Interpretation Of The New Policy Of Macroeconomic Regulation And Control

"Raise the export tax rebate rate of some industries" and "increase the credit scale of commercial banks".

Since entering the August, China's fiscal and monetary two macroeconomic policies have continued to remain basically stable, and some new adjustments have been made. This has attracted close attention from the economic circles.

There is deep meaning behind the subtle changes.

In the first half of the year, when China's economic growth rate has dropped and inflation pressure has not been reduced, the recent new measures are adapting to the changes of China's macroeconomic regulation and control tasks, and can be launched in a timely manner, so as to maintain steady and rapid economic development.

At present, the primary task of China's macroeconomic regulation and control has shifted from "overheating prevention and inflation prevention" to "one insurance one control" in the first half of the year.

The central government proposes to maintain the continuity and stability of macroeconomic policies, focus on solving the outstanding contradictions and problems in economic operation, enhance the foresight, pertinence and flexibility of macroeconomic regulation and control, and grasp the key points, rhythm and intensity of regulation.

Based on this, some new changes in fiscal and monetary policies as the two major macroeconomic policies have clearly reflected the policy intention of "foresight, pertinence and flexibility", which has significantly strengthened the policy strength to maintain economic growth.

Fiscal policy can strengthen the economic structural adjustment through differential treatment and support the weak part of the economic society.

Recently, the adjustment of export tax rebate rate of some textiles and garments is an important step for fiscal and taxation policies to maintain stable and rapid economic development.

In the first half of this year, due to the weakening of external demand and the "three rate and two price" (exchange rate, interest rate, export tax rebate rate, labor price and raw material prices), China's export growth slowed down significantly, and many small and medium-sized textile and garment enterprises faced difficulties.

The export tax rebate rate callback is conducive to maintaining stable development of foreign trade and reducing the export slowdown pressure faced by the textile industry.

Chen Deming, Minister of Commerce, believes that this shows that the state is concerned about the difficulties faced by labor-intensive industries and sends a signal to the business community and the international community.

However, the adjustment did not increase the export tax rebate for labor-intensive products in large areas, but "kept pressure". At the same time, the export tax rebates of some "two high one capital" products were abolished.

This flexible move has been well received by the economic circles, and it is believed that it will help to further promote the pformation of the mode of economic development.

Coincidentally, there has also been a fine adjustment in monetary policy.

The central bank has not raised the deposit reserve ratio since July.

Recently, the central bank has put forward that commercial banks can increase their support for SMEs in terms of credit, increase 5% on the basis of the original credit scale and increase 10% to local commercial banks, which helps to alleviate the shortage of SMEs in the context of tight monetary policy.

Entering the August, the RMB exchange rate has also gone out of the new trend of attention. By August 12th, the RMB against the US dollar has fallen for 10 consecutive trading days, creating the biggest wave of depreciation since the reform of the RMB exchange rate.

The depreciation of the RMB exchange rate against the US dollar has positive significance for relieving the pressure of China's foreign trade enterprises. This can give enterprises enough time to adjust their product mix, improve product grades and add value, so as to better participate in international competition.

In August 6th, China promulgated and implemented the new regulations on foreign exchange control, aiming at coping with the new situation of international economic change, strengthening foreign exchange management, promoting the balance of international payments, and providing full protection for the healthy development of the national economy.