Press conference on guiding principles of the 4th plenary session of the 20th CPC Central Committee

Economic Daily:

In recent years, China has become a major engine of global economic growth, with all parties closely following the development prospects of the Chinese economy. The recommendations propose enhancing the effectiveness of macroeconomic governance and implementing more proactive macroeconomic policies. How will China strengthen policy coordination regarding industries, regions, consumption and investment to ensure that macroeconomic policies are well-aligned and form synergy to promote high-quality development during the 15th Five-Year Plan period? Thank you.

Mo Gaoyi:

Mr. Zheng Shanjie will answer your question.

Zheng Shanjie:

Thank you for your question. During the 15th Five-Year Plan period, we will thoroughly implement the macroeconomic governance requirements set forth in the recommendations and perform the NDRC's functions in macroeconomic management and comprehensive economic coordination. We will focus on three key areas to strengthen comprehensive coordination and overall balance, ensuring all macroeconomic policies are well-aligned and form synergy.

First, we will expand the policy space. During the 14th Five-Year Plan period, China's GDP surpassed 100 trillion yuan in 2020 and has since achieved several milestones, with this year's figure expected to reach approximately 140 trillion yuan. This achievement comprises both a continuous stream of high-quality incremental output and a substantial accumulation of premium stock assets. As General Secretary Xi Jinping stated, the Chinese economy is like a vast ocean. China has ample room for macroeconomic governance maneuver. During the 15th Five-Year Plan period, we will fully leverage the development advantages of China's economy, proactively expand macroeconomic policy space, enhance efficient coordination among flow factors including people, logistics, capital and information, revitalize existing assets, optimize incremental resources, improve efficiency, and effectively address risks and challenges from various fronts.

Second, we will innovate governance tools. During the 14th Five-Year Plan period, under the scientific guidance of Xi Jinping Thought on Economy, various departments have strengthened coordination and collaboration, enhancing alignment among fiscal, monetary, industrial, investment, employment, consumption, pricing, and regional policies, thereby accumulating extensive experience. During the 15th Five-Year Plan period, we will follow the recommendations, strengthen overall work coordination, regulate government actions, prevent improper interventions, and fully leverage the role of market mechanisms. We will flexibly employ market-oriented and law-based measures, promptly intervening in areas where market failures occur, resolutely curbing cut-throat low-price competition and severe arrears in enterprise payments, and ensuring both "vibrant market dynamics" and "effective regulation." We will leverage innovative policy tools and implement a comprehensive suite of major strategies, plans, reforms, policies and projects. We will innovate methods and approaches to enhance communication with micro-level entities and the public, addressing concerns and clarifying doubts, thereby ensuring that market feedback receives policy responses and effectively bridging the "last mile" for policy implementation to make outcomes tangible and accessible.

Third, we will enhance the consistency of macroeconomic policy orientation. There is broad concern regarding the consistency of macroeconomic policy orientation. During the 15th Five-Year Plan period, we will further conduct rigorous consistency assessments of incremental policies, strengthen coordination between economic and non-economic policies, and enhance policy consistency in non-economic domains. At the same time, we will incorporate existing policies into the evaluation framework, regularly select stock policies in specific sectors for assessment, and promptly adjust, suspend, revoke or abolish policy measures that are inconsistent with the macroeconomic policy orientation through established procedures, thereby enhancing the overall effectiveness of macroeconomic governance.

Thank you.