Economic Daily's Jin Guanping: Proactive and effective macro policies

Expand investment with effective benefits, implement special actions to boost consumption, maintain ample liquidity and reasonable growth in the financial sector... Since the beginning of this year, China has implemented more proactive and effective macroeconomic policies, effectively stabilizing growth, employment, and expectations, and driving the continuous improvement of the economy. In the next step, the macroeconomic policy of being "more proactive and effective" will not change, and its role in supporting and empowering the economy will become more prominent. The "more proactive and effective" direction of macroeconomic policy is to increase counter-cyclical adjustment efforts and better respond to the instability and uncertainty factors in economic operations. This year, a series of strong, high-quality, and targeted policy measures have been implemented to effectively stabilize expectations, stimulate vitality, and boost confidence. The strength of macroeconomic policies has increased. From "active" to "more active," fiscal policy continues to exert more force. The deficit ratio for this year is around 4%, an increase of 1 percentage point from the previous year; special long-term government bonds, local government special bonds, and central budgetary investment are being effectively used to focus on key areas and weak links to increase government investment. From "prudent" to "moderately loose," monetary policy plays a dual role in total and structural terms, comprehensively using various monetary policy tools such as reserve requirement reduction, open market operations, medium-term lending facilities, and re-lending and rediscounting to maintain ample liquidity in the banking system. At the same time, investment in people has become a prominent feature of macroeconomic policies. Investing in people is a major strategic deployment that concerns the country's long-term development. From focusing on improving livelihoods and promoting consumption, emphasizing income growth driven by employment, continually raising the level of social security, to establishing childcare subsidies, gradually implementing free preschool education, and advancing the construction of a universal childcare service system, the country is investing more tangible resources in the comprehensive development of its people. It can be said that this year, China's economy has withstood pressure and steadily advanced, with the important "key" being the more proactive and effective macroeconomic policies. From statistical data, it can be seen that a series of policy measures have promoted the orderly release of consumption potential, the optimization and upgrading of industries, and the growth of new drivers. For example, the 800 billion yuan special long-term government bonds support 1459 "hard investment" projects in aspects such as new urbanization, food security, and social livelihoods. The combination of macroeconomic policy measures has been effective, providing solid support for achieving the annual economic and social development goals.