Global Times: Driving high-quality development to achieve long-term stability and progress
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The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on July 30 to make arrangements for economic work in the second half of this year, making it clear there is a need to promote sustained innovation-driven, high-quality and sound economic development, ensuring a good start to the 15th Five-Year Plan period (2026-30). According to the Global Times, to arrange economic work effectively in the second half of this year, we must thoroughly implement the decisions and arrangements of the CPC Central Committee, intensify counter-cyclical adjustment efforts, give full play to the efficiency of existing policies, promptly plan and introduce practical and effective incremental policies, boost development momentum, and stimulate social vitality.
First, we should act proactively to ensure that macroeconomic policies must boost efficiency. We will continue to implement a more proactive fiscal policy and a moderately loose monetary policy. In the first half of this year, the average daily balance of treasury cash remained relatively high nationwide, reflecting ample available fiscal funds. We must accelerate the execution of fiscal expenditures and the utilization of bond funds to translate them into physical workload as soon as possible. We must strengthen the monitoring of fiscal operations and treasury cash scheduling, firmly ensuring that the “three guarantees” (guaranteeing the basic living needs, the payment of salaries and the government functioning) at the grass-roots level are fully safeguarded. We should comprehensively apply and adjust monetary policy tools in a timely manner, maintain adequate liquidity, unblock the transmission mechanism of the monetary policy, and promote low-level social financing costs. We must effectively implement structural monetary policy tools to strengthen support for key areas such as expanding domestic demand, scientific and technological innovation, and micro, small and medium-sized enterprises. We should optimize the implementation of fiscal and financial synergistic policies to promote domestic demand, forming a transmission chain where fiscal policies give the guidelines, financial sectors amplify it and markets operate with it. We must strengthen the consistency assessment of macroeconomic policy orientations, leaving reasonable transition periods for major policy adjustments that affect enterprise production and operation.