"2015-2016 China Economic Annual Meeting" Held Successfully

The central economic work conference, which has been closed recently, has made comprehensive arrangements for the economic work next year.

The meeting held that the task of economic and social development, especially structural reform next year, is very heavy.

The key point is to grasp the five major tasks of capacity, inventory, leverage, cost reduction and compensation.

Around the five major tasks, what direction will the Chinese economy take in the future? In December 26th, the 2015-2016 China economic annual meeting, sponsored by China International Economic Exchange Center, focused on the theme of "leading the new normal and winning the" 13th Five-Year ", breaking the key words of" 13th Five-Year "reform, and diagnosing the Chinese economy.

The new normal economic situation calls for the innovation of macro control ideas and ways to enrich and improve the new regulation and control mode.

Zeng Peiyan believes that, as China's internal and external environment in the next five years is more complex, its tasks become more arduous and its challenges become more severe, in the process of pforming the current economy into the "new normal", "China can not solve the new problems with old methods, and we must explore new ways of economic management."

To this end, Zeng Peiyan put forward that the "baton" of economic assessment should be adjusted to consider the total factor productivity as a key indicator and become a "double target" system in line with GDP growth.

The regulation mode of effective supply and effective demand should be established to reverse the situation of structural surplus and short board coexistence.

By reducing the cost of labor, capital, land, energy and logistics through the reform of factor market, we will choose the right short board to provide impetus and environment for the structural reform of supply side.

From the "hard investment" of the existing infrastructure, a considerable proportion has been allocated to "soft investment" such as R & D, human capital and so on.

Besides, we should also pay attention to the spillover effect of China's economic policies and take the initiative to obtain external dividends.

Keywords supply side reform

Zeng Peiyan, director general of the China International Economic Exchange Center, pointed out at the annual meeting that for the five major tasks of the central economic work conference, "go to capacity, go to inventory, leverage, reduce costs and make up for short boards", we should link up the supply side and demand side, hold the bottom line thinking, accurately identify, predict and defuse risks, innovate and improve the policy toolbox, and stabilize the economic development.

Yang Weimin, deputy director of the central finance office, said at the annual meeting that the root of the institutional contradictions is the failure of the market to play a decisive role in the allocation of resources. There are institutional and institutional obstacles to the optimal allocation of resources.

For example, under the current system, the zombie enterprises in overcapacity industries are hard to achieve in accordance with the principle of marketization.

It continues to point out that the policy objective is to reduce invalid supply, expand effective supply, increase the adaptability and flexibility of supply structure, increase total factor productivity, and ultimately improve the efficiency of resource allocation.

The core issue of structural reform is to correct the distortion of factor allocation.

At present, there are 3 levels of distortion in factor allocation: first, the allocation and combination of internal elements of an enterprise, which is mainly determined by the spirit of entrepreneurship and the scientific management of enterprises.

This is the micro level.

The two is the structure of factor allocation among enterprises. Resources should be allocated more to high-quality enterprises, competitive enterprises and innovative enterprises, and the efficiency of the whole society will be improved.

The three is the structure of factor allocation among industries. We should let resources flow to industries with needs, prospects and benefits.

Liu Shijin, former deputy director of the development research center of the State Council, thinks that the supply side reform is to promote the flow, reorganization and optimization of the factor market, so as to correct distortions and comprehensively improve factor productivity.

From the perspective of industrial upgrading, we must solve 3 problems, that is, the existing enterprises should "withdraw from a batch, optimize a batch, upgrade a batch".

Ning Jizhe, deputy director of the national development and Reform Commission, said at the annual meeting that in order to let innovation lead development, the first thing is to provide an institutional policy and social environment conducive to the whole society's innovation and entrepreneurship, and implement an inclusive support policy.

Combining grassroots innovation with elite innovation, we should promote original innovation, integrated innovation, introduce, digest, absorb and innovate.

Intellectual property rights, human capital and so on are particularly important for innovation.

To create new supply of new technologies, new industries and new formats, there should be classified guidance, including pressure, access, and retreat.

Innovation requires a lot of institutional support.

Li Yang, former director of the national finance and development laboratory and former vice president of the Academy of Social Sciences, said that the task of finance is to support innovation.

Supporting innovation requires changing ideas and tolerating mistakes.

Indirect banking system is not allowed to make mistakes.

Therefore, the structure based on indirect financing must be changed to a structure based on direct financing.

We should look for financial mechanisms to support "double creation", and provide "trial and error" mechanism for the real economy to facilitate restructuring of production factors.

Under the new normal, we must establish an institutional mechanism to raise long-term capital and raise equity capital.

Li Yang also believes that the reform of the financial system should serve the development of the real economy. If the financial services leave their services, they will become erratic.

Since the international financial crisis, the adjustment and reform of the world financial system has been aimed at serving the real economy.

The main purpose of finance is to provide an effective environment for effective allocation of resources at the physical level.

In the next financial reform, we must complete the marketization reform of interest rate, exchange rate and treasury bond yield.