In the first year of the “15th Five-Year Plan”, the path of macroeconomic policy efforts has become increasingly clear. Fiscal, monetary, and industrial policies have worked synergistically to promote high-quality economic development. On March 4, industry experts interpreted that this year’s macroeconomic policies will focus on synergy and efficiency improvement, quality improvement and demand expansion, balancing short-term growth and medium-to-long-term development to underpin the economy.
In terms of fiscal policy, it will strengthen counter-cyclical regulation, moderately expand the debt scale, optimize the expenditure structure, and focus on boosting consumption, people’s livelihood security, new infrastructure and other fields. Zhang Lianqi, President of the China Enterprise Financial Management Association, said that this year’s fiscal expenditure will be slightly increased and improved in quality and efficiency, general expenditures will be strictly controlled, the direct fiscal fund mechanism will be optimized, and the efficiency of fund use will be improved. According to the arrangements of local two sessions, new infrastructure and urban renewal have become important starting points for local investment, and the proportion of digital investment has increased significantly.
Monetary policy will maintain a moderately loose tone, and there is still room for RRR cuts and interest rate cuts. The People’s Bank of China stated earlier that it will flexibly use tools such as RRR cuts and interest rate cuts to maintain sufficient liquidity and promote the matching of social financing scale and money supply with economic growth. Structural monetary policy tools will be continuously optimized, focusing on supporting small and micro enterprises, service consumption and other fields, helping to reduce the comprehensive social financing cost.
Industrial policy focuses on technological innovation, the “Artificial Intelligence +” action is fully implemented, and factors such as policies, capital, and talents are accelerating to gather in the field of technological innovation. Eastern provinces focus on cutting-edge fields such as 6G and quantum technology, while central and western regions focus on the quality improvement and upgrading of traditional industries, forming a regional adaptive industrial development pattern and injecting lasting momentum into economic growth.
