Moderately expanding fiscal and monetary policies

Deflation leads to an increase in real interest rate, a decrease in the average profit rate of the real economy, an increase in the propensity to save and a decrease in the willingness to invest, which are the direct reasons for the decline in China's economic growth rate. The aggravation of deflation will be the main problem in China's economic field in the next few years. Although there are many reasons for this situation, the fundamental reason is the deep-seated structural contradiction in economic life. Therefore, short-term macroeconomic policies must be linked with long-term policies for economic restructuring.

monetary policy

● Actively promote the marketization of interest rates and reform the foreign currency management system.

● Actively promote the construction of personal credit system and promote savings real-name registration system.

● Encourage commercial banks to innovate financial business varieties.

● Strengthen credit policy guidance and guide the flow of funds.

● Actively promote the construction of the money market.

● Improve rural financial services, support rural economic development, and guide and standardize folk credit.

● Actively support the listing of financial enterprises.

200 1 year

monetary policy

(1) Intensify the operation of the open market and maintain the steady growth of the base money and money supply.

(2) Give full play to the interest rate leverage and reasonably determine the interest rate level of local and foreign currencies.

(3) Formulating and implementing credit policies, guiding commercial banks to invest in loans, and giving full play to the role of credit policies in adjusting economic structure.

(4) Strengthen financial supervision to prevent and resolve financial risks.

(5) Increase the transparency of monetary policy and continue to play a guiding role as a window.

In 2002

fiscal policy

First, continue to issue long-term construction bonds, and the policy purpose is to maintain the necessary investment pull.

Second, we will continue to use treasury bonds to discount the investment in technological transformation of enterprises, and play the role of one or two thousand pounds to drive bank loans to invest in technological transformation of enterprises.

Third, according to the situation, continue to increase the salary of administrative personnel and pensions for retirees.

Fourth, continue to adjust and optimize the fiscal expenditure structure.

Fifth, continue to strengthen tax collection and management. Since 1998, remarkable achievements have been made in strengthening tax collection and management.

Sixth, continue to stabilize and improve the tax system. Basically stabilize the tax system and fine-tune the tax system in a timely and appropriate manner; Accelerate the progress of export tax rebate and promote the reform of export tax rebate system when conditions are ripe.

monetary policy

(a) timely reduce the deposit and loan interest rates of financial institutions, and steadily promote the reform of interest rate marketization.

(2) Continue to expand the operation of open market business and flexibly adjust the base currency.

(C) to strengthen the guidance of credit policies

(4) Standardize and strengthen the management of refinancing and recovery rediscount.

(5) Further promoting the development of the money market.

(six) to improve the transparency of the implementation of monetary policy and guide the reasonable expectations of the society.

In 2003

2003 can be said to be a fruitful year for monetary policy. This year, the central bank's monetary policy is strong and new, which is rare in previous years. Monetary policy has played an important role in macro-control. //The rapid growth of loans directly led to the introduction of the four major monetary policy measures of the central bank in 2003.

In 2004:

The function of proactive fiscal policy is facing a change.

China's economy will continue to maintain a high growth momentum in 2003, and it is estimated that the national economy will grow by about 8.5%. In 2004, the macro-control policy will ensure the functional transformation of the proactive fiscal policy, and at the same time, fine-tune the monetary policy moderately to maintain a good situation of economic development, and further enhance the internal driving force of independent economic growth by accelerating the pace of structural adjustment and system reform to maintain sustained and stable economic development.

Orientation of monetary policy:

First, further enhance the forward-looking and scientific nature of monetary policy and maintain the steady growth of the total amount of money and credit; Second, steadily push forward the process of interest rate marketization and further play the role of interest rate regulation; The third is to keep the RMB exchange rate basically stable at a reasonable and balanced level; Fourth, efforts should be made to adjust the credit structure and promote the adjustment of industrial structure; Fifth, accelerate the development of financial markets and expand direct financing; Sixth, accelerate the shareholding system reform of state-owned commercial banks and do a good job in supporting the reform of rural credit cooperatives. The money supply and the scale of new loans in 2004 should be lower than the actual level in 2003. It is estimated that M 1 and M2 will increase by about 17% respectively, and RMB loans will increase by 2.6 trillion yuan.

In 2005

fiscal policy

From expansionary active fiscal policy to steady fiscal policy, that is, neutral fiscal policy in the sense of economics. This means that the proactive fiscal policy that has been implemented for seven years has retreated behind the scenes. The purpose of implementing prudent fiscal policy is to strengthen and improve macro-control, which does not mean that fiscal policy has done nothing or nothing in strengthening and improving macro-control.

monetary policy

The People's Bank of China continues to implement a prudent monetary policy, strengthen aggregate regulation and control through market-oriented means, optimize the credit structure, steadily push forward the process of interest rate marketization and the reform of RMB exchange rate formation mechanism, accelerate the reform of financial enterprises and the construction of financial markets, improve foreign exchange management, improve the transmission mechanism of monetary policy, maintain the smooth operation of finance and promote the steady and rapid development of the national economy.

In 2006

fiscal policy

We should maintain the continuity and stability of macroeconomic policies, continue to implement prudent fiscal policies, and strive to promote the healthy development of investment, consumption and exports.

First, appropriately reduce the fiscal deficit and build the scale of long-term national debt issuance.

The second is to adjust and optimize the government investment structure.

The third is to rectify and standardize the order of income distribution.

The fourth is to consolidate and develop the reform results of the export tax rebate burden mechanism.

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