On Tuesday, October 8, the State Council Information Office held a press conference, at which Zheng Shajie, director of the National Development and Reform Commission, and Liu Sushe, Zhao Chenxin, Li Chunlin, and Zheng Bei, deputy directors of the National Development and Reform Commission, introduced the "systematic implementation of a package of incremental policies." Solidly promote the upward structure of the economy to be better and the development trend continues to improve". So, what are the specific measures of the "incremental policy package"? Jingtai helps you decipher.

Interpretation 1: Efforts are made to improve the efficiency of the implementation of macro policies

Zheng Shajie said that there are three key points in the implementation of macro policies to improve efficiency. Specifically, the first is to strengthen counter-cyclical adjustment, coordinate fiscal, tax, monetary and other policies, ensure that fiscal spending is in place and accelerated, support local debt swaps to reduce risks, stimulate the economy by reducing reserve ratios and interest rates, and support banks to increase capital and improve the financing environment.

The second is to speed up the implementation of key reforms, especially in accordance with the more than 300 reform measures determined by the Third Plenary Session of the 20th CPC Central Committee, and launch reform actions as soon as possible that are conducive to sustained and healthy economic development.

The third is to improve policy coherence, and use the evaluation mechanism to ensure the coordination of policy objectives, tools and other aspects. Policies need to be evaluated and demonstrated before formulation, and should be consistent with the direction of macro policies during implementation, and the effects should be evaluated after implementation, and if they are inconsistent, they need to be adjusted or suspended.

Interpretation 2: Further expand domestic demand

Zheng Shajie said that the focus of further expanding domestic demand is to combine promoting consumption and benefiting people's livelihood, promote the income of low- and middle-income groups, and implement actions to boost consumption.

Promoting consumption includes three aspects: First, increase support for specific groups. It is necessary to raise the standard of student financial aid, expand the coverage of policies, increase the amount of national student loans for junior college students, undergraduates, and graduate students, and promote the reduction of loan interest rates. The second is to intensify the implementation of large-scale equipment renewal and trade-in of consumer goods. The third is to expand the consumption of services such as old-age care and childcare, and support and regulate the development of social forces for the old-age care industry.

Expanding effective investment includes three measures: First, make full use of all kinds of funds. At present, the investment of 700 billion yuan in the central budget has been fully distributed, and the 1 trillion yuan ultra-long-term special treasury bonds for the "two-fold" construction (the implementation of major national strategies and security capacity building in key areas) and the "two new" work have all been distributed to the projects and localities, and the project construction and fund allocation are currently being accelerated. At the same time, we will accelerate the use of local government special bonds and support the construction of projects.

The second is to plan ahead and issue a list of next year's two-fold construction projects and a list of projects to be invested in the central budget. Next year, it is necessary to continue to issue ultra-long-term special treasury bonds, optimize the direction of investment, and strengthen support for the "two-fold" construction. The investment plan of 100 billion yuan in the central budget and the list of "double" construction projects of 100 billion yuan will be issued in advance within this year, and local governments will be supported to speed up the preliminary work and start construction and implementation first.

The third is to optimize the implementation of major investment policies, pay close attention to research, appropriately expand the proportion of special bonds used as capital in the field, introduce as soon as possible, reasonably expand the scope of support for local government special bonds, further stimulate the enthusiasm of private investment, implement a new mechanism for public-private cooperation, and support social capital to participate in the construction of new infrastructure and other fields.

Interpretation 3: Increase the intensity of helping enterprises

Zheng Shajie said that the law enforcement and supervision behavior of enterprises will be further standardized, and the specific measures are as follows:

Standardize enterprise-related law enforcement: Administrative law enforcement units will adopt inclusive and prudential supervision and soft law enforcement, and prohibit illegal law enforcement in different places, profit-seeking law enforcement, arbitrary fines, arbitrary inspections and arbitrary seizures. Places with abnormal increases in fines and confiscation revenues will be reminded and, if necessary, supervised. Accelerate the promotion of legislation for the promotion of the private economy and create a good environment for the non-public economy.

Clarify the follow-up arrangements of the policy: Based on the assessment results, the relevant departments will quickly decide whether to continue the existing policies, and announce the extension period as soon as possible to ensure that the policies and measures conducive to the development of enterprises continue to be effective.

Strengthen the guarantee of factor allocation: The National Development and Reform Commission and the State Administration of Financial Supervision have established a coordination mechanism to support the financing of small and micro enterprises, guiding financial institutions to provide financing in accordance with the principle of marketization, and striving to "borrow as much as possible". In addition, eligible major projects will be included in the scope of energy consumption in the 14th Five-Year Plan, encouraging local governments to increase renewable energy consumption through the purchase of green electricity and certificates.

Interpretation 4: Promote the real estate market to stop falling and stabilize

Zheng Shajie said that systematic and comprehensive measures will be taken to strictly control the increment of commercial housing construction, optimize the stock, improve the quality, increase the intensity of loans for "white list" projects, use special bonds and other support to revitalize the stock of idle land, adjust the housing purchase restriction policy, release the demand for rigid and improved housing, accelerate the digestion of the stock of commercial housing, and reduce the interest rate of the stock of housing loans.

In addition, it is necessary to pay close attention to improving land, fiscal and taxation, financial and other policies, and accelerate the construction of a new model of real estate development. Zheng Shajie said that policies such as reducing the interest rate of existing housing loans have been introduced, some cities have completely canceled purchase restrictions, some cities have further narrowed the purchase restriction area, relaxed the purchase restriction conditions, and other policies are also actively planning, and some are actively promoting.

Interpretation 5: Strive to boost the capital market

Zheng Shajie said that the relevant departments will take strong and effective comprehensive measures to vigorously guide medium and long-term funds into the market, open up social security, insurance, wealth management and other funds into the market, support the mergers and acquisitions of listed companies, steadily promote the reform of public funds, and study and introduce policies and measures to protect small and medium-sized investors.

In addition, Liu Sushe, deputy director of the National Development and Reform Commission, added five measures to expand effective investment:

Project list in advance: It is planned to release a list of 100 billion yuan of "double" construction projects and a 100 billion yuan investment plan in the central budget at the end of this month to support major projects of basic and public welfare nature, and accelerate construction and implementation.

Promote major projects in the 14th Five-Year Plan: Intensify efforts to ensure the successful completion of the 102 major projects in the 14th Five-Year Plan by the end of next year, and 92% of the projects have started or been completed.

Make full use of local government special bonds: urge local governments to complete the issuance of remaining special bonds by the end of October, and accelerate the use of funds to promote project implementation. At the same time, we will study the expansion of the scope of support for special bonds and the proportion of capital used as capital, and optimize management measures.

Strengthen project management: Strengthen the management of government investment projects through online monitoring and on-site supervision, promote project construction, and deepen the reform of the investment approval system to improve government investment efficiency.

Supporting private investment: Improve the mechanism for private enterprises to participate in major national projects, promote high-quality projects, encourage private capital to participate in infrastructure construction, promote infrastructure REITs, and deepen pilot cooperation on investment and loan linkage.