Editorial: Strong Measures To Maintain Economic Growth

At present, the increasingly fierce international financial crisis has seriously impacted the development of the world economy, and its impact on China's economy has become increasingly evident.

In order to deal with the rapidly changing domestic and international economic situation and promote economic growth in a timely and effective manner, the CPC Central Committee and the State Council recently took the opportunity to seize the opportunity to make major adjustments to China's macro-economic policy, decided to implement a proactive fiscal policy and moderately loose monetary policy, and issued a series of more powerful measures to expand domestic demand.

This is a strong policy signal issued by our country to tackle the challenges of the international financial crisis, solve the outstanding difficulties facing the current economic operation, and maintain steady and rapid economic development.

Since the beginning of this year, our country has faced enormous challenges such as catastrophic natural disasters and some outstanding problems in economic operation, and there are unprecedented challenges such as the aggravation of the international financial crisis. It is the most difficult year for economic development in recent years.

In view of the development and changes of the economic situation at home and abroad, the CPC Central Committee and the State Council have accurately grasped the direction, key points and rhythm of macroeconomic regulation, adjusted the direction and key points of macroeconomic regulation in a timely manner, and promptly adjusted the primary task of macroeconomic regulation from the beginning of the year to "preventing economic overheating and preventing obvious inflation" in order to maintain "steady and rapid economic growth and control excessive inflation" in the middle of the year. A series of targeted measures were adopted to maintain the basic trend of steady and rapid economic development and enhance confidence.

At present, it is essential to meet challenges, seize opportunities, compete against each other, resolve crises and maintain confidence.

Over the past month or more, China's export growth has slowed down significantly, and the economic growth has slowed down. The business has been difficult to promote agricultural production and increase farmers' income. The problems in the real estate sector are becoming more prominent, and the task of reducing emissions is more arduous.

The Party Central Committee and the State Council have closely followed the development trend of the international financial crisis and the changes in the domestic economic situation, implemented flexible and prudent macroeconomic policies, and continuously introduced a series of policy measures: increasing the policy of supporting agriculture and benefiting farmers, raising the minimum grain purchase price substantially, adjusting the foreign trade policy to support stable export growth, appropriately raising the export tax rebate rate of some labor-intensive and high technology and high added value commodities, increasing the support for people's livelihood, strengthening the support to small and medium-sized enterprises, reducing interest rates for three times, reducing the deposit reserve ratio for the two time, reducing the down payment ratio of houses, supporting the people to buy houses for the first time, and approving a number of infrastructure projects that are related to long-term development.

These measures have played an active role in enhancing confidence, overcoming difficulties and stabilizing the economy.

But we should also be soberly aware that the adverse effects of the international financial crisis are still deepening and the external demand continues to weaken at present and in the coming period. Our country will be more and more influential as a world trading power, and some contradictions and problems in the domestic economic operation will become more prominent.

Under such circumstances, the difficulty of maintaining steady economic growth has become a prominent contradiction in economic development.

To maintain steady and rapid economic development and prevent major ups and downs is always our primary goal of promoting scientific development.

To cope with the more severe economic situation at home and abroad and curb the downward trend of economic growth, the CPC Central Committee and the State Council decided to implement active fiscal policy and appropriate loose monetary policy on the basis of relevant macro-control measures in the previous period, and further take effective measures to expand domestic demand.

This is of great practical significance for maintaining economic growth.

At present, we have many favorable conditions to further expand domestic demand.

China's comprehensive strength is constantly increasing, and the potential for expanding domestic demand is huge. The accelerated development of industrialization and urbanization will lead to huge demand in infrastructure, industrial development, housing and urban construction. There is a large market for rural consumption, and energy conservation, emission reduction, ecological protection and social construction also need a lot of investment. There are still many problems to be solved in the field of livelihood. These provide a vast space for expanding domestic demand.

Therefore, we must insist on expanding domestic demand as the basic foothold in economic development. By implementing a proactive fiscal policy and a moderately loose monetary policy, we should pform the potential demand into the actual driving force for sustained economic growth.

To implement a proactive fiscal policy is to expand domestic demand with greater efforts.

This is not only the need to maintain economic growth, but also the need to promote structural optimization and improve people's livelihood.

By implementing positive fiscal policy, increasing fiscal expenditure, increasing government investment, especially central investment, and then driving social investment, the time lag is short and the effect is fast. It has an obvious effect on stimulating economic growth, and is conducive to promoting the development of related industries and expanding consumption. It is conducive to stabilizing market confidence and strengthening economic development, improving the people's livelihood and promoting social harmony.

In line with the positive fiscal policy, the implementation of an appropriate loose monetary policy is to increase the money supply, treat differently, maintain pressure, increase credit support for key projects and post disaster reconstruction, increase support for "three rural", increase credit support to SMEs, increase credit support for technological pformation, merger and reorganization, excess capacity pfer, increase credit support for energy conservation and emission reduction, and develop circular economy, improve financial services, actively develop financing and microfinance for farmers, further promote consumer credit development, and foster and consolidate consumer credit growth points.

Recently, the executive meeting of the State Council put forward ten measures to expand domestic demand and promote economic growth.

According to preliminary calculations and summarization, we need to invest 4 trillion yuan from the fourth quarter of this year to the end of 2010 by accelerating the construction of people's livelihood projects, infrastructure, ecological environment and post disaster reconstruction.

It has been noted that in 1998, with the implementation of the proactive fiscal policy and the expansion of domestic demand, a series of policies to expand domestic demand have been focusing on ensuring people's livelihood, adjusting their structure and promoting reform while maintaining steady economic growth.

These policies and measures will not only help promote economic growth, but also facilitate structural adjustment and avoid duplication of construction. This will not only help to stimulate current growth, but also enhance the stamina of economic development, which can effectively expand investment and actively stimulate consumption.

At present, China's economic and social development is at a critical stage.

Race against time and race against the adverse effects of the international financial crisis.

We must unify our thoughts and actions to the central government's judgement of the economic situation, unify the decision-making and deployment of the central authorities, and unify the requirements of implementing the Scientific Outlook on Development, and implement the macro-control policies in an all-round way.

As long as we are calm and effective in dealing with challenges, solid work can promote the continuous optimization of the economic structure, enhance China's international competitiveness and risk tolerance capabilities, and maintain a good momentum of development for a longer period of time, and push the economy to a new level.