Beijing, December 11 (Xinhua) -- Macro policies are an important means to safeguard the stable operation of the economy. The Central Economic Work Conference held on December 10-11 proposed to implement more proactive macroeconomic policies, and clarified the need to continue implementing more proactive fiscal policies and moderately loose monetary policies.
Doing a good job in next year's economic work, policy orientation is highly concerned. The meeting pointed out that next year's economic work should adhere to the policy orientation of seeking progress while maintaining stability, improving quality and efficiency, leveraging the integrated effect of stock policies and incremental policies, increasing countercyclical and cross cyclical adjustment efforts, and enhancing the effectiveness of macroeconomic governance.
The policy orientation for next year will release a clear signal of 'more proactive and promising', "said Yang Zhiyong, President of the China Academy of Fiscal Sciences. He stated that increasing macroeconomic policy regulation and enhancing policy foresight, targeting and coordination will better guide development expectations, promote the effective improvement of economic quality and reasonable growth in quantity, and lay a solid foundation for achieving a good start to the 15th Five Year Plan.
The meeting clarified the direction of fiscal policy, including maintaining necessary fiscal deficits, total debt scale, and total expenditure, and strengthening scientific fiscal management.
Yang Zhiyong stated that China will continue to implement a more proactive fiscal policy next year, which is consistent with this year's fiscal policy orientation. The fundamental and important pillar role of finance in national governance will be further played. Arrangements such as "strengthening scientific management of finance" will more fully unleash and enhance the effectiveness of fiscal policies, better safeguard economic operations, and promote the achievement of economic growth goals.
In terms of monetary policy, the meeting also made clear arrangements: "promoting stable economic growth and reasonable price recovery as important considerations of monetary policy", "flexibly and efficiently using various policy tools such as reserve requirement ratio cuts and interest rate cuts", "guiding financial institutions to increase support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises"
These arrangements demonstrate the continuity and stability of macro policies, which are conducive to stabilizing social expectations and boosting market confidence. "In the view of Tian Xuan, Dean of the National Institute of Finance at Tsinghua University, a moderately loose monetary policy can help maintain relatively loose social financing conditions, and can also better cooperate with more proactive fiscal policies to enhance the consistency and effectiveness of macro policy orientation.
Finance is the lifeblood of the real economy. Tian Xuan stated that the meeting clarified the focus of financial support, which is conducive to continuously optimizing the investment direction of funds, increasing support for the development of the real economy, and continuously enhancing the endogenous driving force for high-quality development.