and social capital, give better play to the role of government investment in guiding and leveraging, and fully mobilize the enthusiasm of social investment.Broaden long-term funding channels, promote the healthy development of real estate investment trust funds in the infrastructure sector, revitalize existing assets, and form existing assets and new investments by studying and revising relevant laws or formulating separate regulations, optimizing operating mechanisms, and strengthening investor education. A virtuous circle.
Fourth, promote the steady and healthy development of the real estate market.Under the premise of adhering to the general tone of real estate regulation and unswerving policy objectives, support rigid and improved housing demand and optimize the supply of the real estate market.Expand the supply of affordable rental housing, make comprehensive use of tax and fee means, and increase financial support for affordable rental housing.Improve the prudent management system for real estate finance, implement differentiated housing credit policies according to city-specific policies, and support the reasonable financing needs of real estate enterprises.
Fifth, actively expand effective investment in manufacturing.The thesis points out that expanding the effective investment in the manufacturing industry not only plays an important role in stabilizing the current growth, but also helps to optimize the future industrial structure and enhance the stamina of economic development.Further play the active role of finance in supporting the manufacturing industry. On the one hand, it supports the transformation and upgrading of traditional industries, and promotes the high-end, intelligent and green transformation of traditional industries; Technological innovation, specializing in the support of new enterprises, enhancing the core competitiveness of the manufacturing industry, advancing key core technology research, and cultivating leading enterprises with core competitiveness.
Promote low-carbon transformation of energy structure
In terms of clarifying the key areas of green and low-carbon development, the paper puts forward three suggestions: First, actively promote the low-carbon transformation of the energy structure.
The paper points out that energy is the lifeblood of the national economy, an important engine of economic growth, and the area with the greatest demand and potential for carbon emission reduction.Under the premise that clean and green electricity can be generated and can be connected to the Internet, the rhythm of fossil energy reduction and substitution should be coordinated and rude, and a simple and rude "one size fits all" should be avoided.Delineate the red line for guaranteed coal power supply, and formulate targeted fiscal, tax, financial, price and other package plans to achieve sustainable operation of coal-fired power generation units and enhance the resilience of energy supply.Support the promotion and application of low-carbon technologies in the energy field, especially projects with significant carbon emission reduction benefits, such as energy storage, carbon capture and utilization, smart grids, and flexible transformation of coal-fired power units.
The second is to lay a solid foundation and take multiple measures to guide green consumption.
The paper proposes to accelerate the construction of a unified green product labeling system, introduce a unified green commodity labeling catalog, and carry out green consumer labeling services.At present, regions that are more affected by the epidemic can be selected to enrich green consumer products and services through the linkage of e-commerce platforms and payment platforms.Strengthen incentives and constraints, encourage local governments to give tax incentives to financial institutions that issue green consumer credit, and strengthen government procurement of green products and services.
The third is to promote the large-scale development of green buildings.Confirm the attributes of green buildings as soon as possible, promote products such as green building performance liability insurance, and create conditions for financial support for the development of green buildings.Increase support for the green building industry chain, and include the production and consumption of low-energy building materials into the scope of financial support for transformation.Research and build an efficient and credible carbon emission information platform in the building operation phase to provide the necessary data basis for financial institutions to support climate change and manage climate change-related risks.
In terms of providing systematic financial support for green and low-carbon development, the paper proposes that the first is to strengthen the basic institutional arrangements for green finance.
The paper points out that it is necessary to strengthen the legal disclosure of environmental information in the financial sector, continue to promote the establishment of a unified domestic green bond environmental information disclosure system, explore the formation of environmental information disclosure norms applicable to most banking institutions in the country, and gradually establish a domestic unified transformation financial environmental information disclosure system. , and actively participate in the development of globally consistent sustainable disclosure standards.Implement a green bond certification subsidy system, encourage the development of the green bond market, create a favorable institutional environment for cultivating and enhancing the capabilities of third-party certification agencies, and reduce the cost of green bond issuance.We will vigorously carry out carbon accounting in the financial sector, and improve the information exchange mechanism between banks.
The second is to gradually establish a reliable and efficient carbon pricing system.Build a high-quality national unified carbon emission rights trading market, and use market-oriented means to reduce the cost of carbon emission reduction in the whole society.Reasonably control the total amount of carbon emission allowances issued, and scientifically allocate initial carbon emission allowances.Enhance the liquidity of the carbon market and improve the pricing efficiency of the carbon market.Improve carbon accounting capabilities and data quality.Establish and improve the carbon market trading mechanism and trading rules, and clarify the registration, trading, settlement and other systems.Steadily promote the expansion of the mandatory emission control industry in the carbon market.Actively research and develop various financial products linked to carbon emission rights.In accordance with the principle of investor suitability, the scope of carbon market trading entities shall be expanded in an orderly manner.
The third is to enrich financial products and services.Innovate green finance and transform financial products, promote the issuance of carbon-neutral bonds and sustainable development-linked bonds, and comprehensively utilize credit, bonds, equity investments, trusts and other diversified financial instruments to support green and low-carbon economic activities.Encourage the development of financial products that are more risk-inclusive, such as private equity and venture capital, and address the problems of excessive leverage and insufficient collateral that commonly exist in high-carbon companies.Promote and popularize the concept of green investment, expand the participants in green finance and transitional financial markets, and guide green investors to pay attention to and support green and low-carbon economic activities.
【Editor: Shi Rui】
