People's Bank of China's director of monetary policy department Zou Lan: On the basis of lowering the reserve requirement ratio by 0.5 percentage points, we will further reduce it based on the liquidity situation in the market within the year.

The Political Bureau of the CPC Central Committee held a meeting on September 26 to analyze and study the current economic situation and deploy the next steps in economic work. This meeting of the Central Political Bureau comprehensively and objectively assessed the current economic situation and made a series of important deployments, releasing a clear policy signal to strive to achieve the annual economic and social development goals. This will inspire cadres and the masses to stand firm in confidence, take proactive actions, and gather strong forces to promote sustained economic recovery. Facing difficulties with firm confidence, strengthening the sense of responsibility and urgency Scientifically understanding the economic situation is the fundamental premise for doing well in economic work. Dong Yu, Executive Vice Dean of the China Development Planning Research Institute at Tsinghua University, pointed out that this meeting proposed to comprehensively and objectively evaluate the current economic situation, emphasizing that "China's economic fundamentals remain unchanged, with a wide market, strong economic resilience, and great potential", while not avoiding some new situations and problems in the current economic operation, highlighting the comprehensiveness and scientific nature of the Party Central Committee's assessment of the economic situation. This helps guide the whole society to face difficulties squarely, build firm confidence, and effectively enhance the sense of responsibility and urgency in doing economic work well. Since the beginning of this year, facing a complex and severe domestic and international environment, China's economy has remained stable overall, making progress steadily, developing new productive forces steadily, ensuring people's livelihood solidly, making positive progress in preventing and defusing risks in key areas, solidly promoting high-quality development, and maintaining overall social stability. Regarding the next steps in economic work, the meeting emphasized the need to focus on key points, take proactive actions, effectively implement existing policies, increase efforts to introduce new policies, further enhance the pertinence and effectiveness of policy measures, and strive to complete the annual economic and social development goals. Dong Yu believes that the deployments made at the meeting are a set of macroeconomic policy combinations with clear direction, strong measures, and significant implications, releasing a clear signal to continuously improve the development environment and firmly promote high-quality development. A responsible official from the Policy Research Office of the National Development and Reform Commission stated, "We must implement the decisions and deployments of the Party Central Committee without any discount, adhere to the goal-oriented and problem-oriented approach, coordinate the implementation of existing policies and new policies, accelerate the implementation of existing policy measures, intensify efforts to promote the construction of 'Two Posts' and 'Two New' work, more rapidly and in greater quantities generate physical work output, focus on boosting domestic effective demand as a priority to expand domestic demand, increase accurate support for real enterprises, prevent and defuse risks in key areas, and effectively guarantee and improve people's livelihoods. On the other hand, we must anchor the annual expected target, focus on economic entities and societal concerns, accelerate the introduction of targeted and effective new policies, play a combination of punches, stimulate and promote the enthusiasm, initiative, and creativity for high-quality development, promote sustained economic recovery and successful completion of the annual target tasks." Increase the strength of macroeconomic policy adjustment and form a strong policy force Working continuously and moving forward, the meeting sent a clear signal to increase the strength of macroeconomic regulation and form a policy force. In response to the meeting's proposal to increase the countercyclical adjustment of fiscal and monetary policies, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, said that the People's Bank of China will implement the relevant deployments of the meeting regarding "reducing the reserve requirement ratio and implementing forceful interest rate cuts." It will quickly issue incremental financial policy measures to further lower the reserve requirement ratio based on the 0.5 percentage point reduction earlier in the year. The policy interest rate will be lowered by 0.2 percentage points, continuing to guide the simultaneous decline of loan market quoted rates and deposit rates and pushing commercial banks to lower the interest rates on existing housing loans. Efforts will be made to implement and land all policy measures effectively to promote economic recovery and improvement. He Daixin, Director of the Fiscal Research Office of the Development Strategy Institute of the China Academy of Social Sciences, believed that the meeting emphasized ensuring necessary fiscal expenditures and effectively implementing grassroots work, proposing issuing and using ultra-long-term special national bonds and local government special bonds. These deployments released a positive signal that fiscal policy should be strengthened and its effectiveness enhanced. By aligning more closely with monetary policy, coupled with new deployments in sectors such as real estate and the capital market, it is expected to better form a policy force to promote economic improvement. Yu Xiaofen, Director of the China Real Estate Research Institute at Zhejiang University of Technology, noted that the meeting clearly stated the requirement to "stabilize the real estate market and stop the decline", and deployed a series of measures such as "strictly controlling the increment, optimizing the stock, and improving the quality of commercial housing construction", "increasing the issuance of loans for 'white-listed' projects", and "adjusting housing purchase restrictions and lowering interest rates on existing housing loans." "This demonstrates a strong signal of stabilizing growth and the real estate market, while also outlining specific approaches and measures to achieve stabilization and recovery. The effects of policy implementation are promising," Yu said. The smooth operation of the capital market is crucial. "The deployments made around boosting the capital market will help enhance the inherent stability of the capital market, further serving the recovery and high-quality development of the real economy," said Zhang Yuewen, Director of the Capital Market Research Office of the Institute of Finance of the China Academy of Social Sciences. As a series of reform measures related to mergers and reorganizations and market value management are successively introduced, this will help stabilize investor confidence further and accelerate market recovery. Further optimize the business environment to help enterprises overcome difficulties The expression "help enterprises overcome difficulties" from the meeting made a deep impression on Chen Lifen, a researcher at the Market Economy Research Institute of the Development Research Center of the State Council. She stated that this meeting fully cared about the development needs of various types of market entities and made a series of deployments to further optimize the business environment, which will help stabilize and enhance the confidence and expectations of enterprises and residents. Tang Weikun, President of GRAND PHARMA (China) Co., Ltd., noticed that the meeting explicitly proposed to "promulgate a law to promote the private economy and create a favorable environment for the development of the non-public sector." "From this meeting, we can feel the care and attention of the Party Central Committee for the development of private enterprises. These measures are conducive to creating a transparent and fair legal environment and a stable and predictable operating environment for enterprises, better safeguarding the legitimate rights and interests of enterprises, inspiring business vitality and creativity, and giving us more confidence to cope with various current challenges," Tang said. The meeting proposed combining the promotion of consumption with benefiting people's livelihoods, promoting income growth for middle and low-income groups, and improving the consumption structure. It is necessary to cultivate new consumption formats. "Combining the expansion of consumption with the improvement of people's livelihoods, pointing the way for enterprises to enhance their supply levels and tap into consumption potential," said the General Manager of Xidan Shopping Center.Gao Shaoyun said, "The West Fourth Market, which is over 90 years old, is undergoing upgrades and renovations, in order to adapt to the new trend of consumer spending, and to build a commercial platform that gathers new consumer models and formats, better meeting and creating new consumer demands."Focusing on increasing investment and stabilizing investment, this meeting proposed to accelerate the implementation of reform measures in the manufacturing sector, such as increasing the access of foreign capital. Wu Wei, the Sales Director and General Manager of Sumitomo Electric Group in China, believes that amidst the increasing uncertainty in the global investment environment, China is continuously sending positive signals to attract foreign investment, expanding the access of foreign capital, and providing a firm confidence and stable expectations for foreign enterprises to develop in China. "Sumitomo Electric has always been optimistic about the development prospects in China and has persisted in long-term investments." Safeguarding the bottom line of people's livelihoods and achieving results through overcoming difficulties The ultimate goal of promoting high-quality development is the happiness and well-being of the people. Song Xin, the head of the Employment Promotion Department of the Ministry of Human Resources and Social Security, stated that this meeting made a series of deployments to safeguard the bottom line of people's livelihoods, emphasizing the need to focus on the employment of key populations and providing direction for government departments to further refine relevant supportive policies. Since the beginning of this year, the Ministry of Human Resources and Social Security, in conjunction with relevant departments, has introduced a new round of employment policies, including job creation, employment services, and assistance for those facing difficulties. In the next step, relevant departments will continue to work on policy implementation, recruitment coordination, and capacity enhancement in areas such as employment services for unemployed graduates, to promote youth employment and entrepreneurship. Ensuring the livelihoods and safety of vulnerable groups is a matter of great concern. Wang Junwei, the Minister of Rights Protection Department of the All-China Federation of Trade Unions, stated that the meeting proposed to strengthen assistance for groups facing employment difficulties, such as the elderly, disabled, and those who have been unemployed for a long time, as well as enhance aid for low-income populations. It is the responsibility of all levels of trade unions to earnestly carry out the work of aiding workers in difficulty, intensify employment services, and truly act as the "family" of workers. Ensuring an adequate supply of goods and stable prices ensures the people's peace of mind. Ning Fengguo, Deputy Director of the Development and Reform Commission of Jinzhou City, Liaoning Province, stated, "The meeting emphasized the importance of ensuring the supply and stability of important commodities such as food, water, electricity, and heat, which is crucial for maintaining social stability and ensuring the happiness of the people." He added that various departments in Jinzhou City will start from the source of production to ensure stable cultivation and breeding by the Shenzhen Agricultural Power Group, strengthen market supervision to prevent hoarding and price manipulation, and effectively carry out all necessary tasks to ensure supply and price stability. Currently in the autumn grain harvesting season, He Licheng, a villager from Gusheng Village in Dali, Yunnan, deeply felt the importance of the meeting's emphasis on "effectively promoting food and agricultural production and caring for farmers' income increase." "Thanks to the support of agricultural technology, the quality of rice planted this year is better and the market is more prosperous. We are confident in further increasing production and income through green organic farming," said He Licheng. Officials and the masses stated that as they enter the final quarter of the year, ensuring the fulfillment of the annual development goals is crucial, and the key is to ensure the effective implementation of the decisions and deployments of the Central Party Committee. One part deployment, nine parts implementation. Ai Xuefeng, Director of the Development and Reform Commission of Guangdong Province, stated that this meeting proposed a guideline of "putting work at the forefront and forming a united front." The province will demonstrate its innovative style through practical work, further deepen reform and opening up comprehensively, cultivate new productive forces with greater strength, seize opportunities for a new round of technological revolution and industrial transformation, resolutely promote high-quality development, and strive to take the lead in promoting the construction of a modernized China. (End) This article is reprinted from "Xinhua News Agency". Editor: Liu Jiayin.