A closed-door seminar on policy outlook for the National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) suggested implementing a substantial overall interes
PANews reported on February 8th that, according to a report by 21st Century Business Herald cited by Jinshi, a closed-door seminar on policy prospects for the National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) was recently held at the Beijing Advanced Research Institute of Jiangxi University of Finance and Economics. The meeting was chaired by CPPCC member Yin Yanlin, and Li Chungen, Vice President of Jiangxi University of Finance and Economics, attended and delivered a speech. Experts at the meeting suggested the following: First, fiscal policy should play a greater regulatory role this year, with the deficit ratio higher than or at least no lower than last year, increasing the scale of national debt issuance, and expanding the overall expenditure. Second, given the current high actual financing costs, a substantial overall interest rate cut should be implemented to stimulate investment and consumption, at least 50 basis points throughout the year, while better utilizing the space for reserve requirement ratio (RRR) cuts. Third, the coordination between fiscal and monetary policies should be strengthened, the role of new financial policy tools should be better utilized, and their scale should be appropriately expanded to achieve a leverage effect on investment. Fourth, to stabilize investment, boost consumption, and restore the basic conditions for effective credit issuance as soon as possible, greater efforts are needed to stabilize the real estate market.
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