The State Council reports on its response to the financial crisis (pictured)

[China Epoxy Network (China Epoxy Industry Online)December 31, 2008: The State Council recently reported to the Standing Committee of the National People's Congress on its response to the financial crisis.
The 6th meeting of the Standing Committee of the 11th National People's Congress continued to conduct various deliberations on the same day.
The meeting listened to the "Report of the State Council on Actively Taking Measures to Respond to the International Financial Crisis to Ensure the Stable and Rapid Development of my country's National Economy" and the "Report of the State Council on Stabilizing Prices.
" The central government's multiple measures to ensure growth and the Standing Committee of the National People's Congress perform its supervisory functions.
Since the State Council announced the "400 billion" investment plan, there have been a steady stream of policies and measures to promote economic growth.
According to the government’s deployment, the media found that this "rescue the market" measures were both heavy and fast.
According to experts from the China Epoxy Industry Association ( people will inevitably have doubts in the face of such a large-scale investment plan with a fast speed.
How to ensure that these investments are used in investment projects delineated by the government, how to ensure that there are no problems such as "running and dripping" during the implementation process, and how to make more people's livelihood projects get more tilt in this round of investment, the whole country The deliberation procedure of the Standing Committee of the National People's Congress in performing its supervisory function has become more important.
To stabilize prices, the State Council submitted a report to summarize experience-the consumer price index (CPI), an important indicator of the inflation rate this year, experienced a sharp decline from a rise at the beginning of the year to a sharp decline at the end of the year.
The Chinese government’s level of price control has also gained a higher level of experience in this economic cycle.
The State Council’s "Report on Stabilization of Prices" submitted to the Standing Committee of the National People’s Congress for deliberation this time provided a significant impact on the number of government releases in the past year.
A price stabilization policy, sort out and sum up experience to encourage future macro-control.
In fact, the central government is expected to put more effort into stabilizing prices next year, because this year is facing the momentum of price increases.
The government can effectively alleviate it through temporary price interventions.
However, next year may face deflation.
The government is still For "temporary intervention," newer and more effective measures have been introduced.
This report from the State Council is expected to give you a glimpse of something.

According to experts from China Epoxy Industry Association ( Zhang Ping, director of the National Development and Reform Commission, was commissioned by the State Council to report on the impact of my country’s economic and social development and the international financial crisis on my country’s economy this year.
And the response measures that have been taken and the next steps.
Zhang Ping said that in the third quarter, in response to the intensification of the international financial crisis and the increasing negative impact on my country’s economy, the central government has decisively proposed to implement a proactive fiscal policy and a moderately loose monetary policy.
The work requirements of "measures must be accurate and work must be actual", and a series of policy measures have been quickly studied and introduced.
In particular, it proposed 10 measures to further expand domestic demand and promote stable and rapid economic growth.
It was decided to increase the central government investment of 100 billion yuan in the fourth quarter of this year, and to issue a post-disaster recovery and reconstruction fund of 20 billion yuan in advance.
At present, these policies and measures are playing an important role in enhancing confidence, overcoming difficulties, and stabilizing the economy.
Since the beginning of this year, the US subprime mortgage crisis has continued to develop, triggering the most serious global financial crisis since the Great Depression of the last century.
Since entering the third quarter, the financial crisis has intensified, and its impact has spread from local to global, from developed countries to emerging market countries and developing countries, and from the financial sector to the real economy.
It has a wide range, deep impact, and impact.
The intensity is beyond expectation.
The world's major economies have experienced a simultaneous recession that has not been seen in many years.
The growth rate of emerging market countries and developing countries has also begun to slow down significantly.
Global investor confidence has fallen sharply, and prices of energy, raw materials, and transportation have plummeted in the international market.
Although the United States, the Eurozone, Japan and some other countries have taken a series of measures such as injecting capital into the financial system, jointly cutting interest rates and expanding fiscal policies, judging from the current situation, the financial crisis has not yet bottomed out and its impact on the real economy And the impact is still deepening.
The International Monetary Fund predicts that the world economy and world trade will only grow by 2.
2% and 2.
1% next year, which is much lower than the average level in recent years.
The deepening of the international financial crisis and the rapid changes in the world economic situation have already had a greater impact on my country's economy.

    The impact is mainly manifested in: First, the growth rate of foreign trade imports and exports has fallen rapidly, and investment growth has slowed down.
Second, industrial production has slowed down significantly, and raw material prices and transportation market demand have fallen.
Third, the real estate and automobile markets are sluggish, and consumption hotspots are cooling down.
Fourth, it is more difficult for some enterprises to operate and the employment situation is grim.
Fifth, the growth rate of fiscal revenue has gradually declined, and potential risks in the financial market cannot be ignored.
The international financial turmoil has seriously affected the confidence of domestic investors, and the stock market has continued to slump; due to increased corporate losses and reduced profits, the operating pressure of the banking system has increased, and there is a potential risk of decline in asset quality.
According to experts from the China Epoxy Industry Association ( on the basis of several reductions in the deposit reserve ratio, benchmark deposit and loan interest rates, and an increase in the money supply in the previous period, a study was issued on December 3 Nine aspects of policies and measures for finance to promote economic development have been introduced.
Mainly include: promoting the stable growth of money and credit, increasing the loan scale of policy banks in 2008; encouraging financial institutions to have better fundamentals, better credit records, competitiveness, market, and orders but temporarily under the premise of controllable risks.
Provide credit support to companies that have business or financial difficulties; take measures to stabilize the operation of the stock market and increase the scale of bond issuance; give full play to the protection and financing functions of insurance, and guide insurance companies to invest in energy, transportation and rural infrastructure through debt and other means; broaden corporate financing Channels, allowing commercial banks to issue M&A loans to enterprises, improve foreign exchange management, accelerate the modernization of financial services, and deepen financial reforms.
These measures will help to better play the role of finance in supporting economic growth and promoting structural adjustment.
Zhang Ping said that the just-concluded Central Economic Work Conference comprehensively analyzed the international and domestic situations and clearly put forward the overall requirements, principles, and key tasks for next year's economic work.
It further emphasized that my country’s current economic development is facing serious difficulties and challenges from both international and domestic sources, but the fundamentals and long-term trends of my country’s economic development have not changed.
Important strategic opportunities still exist, and there are significant expansion of domestic demand and macroeconomic policy adjustments.
Space, we must strengthen our confidence in development.

    On the morning of December 25, the sixth meeting of the Standing Committee of the Eleventh National People's Congress reviewed the State Council’s report on price stabilization and the report on the progress of water pollution prevention and control.
The picture shows Chen Zhili, vice chairman of the Standing Committee of the National People's Congress, speaking at the group meeting.

(Our reporter Xi Shu)

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