None of the specific arrangements of this 4 trillion investment has entered the industries with overcapacity of "two highs and one capital", nor has it entered the investment in real estate and land purchase. This 4 trillion investment is mainly distributed in the following aspects:

First, livelihood projects, including affordable housing projects, rural livelihood projects, rural infrastructure construction and social undertakings investment, are investments in education, health, culture and other social undertakings. The proportion of this investment increased from118 billion needed by the government to 503.8 billion last year. Last year, the central arrangement was 924.3 billion yuan. As I said just now, these investments account for 44%.

Second, independent innovation, structural adjustment, energy conservation and emission reduction and ecological construction account for 16% of the total investment.

Third, major infrastructure construction, including transportation infrastructure, railways, highways, civil aviation, ports and major water conservancy projects. This investment accounts for 23%. Then comes the post-earthquake recovery and reconstruction in Wenchuan, accounting for 14%. Other public expenditure accounts for 3%.

New loans in 2009:

Today, the central bank released the financial statistics report for 65438+ months in February 2009. The report shows that RMB loans in China increased by 9.59 trillion yuan in 2009, an increase of 4.69 trillion yuan year-on-year; The balance of RMB loans from financial institutions was 39.97 trillion yuan, up 365,438+0.74% year-on-year, and the growth rate was 65,438+03.05438+0 percentage points higher than that at the end of last year. In the whole year, RMB deposits increased by 13. 13 trillion yuan, an increase of 5.44 trillion yuan over the same period of last year; The balance of RMB deposits in financial institutions was 59.77 trillion yuan, a year-on-year increase of 28.2 1%.

By the end of February, 2009, the balance of broad money supply (M2) in China was 60.62 trillion yuan, up 27.68% year-on-year. The balance of narrow money supply (M 1) was 22.00 trillion yuan, a year-on-year increase of 32.35%; The balance of China's foreign exchange reserves was US$ 2,399.2 billion, a year-on-year increase of 23.28%. In the whole year, China's foreign exchange reserves increased by 453,654.38 billion US dollars, an increase of 35.3 billion US dollars year-on-year.

Of the 9.6 trillion new loans in 2009, about 50% went to the stock market, real estate market and bill market, and the other half went to the real economy, mainly local government investment platforms or local government projects. Local government financing platform accounts for one third, about 3 trillion yuan, and local non-government financing accounts for1/6; Real estate accounted for 1/6, and 1/3 flowed to the stock market.

Monetary policy:

In 2009, a moderately loose monetary policy will be implemented, the total amount of money and credit will be appropriately increased, and policy tools such as interest rate, deposit reserve ratio and open market operation will be comprehensively used to flexibly adjust the supply and demand of funds. If necessary, innovative financial instruments can be used to maintain the reasonable liquidity of the market.

There is no doubt that monetary policy will increase horsepower to inject liquidity into the market, and this year's double rate will still run in the downward channel. However, experts pointed out that it is still necessary to speed up the reform of the monetary policy regulation mechanism in order to better play the role of "pushing the soft rope".

Fiscal policy in 2009:

1. Expand the government deficit and investment scale, and maintain steady and rapid investment growth.

In 2009, the growth prospect of China's external demand is bleak, residents' consumption tends to be cautious, and enterprises' willingness to invest independently weakens. In order to maintain steady and rapid economic development, we must maintain a reasonable investment scale and give full play to the role of government investment in promoting economic growth. Due to many factors of fiscal revenue reduction, the growth rate of fiscal revenue will drop significantly. The government will appropriately increase the fiscal deficit and issue construction bonds of a certain scale. At the same time, increase the investment in the central budget, so that the total scale of central government construction investment has increased significantly compared with 2008. Central investment is mainly used for people's livelihood projects, agricultural infrastructure focusing on water conservancy, affordable housing, energy conservation and emission reduction, public transportation, technological transformation, etc. In order to help guide social funds to invest in weak links, and at the same time enhance the stamina of economic and social development and the ability to increase fiscal revenue.

2. Increase the income of urban and rural residents and further expand consumption.

First, raise the threshold of personal income tax and increase the per capita disposable income. The second is to improve the minimum wage system for urban workers and continue to improve the basic pension level for enterprise retirees. The third is to improve the minimum living security for urban residents and the basic old-age insurance system for enterprise employees. We will continue to implement various fiscal and taxation support policies to promote employment and reemployment, and accelerate the construction of a social assistance system for people with special difficulties in urban and rural areas. Support the employment and social security of migrant workers and landless peasants. The fourth is to increase the construction of affordable housing, clean up taxes and fees in all aspects of real estate, and support and encourage residents to buy the first set of ordinary commercial housing. The fifth is to expand the variety and geographical scope of subsidies for home appliances to the countryside and promote rural consumption. Sixth, it is a long-term trend to promote the price reform of basic products such as electricity and refined oil. Fiscal policy will pay close attention to the impact of rising prices on people's livelihood, implement and increase transfer payments and subsidies to low-income groups in a timely manner, ensure the basic livelihood of difficult groups, and minimize the impact of gradually liberalizing controlled prices.

3. Strengthen the policy of supporting agriculture and benefiting farmers to ensure that farmers increase production and income.

First, ensure that the investment used to directly improve rural production and living conditions has increased significantly compared with 2008. Further increase investment in rural infrastructure construction, focusing on rural water conservancy, roads, safe drinking water, electricity, biogas and other aspects of construction. Improve rural basic education, public health and cultural facilities. The second is to further increase subsidies for supporting agriculture and improve subsidy policies and methods. Greatly increase the minimum purchase price of grain and stabilize farmers' income from growing grain. The third is to support the establishment of a rural minimum living security system nationwide. The fourth is to introduce policies to revitalize the dairy industry and stabilize pig production, and promote the adjustment of agricultural structure. Fifth, fully implement the new rural cooperative medical system and improve the benefit level of participating farmers. Sixth, continue to increase investment in rural education, and effectively bring rural compulsory education funds into the scope of central and local financial security.

4. Intensify structural adjustment of fiscal policy, and promote structural adjustment and transformation of development mode.

First, we must increase investment in science and technology. Continue to increase support for public welfare scientific research institutions and support the implementation of major scientific and technological projects. Support policies such as subsidies, interest subsidies, taxes and prices will be used to give play to the guiding role of government investment and promote social funds to invest in independent innovation, industrial upgrading, resource conservation and environmental protection. Second, increase investment in ecological construction and environmental protection, implement resource tax reform, and accelerate the establishment of a relatively complete fiscal and taxation policy system that encourages energy, resource conservation and environmental protection. The third is to formulate preferential policies, encourage the use of energy-saving technologies and products, and guide enterprises to accelerate technological transformation with energy conservation and emission reduction as the core. At the same time, preferential tax rates are applied to the production or sales process of high-efficiency and energy-saving new products, and appropriate tax incentives are given to enterprises providing energy-saving services to promote the development of energy-saving industries. Fourth, increase policy and financial support for the equipment manufacturing industry, and improve the system design, manufacturing and complete sets of major technical equipment. Fifth, improve and implement preferential tax policies to support the development of small and medium-sized enterprises, and support their technological innovation and participation in international market competition.

5. Deepen fiscal and taxation reform and promote the adjustment of tax structure.