Will the Chinese government take action on the real economy that continues to be sluggish? At least for now, the government has no such plans.
On the 23rd, an official of the National Development and Reform Commission said that it is no longer expected to have a new round of economic stimulus plan. What enterprises should do is to seize the opportunity to eliminate backward production capacity and upgrade the industrial structure.
On the same day, an official from the Ministry of Industry and Information Technology revealed a clearer signal. The official said: "If the real economy is really lower than expected, there will definitely be some corresponding policies. But at present, there is no way to stimulate the policy, at least for a while."
Industry appeal: de-capacity tax reduction
A definite signal is that despite the difficulties, the industry associations do not want the government to introduce a large-scale economic stimulus plan.
On May 15, Lian Weiliang, deputy director of the National Development and Reform Commission, presided over the symposium on economic situation analysis in April. Coal, power, petrochemical, steel, textile, light industry, logistics and other industry associations attended the meeting. Lian Weiliang said at the meeting that it is necessary to make full use of the market reversal mechanism to guide enterprises to work hard on innovation, reduce costs and increase efficiency, improve management, and accelerate structural adjustment.
It is worth noting that at the above-mentioned meeting organized by the National Development and Reform Commission, relevant industry associations did not call on the government to introduce economic stimulus measures, but hoped that the government could solve specific problems in the operation of the industry. Two of the more common policy demands are to eliminate backward production capacity and reduce the burden of taxes and fees.
Gao Yong, vice president of the China National Textile and Apparel Council, said: "We don't think the government should introduce economic stimulus policies. The current difficulties are market problems and should be solved by the market."
The reason why China Steel Association hopes the government can take the shot is to introduce relevant policies to speed up the elimination of the huge excess capacity of the steel industry.
Ministries signal: no hope for stimulus plan
According to information provided by many industry associations, Lian Weiliang, deputy director of the National Development and Reform Commission, did not provide any hints on the economic stimulus plan at the industry forum on May 15.
Lian Weiliang said at the meeting that day that it is necessary to pay close attention to the problems and difficulties that have arisen in the course of the real economy in the coming period. At the same time, he also hopes that industry associations will take advantage of the immediate opportunities to guide enterprises to actively eliminate backward production capacity and carry out industrial upgrading.
On the 23rd, relevant officials of the National Development and Reform Commission said: "No matter the timing or objective conditions, there is no possibility of introducing economic stimulus policies at present. What we have to do is to continue to implement the policies already in place to ensure the continuity of policies."
The Ministry of Industry and Information Technology official said: "There will be no policy, depending on the development of the situation, at least how to say in May and June. This policy can be more targeted and more accurate. But the stimulus policy is usually boosting. At the same time of the economy, it will also disrupt the laws of the market."
Li Xuesong, deputy director of the Institute of Quantitative Economics of the Chinese Academy of Social Sciences, said that although the current real economy is not optimistic, the central government should not rely on stimulus policies to promote economic development as in the past. In the long run, the path of such formation is more dependent on the healthy development of the Chinese economy. And as the GDP plate grows larger, the amount of stimulus needed to invest will be greater and unsustainable.
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