National Press Conference: Next year, continue to issue ultra-long-term special national bonds to further support the "dual circulation" development strategy

On Tuesday, October 8th, the State Council Information Office held a press conference. Zheng Zhajie, Director of the National Development and Reform Commission, along with Deputy Directors Liu Sushe, Zhao Chenxin, Li Chunlin, and Zheng Bei, introduced the situation related to "systematically implementing a package of incremental policies to solidly promote the improvement of economic structure and development momentum, and answered questions from reporters.

According to Yuyuantan, the configuration of "one director and four deputies" at this press conference is extremely rare. No department is more suitable than the National Development and Reform Commission to talk about a "package of policies." The work of the National Development and Reform Commission is to coordinate policies in various fields such as finance, investment, and real estate, enhance the consistency of macro policies, and strengthen policy synergy.

Director Zheng Zhajie introduced at the press conference that in response to new situations and issues in the current economic operation, the Party Central Committee and the State Council made scientific and resolute decisions. While effectively implementing existing policies, they focused on increasing countercyclical adjustments in macro policies, expanding domestic effective demand, increasing support for enterprises, stabilizing the real estate market, and boosting the capital market, among five aspects, to vigorously introduce a package of incremental policies to promote sustained economic recovery and improvement.

Zheng Zhajie stated that in response to insufficient domestic effective demand, the key focus of expanding domestic demand and incremental policies will be more on benefiting the people and promoting consumption.

Continuing to issue ultra-long-term special national bonds next year and optimizing their use

Zheng Zhajie stated at the meeting that the 700 billion yuan of central budget investment has already been fully allocated for "two major" constructions. The 1 trillion yuan ultra-long-term special national bonds for "two major and one new" have all been allocated to projects and localities. Next year, there will be a continued issuance of ultra-long-term special national bonds, with an optimization of their use, to support "two major" constructions. In the near future, plans for 100 billion yuan of central budget investment and a list of 100 billion yuan worth of "two major" construction projects for next year will be allocated to support localities in accelerating preliminary work.

Furthermore, Zheng Zhajie also mentioned the need to promptly study the appropriate expansion of special bonds for capital in terms of areas, scale, and proportion, and to quickly introduce specific reform measures to reasonably expand the scope of local government special bonds support.

Timely reminders for regions with abnormal growth in fines and confiscations

Zheng Zhajie stated the need to further regulate the administrative law enforcement units, emphasizing the importance of not imposing fines arbitrarily, conducting inspections haphazardly, or sealing off properties indiscriminately. Timely reminders will be given to regions with abnormal growth in fines and confiscations, and if necessary, rechecks will be conducted.

Researching whether to extend some tax and fee support for unemployment insurance, supporting enterprises to stabilize employment, and subsidies for skills enhancement

Zheng Zhajie mentioned the early clarification of the follow-up arrangements for phased tax and fee preferential policies. By the end of this year, some tax and fee support policies for unemployment insurance, supporting enterprises to stabilize employment, and subsidies for skills enhancement are set to expire. Relevant departments will expedite the clarification of whether these policies will be extended based on research and evaluation. If an extension is confirmed, the implementation period should be clarified as soon as possible.

Establishing a coordination mechanism to support financing for small and micro enterprises

Zheng Zhajie also stated at the meeting that the National Development and Reform Commission and the China Banking and Insurance Regulatory Commission have recently led the establishment of a coordination mechanism to support financing for small and micro enterprises. They will guide financial institutions to provide financing support based on market principles, striving to ensure that loans are granted to the fullest extent possible

Enhancing the Consistency of Macroeconomic Policy Orientation, Promptly Adjusting or Suspending Inconsistent Ones

Zheng Zhajie stated that it is necessary to enhance the consistency of macroeconomic policy orientation, make good use of the consistency evaluation mechanism, and improve the consistency and matching of goals, tools, intensity, timing, and rhythm of policies in various fields. Before the introduction of policies, they should undergo comprehensive consistency evaluation for justification. During policy implementation, the macroeconomic policy orientation should be consistently maintained, and the effects of policies should be promptly monitored and evaluated. In case of inconsistency with the macroeconomic policy orientation, adjustments should be made promptly or execution should be suspended.

Conditionally, Capably, and Confidently Achieving the Annual Economic and Social Development Targets

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, stated that based on the current situation, China's economic development in the first three quarters can still maintain a generally stable and progressive development trend. With the landing and refinement of various decision-making arrangements, the effects of a package of policies will continue to manifest, and the vitality and driving force of development will be further unleashed. Market confidence is continuously improving, and as policies take effect successively, market confidence will further grow. There are conditions, capabilities, and more confidence to achieve the annual economic and social development targets.

Total Investment Demand for Local Pipeline Construction and Transformation in the Next 5 Years is Estimated to be 40 Trillion RMB

Liu Sushe, Deputy Director of the National Development and Reform Commission, stated that according to relevant studies, the total length of local pipeline construction and transformation is expected to reach 600,000 kilometers in the next 5 years, with a total investment demand of 40 trillion RMB. The next step will continue to coordinate the use of various funds, arrange project lists and investment plans in advance, and promote the upgrading and transformation of urban infrastructure. Among the investment project lists of two 100 billion RMB for next year that have been issued in advance, priority will be given to supporting key projects in urban renewal. Currently, there is a large demand for underground pipeline funds in cities, and mature projects will be prioritized for support in underground pipeline construction projects.

(Ongoing updates...)