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19 hard moves to reignite the consumption engine
Time:2020-3-24 9:04:47      Click:135

Recently, the National Development and Reform Commission, the central propaganda department, the Ministry of Finance, the Ministry of Commerce and other 23 departments jointly issued by the "about promoting consumption expansion to speed up the formation of strong domestic market quality of the implementation opinions", further improve the consumption environment, play a fundamental role of consumption, and help to form strong domestic market gives the qualitative policy measures 19 expansion and promote consumption. Analysts widely believe that these measures will help domestic physical consumption and consumption of services to quickly recover, and ultimately become a strong driver of healthy economic growth.

Policies to support consumption recovery

In the face of the dual requirements of "catching epidemic prevention" and "promoting development", the opinions put forward countermeasures to promote consumption expansion and improvement from six aspects, namely, market supply, consumption upgrading, consumption network, consumption ecology, consumption capacity and consumption environment:

We will work hard to improve the supply of domestic goods and services, improve the competitiveness of domestic goods and services, strengthen the building of our own brands, improve the supply of imported goods, and further improve the duty-free policy.

We will focus on improving the quality of cultural tourism and leisure consumption, enriching featured cultural tourism products, improving the inbound tourism and shopping environment, and innovating the promotion model of cultural tourism.

We will work hard to build an integrated urban-rural consumption network, build several regional consumption centers in line with regional development plans, improve the distribution of commercial outlets in urban and rural areas, and improve infrastructure for consumer logistics.

We will accelerate the building of an "intelligent +" consumer ecosystem, accelerate the construction of a new generation of information infrastructure, encourage the development of new consumption models such as the integration of online and offline services, encourage the use of green smart products, and vigorously develop the consumption model of "Internet + social services".

We will continue to improve people's ability to consume, increase the incomes of key groups and stimulate their consumption potential, and stabilize and increase their property incomes.

We will create an enabling environment for consumers, strengthen market order and oversight, actively promote the development of a credit system in the consumer sector, and unblock channels for consumers to protect their rights.

"We need to release pent-up and frozen consumption, foster new types of consumption and upgraded consumption generated in the prevention and control of the epidemic, and make up for physical consumption and service consumption. Therefore, it is of great significance to improve the capacity and quality of consumption in the coming period while preventing and controlling the epidemic." The national development and reform commission employment income distribution and consumption department said.

Scientific deployment to welcome the return of consumers

"Adhere to the" opinions "to supply side structural reform as the main line, and develop spending in the economy and stable operation of 'YaCangShi effect, hold the most potential consumer areas, pay more attention to service consumption in consumption type, in the consumer spending holiday and night time, in terms of consumption patterns to speed up cultivating new model such as online fusion, in the consumer area focus on county consumption engine, in the aspect of consumer groups focus on enhancing the ability to lower income groups consumption, improve consumption policies, optimize the environment of consumption, stabilize consumer expectations, can urge the masses of urban and rural residents consumption to dare to consume." The official said.

For online consumption, the opinions proposed to accelerate the construction of information infrastructure such as 5G network and encourage the construction of "smart shops", "smart blocks" and "smart business districts". On the issue of residents' purchasing power, the opinions put forward measures such as tapping the potential of increasing incomes of new types of agricultural operators, making efforts to eradicate the arrears of wages owed to migrant workers, enriching and standardizing residents' investment in financial products, and stabilizing the expectation of property income in the capital market. In view of the construction of consumption scene, the opinion emphasizes the development of convenience stores, community vegetable shops and other community businesses.

Zhao ping, director of the international trade research department of the China council for the promotion of international trade, said in an interview with the newspaper, "we should see that, on the one hand, consumption has contributed about 60% of China's economic growth in the past three years. On the other hand, covid-19 epidemic has had a huge impact on Chinese consumption, especially in the service sector. Therefore, it can be said that stabilizing consumption is the most important traction force to stabilize the demand side of the Chinese economy, and the release of the opinions is very timely and necessary."

We will stimulate the internal driving force of the Chinese economy

It is worth noting that there is a strong practical basis for China's accelerating consumption engine.

Recently, penguin think tank released the "national netizen consumption impact research report" shows: during the outbreak, the offline consumption demand of residents was suppressed, after the outbreak is expected to rebound in consumer confidence, the epidemic during the reduction of offline consumption activities will get different degrees of recovery. Among the netizens who reduced their eating out during the epidemic period, 65.9% said they would go out to eat after the epidemic ended. The restaurant industry is expected to see a relatively obvious compensatory growth after the epidemic ended. At the same time, shopping, beauty salon, cinema consumption also has a greater re-consumption demand.

"Consumption, investment and export are the 'troika' on the demand side of the macro economy. "To effectively stimulate the internal driving force and help the Chinese economy to achieve a rapid recovery, we must handle the relationship between the three." 'in terms of exports, the global spread of covid-19 will inevitably affect the external demand of the Chinese economy, and such changes in the demand side cannot be directly addressed by China's own macroeconomic policies,' zhao said. In terms of investment, whether it is 5G, the Internet of things or artificial intelligence, the construction of new infrastructure needs to be driven by investment, but its foothold still lies in the actual demand of consumption. Therefore, under the current background, prompt prompt domestic physical consumption and service consumption to quickly recover, obviously will bring positive effect to the Chinese economy.

Wang yun, a researcher with the Chinese academy of macroeconomic research, said that under the background of the positive trend of epidemic prevention and control and the accelerated recovery of economic and social development, the release of positive signals to encourage and promote consumption can create a good policy environment for the early resumption of the "production-circulation-consumption" social production cycle. It will also help foster new growth areas. "A virtuous circle of supply and demand helps to create a strong domestic market and boost the vitality of the whole economy."

(source: People's Daily overseas edition)


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