More reforms can help invigorate the market

The Central Economic Work Conference, which concluded in Beijing on Dec 10, stressed the importance of high-quality development as the central task, and stressed that the country should concentrate on promoting steady qualitative improvement and reasonable quantitative growth of the economy.

All government departments should shoulder the responsibility of stabilizing the macro economy, and actively introduce policies conducive to economic stability.

The fiscal policy should be proactive, and more attention should be paid to its precision and sustainability. The intensity of government spending should be guaranteed, and the government spending should be accelerated to carry out infrastructure investment appropriately ahead of schedule.

Meanwhile, the authorities should tighten financial discipline and resolutely curb the rise of hidden local government debt.

Notably, the meeting also called for coordinated fiscal and monetary policies, an organic combination of cross-cyclical and counter-cyclical macrocontrol policies, a flexible and moderate prudent monetary policy, and reasonable and ample liquidity.

The government has to deepen reforms in key areas and invigorate the vitality and endogenous development impetus of market entities through rolling out well-targeted micro-policies. The contracting demand, disrupted supply chains and weakened expectations seriously affect the confidence of market players. It is necessary for the authorities to consolidate their confidence by improving the market environment.

The authorities should implement the policy of fair competition, strengthen regulations on anti-monopoly and anti-unfair competition, and ensure fair competition through impartial regulation. The country should strengthen protection of intellectual property rights and create a favorable environment for enterprises of all forms of ownership to develop competitively, and strengthen the spirit of contract and effectively deal with malicious debt defaulting and evading debts. The policies should be conducive to unblock the circulation of the national economy to strengthen connections among production, distribution, distribution and consumption.

The development of the market entities, particularly small and medium-sized enterprises, is the key to creating jobs. There should be more tax and fee cuts for market players, and financing support for the real economy should be increased. In particular, the government should pay more attention to resolving the employment of college graduates and other young people.

- 21ST CENTURY BUSINESS HERALD