The Ministry of Industry and Information Technology, the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission of the State Council jointly issued the “Notice on Consolidating the upturn Trend and Strengthening the Revitalization of the Industrial Economy” (hereinafter referred to as the “Notice”) on December 21. Seventeen specific measures were put forward in five areas: taking multiple measures to consolidate the foundation for stabilizing the industrial economy, taking measures to strengthen the stable development of key industries by different sectors, taking measures to promote coordinated development of industrial economy in different regions, and taking measures to continuously enhance the vitality of enterprises by different sectors, as well as safeguard measures.
In view of the serious problems and difficulties facing the industrial economy, the Circular put forward five key measures for stabilizing growth, focusing on the demand side to boost consumption, promote investment, stabilize exports, and smooth the economic cycle. On the supply side, in response to structural constraints such as bottlenecks in key links and insufficient support for new growth areas, we worked hard to strengthen chains and foster new growth drivers. First, we will speed up the construction of major projects to create a physical workload. We will vigorously and orderly carry out major projects related to the 14th Five-Year Plan for the manufacturing industry, make good use of various policy tools, support enterprises in investing in upgrading and upgrading equipment, and guide government investment funds to increase their contribution. Second, we will tap market potential to expand consumer demand. We will stabilize consumption of automobiles and other major items, promote nationwide campaigns to promote three consumer goods, and tap the potential of green consumption and information consumption. Third, we will stabilize exports of industrial products. We will implement policies and measures to keep foreign trade stable, strengthen services for foreign trade enterprises, and support the development of new forms of foreign trade. Fourth, we will improve the resilience and safety of industrial and supply chains, guide enterprises in coping with the impact of the epidemic to achieve stable production, and strengthen the supply of energy, important raw materials and key parts and components. Fifth, we will continue to strengthen new growth drivers, foster advanced manufacturing clusters, promote the deep integration of next-generation information technology and manufacturing, and accelerate the development of the digital economy.
The Circular calls for seizing the current important window period for economic recovery, giving greater priority to stabilizing the industrial economy, strengthening the goal-oriented, problem-oriented and result-oriented approach, consolidating the main responsibilities, gathering forces of all parties, focusing on expanding demand, promoting circulation, helping enterprises, strengthening driving forces and stabilizing expectations, so as to ensure that the industrial economy in the fourth quarter of 2022 runs within a reasonable range. We will keep the share of manufacturing basically stable, and lay a solid foundation for achieving “open door stability” by 2023 and accelerating new industrialization.
Post time: May-25-2023