CCIEE Holds the 129th “Monthly Economic Talk”

On June 1, 2020, CCIEE held the 129th “Monthly Economic Talk” online under the theme of Studying and Interpreting the Spirit of the “Two Sessions”. Zhang Xiaoqiang, Executive Vice-Chairman of CCIEE, presided over the meeting. Yang Weimin, Deputy Director of the Economic Committee of the National Committee of the Chinese People’s Political Consultative Conference(CPPCC) and Vice-Chairman of CCIEE, Han Yongwen, Deputy to the National People’s Congress and Vice-Chairman of CCIEE, Wang Yiming, member of the National Committee of the CPPCC and former Deputy Director of the Development Research Center of the State Council, delivered their speeches.

Zhang Xiaoqiang pointed out that the global economy has been in deep recession since the breakout of the pandemic. China’s exports, tourism, cultural and entertainment industries and other related small and medium-sized enterprises have been affected adversely. Unemployment has increased and the Chinese society is under great pressure. The “Government Work Report” specified the Party Central Committee’s decisions to promote pandemic prevention and control and economic and social development. By accelerating the construction of a complete domestic demand system, vigorously promoting technological innovation and high-level opening-up, and stimulating market vitality, we will overcome difficulties, alleviate poverty, achieve economic and social development goals and build a well-off society in an all-round way.

Yang Weimin said that the “two sessions” this year conveyed two signals. On the one hand, the pandemic prevention and control is our priority. On the other hand, the economic growth plan has been integrated into relevant targets despite the fact that the government did not set an economic growth goal for this year. He believes that the pandemic has had a huge impact on China’s economic and social development and China will seek development in an unstable and uncertain international environment in the future. The promotion of both domestic and international markets will be a new development trend. We need to resolutely expand the opening-up, mobilize the large market of 1.4 billion people and make the best use of China’s institutional advantages. These measures will make sure that China’s economic and social development continue tos improve in the long term.

Han Yongwen believes that the core of the “two sessions” this year is to set the “six protections (protect employment, the basic livelihood of the people, the market players, food and energy security, the stability of the supply chain of the industrial chain, and the grassroots)” as the focus of our work, which is the foundation of China’s economy and essential for building a well-off society in an all-round way. China will continue to expand effective investment by implementing a more proactive fiscal and monetary policy, and focus on supporting the construction of new infrastructure, new urbanization and other important national projects. Furthermore, the central government will increase support for enterprises and promote the upgrading of manufacturing and the development of emerging industries.

Wang Yiming pointed out that the “two sessions” did not set quantitative targets for economic growth, which is a rational decision. There are too many uncertain factors in the external environment and thus, expanding domestic demand has become more important than ever. Stabilizing employment and protecting people’s livelihood will help unleash the suppressed consumer demand because of the pandemic outbreak. We should use macroeconomic policies to effectively reduce the impact of the pandemic, reduce unemployment and protect people’s livelihood.

A Q&A section was held at the end of the meeting. Researchers, member units of CCIEE and representatives from enterprises and news agencies watched the conference online.