In response to the low M2 growth rate this year, the Chinese Academy of Social Sciences reported on Friday that China should continue to reduce the deposit reserve ratio, and focus on improving corporate financing efficiency and promoting the development of small and medium-sized enterprises. We should vigorously develop village banks and shareholding cooperation. Banks and other forms of private micro-commercial banks. The Macroeconomics Research Group of the Institute of Finance and Economics of the Chinese Academy of Social Sciences wrote in an article in the People’s Daily that China’s economic growth is gradually slowing down, but the current economic growth rate is still above the expected target at the beginning of the year. Solving the prominent contradictions and problems in economic operations. It is necessary to speed up the transformation of economic development, rather than expanding government investment to stimulate the economy. China's GDP growth rate has slowed for five consecutive quarters, falling to 8.1% in the first quarter of this year, hitting a three-year low. The Chinese government aims to increase GDP by 7.5% this year. At the end of May, M2 broad money supply and M1 increased by 13.2% respectively. Both % and 3.5% hit a year-on-year low since 2000. The report also said that China needs to further change its tendency to pursue a trade surplus, promote trade balance, and actively expand imports of advanced technology and equipment, important materials and raw materials, and high-quality living materials. "We can avoid the risk of continued depreciation of the US dollar through long-term pursuit of trade balance but short-term tolerance of a certain degree of trade deficit, and improve China's overall national strength and economic competitiveness." The report said. In addition, the report also said that China needs to reduce the pressure of excessive foreign exchange reserves. Further increase the reform of the exchange rate formation mechanism, use the market approach to expand the supply of the renminbi, increase the market demand for the US dollar, and curb the speculative capital caused by the rapid appreciation of the renminbi. The tendency to infiltrate is to reduce the demand for excessive RMB deposits to hedge against the renminbi investment caused by excessive foreign exchange reserves and the resulting pressure for RMB appreciation. At the same time, China should adjust its fiscal revenue and expenditure structure, reduce the burden on enterprises, encourage urban and rural residents to start businesses and innovate enterprises. Actively implement structural tax reduction policies, implement both tax reduction and fee reduction, and substantially reduce the tax burden of small and medium-sized enterprises. The report also pointed out that China should deepen the reform of the circulation system and eliminate the structural rising price contradiction. The focus of policy adjustment should be from subsidy circulation to subsidy production, timely increase the purchase price of agricultural and sideline products, and reduce circulation costs as soon as possible. China's consumer price index (CPI) rose by 3.0% year-on-year in May, although it hit a new low in the past two years, of which food prices rose by 6.4% year-on-year.
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