SMM5: after the conclusion of the third session of the 13th National people's Congress on the afternoon of Thursday, May 28, 2020, Premier Li Keqiang attended a press conference and answered questions from Chinese and foreign reporters in the Golden Hall on the third floor of the Great Hall of the people.
Li Keqiang said that the new crown pneumonia epidemic has caused a serious impact on the world economy, which can be said to be rare in history. Recently, many major international organizations have predicted that the global economic growth this year will be minus 3%, or even more. China's economy has been deeply integrated into the world economy, and it is impossible to stay out of it. Therefore, this year we have not set a quantitative indicator of GDP growth, which is also realistic. However, we have determined the objectives and tasks of the "six guarantees", such as ensuring residents' employment, basic people's livelihood, and market entities, which are directly related to the economic growth of GDP. Economic growth is not unimportant. In fact, what we are doing is to give the people a more direct sense of economic growth and a higher quality of economic growth. Development is the key and basis for solving all China's problems. If we make a comprehensive calculation and realize the task of the "six guarantees", especially the former "three guarantees," we will achieve positive economic growth this year, and we must strive to have a certain extent to promote the stable progress of China's economy.
You just said that it reflects that the scale of our policies is lower than expected, but I have also heard reactions from many parties that our large-scale policies are still strong. It should be said that to deal with this impact, we should grasp not only the strength, but also the opportunity. At the time of the spread of the Xinguan epidemic, we also introduced some policies, but at that time, the resumption of work and production was still in progress, the resumption of business and the resumption of the market was still blocked, some policies could not be completely landed on the ground, and many people stayed at home. However, in this process, we have also accumulated experience, it is precisely based on the previous experience, but also to judge the current situation, we have launched a large-scale policy measure in the government work report, which should be said to be strong.
We have said in the past that there should be no flooding, and this is still the case now, but there should be a special policy in a special period, which we call releasing water for fish farming. Fish can't live without enough water. But if it is flooded, a bubble will be formed, some people will arbitrage from it, fish will not be raised, and some people will fish in troubled waters. Therefore, the measures we take should be targeted, that is to say, we should touch the right medicine under the pulse. No matter where the money comes from or where it is used, we have to take a new path.
It can be said that the funds raised by this large-scale policy can be divided into two parts: one is to increase the deficit and issue a total of 2 trillion yuan of special treasury bonds to fight the epidemic. There is another bigger piece, which is the reduction and reduction of social insurance premiums. Some countries call it payroll tax, using unemployment insurance balances to promote state-owned commercial banks to make profits, and natural monopoly enterprises to reduce prices, so as to reduce the operating costs of enterprises. This piece adds up to about twice as much as the previous one. And we want to promote these funds to protect jobs, people's livelihood and market players, and support the income of residents. Compared with our total household income of more than 40 trillion yuan, its proportion is more than double digits.
More importantly, where does the money go? It can be said that our large-scale policy is to bail out enterprises and stimulate the vitality of the market, mainly to stabilize employment, protect people's livelihood, give residents the spending power, help to promote consumption and stimulate the market. This can be said to be a way of market-oriented reform.
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