In the first year of the "Thirteenth Five-Year Plan", supply-side structural reforms are making efforts to tackle the problem.

How to complete the five key tasks of de-capacity, de-inventory, de-leverage, cost reduction, and short-board, has become the focus of attention of delegates and experts who come to participate in the National People's Congress.

cut overcapacity

The key to de-capacity lies in implementation. The government and society should create new employment opportunities in many ways to find a way out for enterprise employees; Enterprises themselves should also get rid of the psychology of "waiting to rely on" and strive to solve the problems of low efficiency and low efficiency through scientific and technological innovation.

—— Chen Daifu, deputy to the National People's Congress and chairman of Hunan Lengshuijiang Iron and Steel Company

Destocking

At this stage, third-and fourth-tier cities are the focus of destocking. It is necessary to develop a batch rental market, control the supply of real estate land in areas with net population outflow, and provide preferential policies for rural population transfer.

—— Wang Yiming, Deputy Director of the State Council Development Research Center

Deleveraging

The key is to maintain a certain economic growth rate and reduce the leverage ratio by raising the "denominator" of the economic aggregate.

—— Li Yang, deputy to the National People's Congress and chairman of the National Finance and Development Laboratory

Cost reduction

On the basis of a series of tax reduction measures, we will further increase the tax reduction of enterprises, boost the confidence and development momentum of entrepreneurs, and mobilize the enthusiasm of entrepreneurs to invest in industry.

—— Li Lan, member of Chinese People's Political Consultative Conference and deputy director of the Institute of Management and Human Resources of the State Council Development Research Center.

strengthening areas of weakness

Poverty alleviation is the most urgent, and improving innovation ability is the longest. Improving the core of effective supply still depends on innovation, regardless of enterprise technology upgrading, equipment transformation or R&D innovation, it needs huge investment.

How to implement "three to one, one drop and one supplement"

This year 1 month, at the 20th meeting of the Central Leading Group for Comprehensively Deepening the Reform, it was emphasized that the first three years of comprehensively deepening the reform were three years of tamping foundations and erecting columns, and efforts should be made to set up the main framework of the reform.

The five key tasks of de-capacity, de-inventory, de-leverage, cost reduction and short-boarding are the breakthrough of supply-side structural reform, testing the ability of macro-control and deepening the reform.

At the G20 meeting of finance ministers and central bank governors, countries agreed on the importance of structural reform in promoting long-term and stable economic development. However, how to promote structural reform? Different countries have different answers.

The formation of excess capacity, excess inventory and excessive leverage is the actual reflection that China's investment-led growth mode is unsustainable. The implementation of "three to one, one reduction and one supplement" requires a stable and moderately flexible monetary policy, combined with active fiscal policy tools, and struggling for the strategic strength to be changed. Only by structural reform can we achieve a breakthrough in economic transformation and consolidate the achievements of past structural adjustment.

Recently, the State-owned Assets Supervision and Administration Commission (SASAC) has deployed "Ten Reform Pilots", and the bottom exploration has blossomed. The reform of state-owned enterprises will work together from the top and bottom. This kind of "bottom-up" and "top-down" often requires many repetitions and interactions. Through the "combination of up and down", we can not only stimulate the enthusiasm of grassroots reform and innovation, protect the vitality of the economy, but also realize the order of reform and avoid the chaos of reform.

Since the publication of the Guiding Opinions on Deepening the Reform of State-owned Enterprises last year, a series of top-level design supporting documents have been issued one after another. Recently, the State-owned Assets Supervision and Administration Commission has deployed "ten reform pilots", and the bottom-level exploration has blossomed. The reform of state-owned enterprises will work together from both ends.

This year is also the year when the main framework of state-owned enterprise reform is built. The transformation of state-owned assets management system from two-tier to three-tier is increasingly taking shape. Two types of pilot projects of state-owned capital investment and operation companies have broken the ice. The functions of SASAC need to be adjusted, and the modern governance structure of state-owned enterprises will be further improved.

Landing year of state-owned enterprise reform

"This year will definitely become the landing year for the reform of state-owned enterprises." Zhang Chunxiao, director of the consulting department of the Research Center of the State-owned Assets Supervision and Administration Commission, told 2 1 Century Business Herald that this landing is not only the landing of policy direction, but also the landing of specific operation methods.

The State-owned Assets Supervision and Administration Commission (SASAC) recently decided to carry out "ten reform pilots" in the aspects of mixed ownership reform, reorganization of central enterprises, establishment and improvement of the authority system of the board of directors, management selection, employee stock ownership, and formation or reorganization of state-owned capital investment and operation companies.

Zhang Chunxiao believes that this reform pilot itself is a landing pilot, which is different from the "four reforms", which is an exploratory pilot aimed at "throwing stones to ask for directions" in key areas of reform; The new reform pilot is the first step to implement after the top-level design has been announced, and it is the first effort at the micro level.

Huang Qunhui, director of the Institute of Industrial Economics of the Chinese Academy of Social Sciences, told the reporter of 2 1 Century Business Herald that a series of guidance documents published since last year need to solve some key and difficult problems in the implementation process, which is the intention of the SASAC to carry out grassroots pilot projects.

Huang Qunhui introduced that China's reform experience shows that the successful reform path is "bottom-up" first, that is, allowing grassroots to actively explore, including grassroots innovation, finding problems, accumulating experience, summing up and analyzing; On this basis, the "top-down" promotion is carried out, that is, the promotion under the guidance of the top level, including clear direction, selection of pilots, formulation of rules, and comprehensive promotion.

"The reform of state-owned enterprises should adhere to this path of' combination of up and down'." Huang Qunhui emphasized that this kind of "bottom-up" and "top-down" often requires many repetitions and interactions. Through the "combination of up and down", we can not only stimulate the enthusiasm of grassroots reform and innovation, protect the vitality of the economy, but also realize the order of reform and avoid the chaos of reform.

Huang Qunhui believes that in the process of promoting pilot reforms such as mixed reform, on the one hand, it is necessary to establish a fault-tolerant mechanism and allow pilot innovation, and on this basis, constantly form normative policy guidance; On the other hand, it is also necessary to set a basic "bottom line" for pilot innovation through norms.

Since the top-level design document "Guiding Opinions on Deepening the Reform of State-owned Enterprises" was issued in September last year, the reform has obviously accelerated. At present, 1 1 supporting documents have been released, and 8 supporting documents have recently passed the review.

Li Jin, chief researcher of China Enterprise Research Institute, told the reporter of 2 1 Century Business Herald that many documents have been issued, and one problem facing the current reform is that many places are still "watching" rather than "doing" immediately. This needs to achieve results and experience through pilot projects, and spread these experiences to form a "brand effect" of reform and achieve "point-to-surface" promotion.

In Li Jin's view, with the continuous publication of the top-level design documents and the comprehensive opening of the pilot, this year's state-owned enterprise reform will work together from the upper and lower levels.

Three-tier state-owned assets management system

Li Jin believes that the pilot projects of two types of companies are crucial to the reform of state-owned enterprises this year. "This year is the year of building the framework for the reform of state-owned enterprises, which is the key combination point for building the framework."

The state-owned assets management system is changing from two layers to three layers, that is, from "SASAC-state-owned enterprises" to "SASAC-state-owned capital investment and operation companies-state-owned enterprises". Not long ago, the implementation of ten pilot reforms will make a way for this change.

Zhang Chunxiao said, "Whether the pilot operation can successfully determine whether the separation of ownership and management rights, the separation of government and enterprise, and the separation of government and capital can take a new step, and whether the corporate governance structure can be effectively promoted."

Two types of companies have been added from the second floor to the third floor, forming a "separation zone" between state-owned assets supervision institutions and state-owned enterprises. This year, the pilot projects of two types of companies have begun: the State-owned Assets Supervision and Administration Commission (SASAC) has selected COFCO and SDIC to restructure state-owned capital investment companies in the four reforms, and recently selected Chengtong Group and Guoxin Company to restructure them into state-owned capital operation companies.

Huang Qunhui said that the responsibilities of the two types of companies are not the same, and they should be explored separately on the basis of classification. Among them, state-owned capital investment companies mainly invest in public welfare and commercial state-owned enterprises, and invest in important industries of the national economy through investment financing and industrial cultivation; State-owned capital operation companies are mainly commercial state-owned enterprises, and invest, hold and operate state-owned shares through equity operation, value management and orderly advance and retreat.

How to implement "three to one, one drop and one supplement"

Another key to establishing a three-tier management system is the adjustment of SASAC's own functions. Zhang Chunxiao said that in the process of SASAC's transition from "three management" to capital management, the administrative color will become weaker and weaker, and its department setting, functions and operation mode will change with the policy adjustment, highlighting the role of "investor".

Li Jin believes that one of the key points of this year's reform is that the SASAC will complete its own reform by means of assigning responsibilities, rights, positioning and staffing. It is worth noting that the State-owned Assets Supervision and Administration Commission (SASAC) has recently established a list of supervision powers and responsibilities of state-owned assets investors as one of the "nine major tasks" this year.

The three-tier management system means loosening the state-owned enterprises. The State-owned Assets Supervision and Administration Commission (SASAC) recently chose to carry out pilot projects in terms of the authority of the board of directors, market-oriented selection and appointment of managers, implementation of the professional manager system, and differentiated reform of enterprise salary distribution. Huang Qunhui believes that this is what the reform of state-owned enterprises has been doing, and the relevant systems have been established. The key to enterprise reform is still to improve the modern corporate governance structure.

How to implement "three to one, one drop and one supplement"

At the beginning of the new year, the new urban area is determined to be put in place in accordance with the requirements of the "Five Concepts" and the instructions of the Municipal Party Committee to "make the new urban area a high-end industry undertaking area, a key gathering area of headquarters economy, a key development area of modern service industry and an innovative demonstration area of social service management" and start a new journey in the new year.

As a service-oriented urban area, the new urban area is expected to account for more than 90% of GDP, an increase of 2 percentage points compared with the previous year, especially the modern service industry will increase by 4 points, reaching 43%, and the added value of the service industry will reach 59 billion yuan. The new urban area planned and formulated the service industry development plan in advance, and put forward the arrangement of focusing on developing 9 industries and 12 gathering areas. We are determined to increase the proportion of modern service industry from 39% to over 50% in another three years, and reach 65% by the end of the 13th Five-Year Plan. Judging from the current development trend, firstly, the innovation-driven development pattern of the new urban area has initially taken shape, and secondly, the coordinated development pattern of urban and rural areas has basically taken shape. It can be said that the basic conditions for achieving this goal have been met.

In an interview, Aring Zhang, secretary of the District Party Committee of the New Town, said that the service industry in the new town is dominant, and the structural reform on the supply side will bring the golden age for the development of the service industry, especially the development of the modern service industry. We will seize the key of the development of the modern service industry, make precise efforts, and regard the development of the modern service industry as a booster and accelerator to implement the five major tasks of "three going, one falling and one supplementing". This year, we will continue to focus on nine industries 12 clusters, vigorously promote the headquarters economy, financial services, Internet economy, cloud computing industry, life science and technology, old-age fitness and tourism and sightseeing industries, strive to reach 50% of the modern service industry this year, effectively pay equal attention to both traditional and modern service industries, truly optimize and upgrade the service industry, and promote a major breakthrough in the structural reform of the new city.

In the innovation-driven development pattern, the new urban area mainly makes a fuss in Hongsheng Park. The next step is to do more articles on introducing new formats and high-tech projects; It is necessary to do a good job in the transformation and development of the park, especially in the development of national university science parks, and focus on attracting projects, talents and improving service levels. At the same time, we should focus on platform construction, attracting investment, gathering projects and talents. The new urban area takes innovation as the new engine, focusing on the development of high-end industries and creating characteristic industrial clusters. That is, relying on the imported Inspur, ZTE, Donghua Software, Alipay Cloud Network Technology, Chinese Academy of Sciences "Garden in the Garden" and other large projects and enterprises with influence and driving force, we will build a complete development chain of cloud computing industry. We will implement the guidance of internet plus in the autonomous region, make full use of the first "Autonomous Region Internet Creative Park" designated by the Autonomous Region Economic and Information Committee, and take new steps in creating new development formats. Relying on the three major commodity trading platforms of the Autonomous Region Bulk Animal Products Exchange, the Autonomous Region Electronic Port Platform and the Inner Mongolia Center of Tianjin Bohai Commodity Exchange, we will accelerate the circulation and trading of bulk commodities in the Autonomous Region. Give full play to the service industry cluster effect of the national university science park and Yinhong life science and technology industrial park in the autonomous region, and promote the development of biomedical industry chain. The other is to strengthen innovative services and vigorously develop creative space. Relying on the established e-commerce, software R&D, biomedicine and internet plus professional incubator, and the cloud computing industry development fund of Chinese Academy of Sciences (scale: 250 million yuan), Hohhot's public service platform for small and medium-sized enterprises, we will encourage the development of space for innovation, public support and crowdfunding. There is also a focus on the supply of innovative sources and promoting the construction of new scientific research institutes. Accelerate the construction of national, autonomous region and municipal 15 R&D centers, focus on the Smart Industry Research Institute of Cloud Computing Center of Chinese Academy of Sciences, Peking University Inner Mongolia Mining Science and Technology Research Institute and Inner Mongolia Industrial Technology Research Institute, and start the implementation of a number of major scientific and technological projects. Relying on the University Science Park, 203 scientific and technological resources of universities and research institutes stationed in Hohhot were counted, and the achievements were transformed in promoting cooperation in Industry-University-Research. Then encourage college students to start businesses and promote employment through entrepreneurship. Taking the Autonomous Region College Students Pioneer Park as the main development carrier, entrepreneurial projects have been incubated and cultivated to promote employment. Focus on the development of grassroots industrial projects such as the comprehensive service centers for college students' entrepreneurship and employment in autonomous regions, cities and districts, featuring the "autonomous region's women's e-commerce" and entrepreneurial coffee bars. At the same time, we will continue to increase investment in scientific and technological innovation, establish an innovation ecosystem, attract outstanding innovation resources from all over the country and the world, expand innovation carriers, and build Hongsheng Park into a demonstration base for innovation and entrepreneurship.

How to implement "three to one, one drop and one supplement"

The just-concluded Central Economic Work Conference made comprehensive arrangements for economic work. The most noteworthy thing about this Central Economic Work Conference is that "strengthening structural reform" and "intensifying structural reform" will become the important focus of economic work next year, which also shows that China's macroeconomic policy has begun to make an important shift.

Strengthening supply-side management actively conforms to the development logic under the new economic normal.

In recent years, economic theorists have been discussing "new supply economics" and comprehensively analyzing and explaining its theoretical deduction and practical logic from all levels, which is a very targeted research and has many valuable judgments. The author believes that in fact, in an economic operation cycle, when to use more demand management policies, when to use more supply management policies, and how the government controls the focus and strength of macroeconomic policies in coordinating and balancing total supply and total demand, there is no difference between good and bad, and it depends entirely on the changes in its economic operation environment and the need to meet the allocation efficiency of production factors.

In the past two or three decades, China's economy has been able to maintain a relatively stable double-digit high-speed growth, which has fully utilized the advantages of backwardness and comparative advantages of factor resources during the period of economic catch-up, and released great vitality for economic development. But today, China's economic volume has ranked second in the world, various factors of production have been deeply integrated with the global economy, and the domestic and international economic structure has also undergone profound changes. The era of "factor dividend" that relies on low-level quantitative scale expansion with low labor cost, low land cost and low capital cost to boost rapid economic growth has come to an end. In today's China, we have to cross the "middle income trap", overcome the "growing pains" of "three-phase superposition" and meet the challenges of various interest games. When the marginal efficiency of traditional production factors decreases and the economic growth rate turns to an inflection point, we must speed up the transformation of economic development mode, rely on innovation to drive, optimize the allocation of factors, reshape the industrial structure and production organization structure, comprehensively improve the total factor productivity, and then release the dividends and systems of organizational change.

If we say that in the past 30 years, China has solved the basic problem of demand economics of "for whom to produce", we must plan the supply economics of "what to produce" and "how to produce" when China's economy enters a new normal. This is the basic logic of China's economics today. Its focus is to strengthen the supply-side structural reform while moderately expanding the total demand, and to revitalize the huge factor stock by correcting the distortion of factor allocation; Improve the quality and efficiency of the supply system by improving the effectiveness of investment and expanding effective supply; By improving the adaptability and flexibility of the supply structure, accelerating the cultivation of new development kinetic energy, and transforming and upgrading the traditional comparative advantage, the total factor productivity will be improved and the sustained growth momentum will be enhanced.

Therefore, the Central Economic Work Conference emphasized that promoting supply-side structural reform is a major innovation to adapt to and lead the new normal of economic development, an active choice to adapt to the new situation of comprehensive national strength competition after the international financial crisis, and an inevitable requirement to adapt to the new normal of China's economic development. This is a major judgment and a strategic choice that goes with the times.

Effectively use the "combination boxing" of policies to realize the "three to one, one reduction and one supplement" of economic reform.

It is the first year of the decisive stage of building a well-off society in an all-round way. The Central Economic Work Conference emphasized that next year is also a crucial year to promote structural reform. Focusing on a series of key tasks of "focusing on strengthening structural reform", the meeting made clear the overall thinking and orientation of macroeconomic policies for next year and a period to come, namely, "implementing macro policies steadily, industrial policies accurately, micro policies flexibly, reform policies realistically, and social policies at the bottom". The key to implementing the five policy pillars of mutual cooperation is to lay a good combination of policies, and make great efforts on "three to one, one reduction and one supplement" and "five increases" to achieve practical results.

The meeting clearly pointed out that the five major tasks of structural reform next year are to do a good job of de-capacity, de-inventory, de-leverage, cost reduction and short-boarding. Judging from the actual economic pressure in the first year of the Thirteenth Five-Year Plan, the author believes that the first thing is to reduce and reduce the pressure in these five aspects. In essence, these five tasks are interrelated and interrelated, and they are internally related, which is a problem of "moving the whole body with one hair". Resolving overcapacity (de-capacity) is an important task in the coming period. In recent years, overcapacity in many domestic industries has both structural reasons, economic cycle reasons and institutional reasons. On the basis of local conditions and classified disposal, macro-policies and industrial policies should actively guide, turn "excess capacity" into "surplus capacity", and actively relieve it by opening up channels for the continuous development of industries in the central and western regions and international capacity cooperation; It is also necessary to closely combine destocking with reducing enterprise costs, effectively reduce the burden on enterprises in fiscal and taxation policies and price policies, and accelerate the pace of technological transformation and equipment renewal of enterprises; In the transformation of second-and third-tier real estate inventory, it is closely combined with promoting new urbanization and expanding the socialized supply of public services; In preventing and resolving financial risks, on the one hand, we should keep the bottom line of risk prevention, on the other hand, we should actively implement more targeted structural loose monetary policies, accelerate the improvement of multi-level capital markets and bond markets, and so on. Therefore, the realization of "three to one, one reduction and one supplement" is essentially to change "structural burden reduction" into promoting "structural reform" and "structural complementarity"

In my opinion, corresponding to the "three to one, one reduction and one supplement", we must also emphasize the "five increases", that is, "increasing vitality", "increasing motivation", "increasing efficiency" and "increasing confidence". Through the innovation of macro, meso, microeconomic policies and social policies, we should improve the perspective of supply-side management, effectively increase institutional supply and institutional innovation, further eliminate interest barriers, increase the power of simplifying administration, effectively straighten out the relationship between the government and the market, and return power to the market and society to fully stimulate the vitality of enterprises, society and mass entrepreneurship and innovation; Further strengthen the growth pace of new industries, new formats, new business models and new organizational systems, and let new economic growth momentum be born as soon as possible, so as to create new supply and drive the release of new demand; We should also take active and effective policies and measures. In the next five years, we should intensify efforts to promote a balanced regional development, a balanced urban-rural dual economy, a balanced industrial development, a balanced development of population, resources and environment, and a balanced development of interests of all social strata, so that the wider masses can generally enhance their sense of gain in reform and development.

Finally, we should emphasize "increasing confidence". Although there are difficulties in China's economic development at present and in the future, as pointed out, the fundamentals of China's long-term economic development have not changed; The basic characteristics of good economic toughness, sufficient potential and large room for maneuver have not changed; The good supporting foundation and conditions for sustained economic growth have not changed; The trend of economic restructuring and optimization has not changed. The whole party should persist in mobilizing the enthusiasm of all parties and fully mobilize people's enthusiasm and creativity. When all forces are twisted into a rope, they are invincible.

The "Twelfth Five-Year Plan" has achieved brilliant results, and we are standing at a new starting point. During the "Thirteenth Five-Year Plan" period, with the new guidance of innovation, coordination, green, openness and * * * enjoyment, we will definitely have a new chapter.