According to data from the National Bureau of Statistics of China, China’s economy was generally stable in the first three quarters, progress was made in the conversion of old and new kinetic energy, and new kinetic energy was further accumulated. The reporter was informed that in the efforts to stimulate new kinetic energy, multiple departments are intensively deployed, and several new areas such as digital economic innovation and high-quality development of service industry will have new initiatives. In addition, in terms of stable investment and consumption-promoting policies, it will continue to increase investment in emerging industries, including high-end manufacturing, and further stimulate the people's livelihood and service consumption potential such as health care and home care.

New kinetic energy continues to grow

Huang Libin, director of the Operational Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, said at the press conference of the State Council Office on the 22nd that in the first three quarters of this year, it actively promoted the transformation and upgrading of traditional industries and the cultivation of new kinetic energy. Investment in high-tech manufacturing increased by 12.6% in the first three quarters, and investment in technological transformation in manufacturing increased by 8.9%, which was significantly faster than the 2.5% growth in manufacturing. The added value of industrial strategic emerging industries and high-tech manufacturing increased respectively. 8.4% and 8.7%, respectively, the growth rate is faster than the above-scale industries by 2.8 and 3.1 percentage points.

A set of data released by the National Bureau of Statistics recently also shows that the pace of industrial transformation is accelerating and new kinetic energy continues to grow. The operating income of strategic emerging service industry, high-tech service industry and technology service industry increased by 12.1%, 11.9% and 11.6% respectively, and the growth rate was faster than that of all scale service industries by 2.6, 2.4 and 2.1 percentage points respectively, maintaining rapid growth; The investment in high-tech service industry increased by 13.8%, which was 8.4 percentage points faster than the total investment; the sales of consumption upgraded goods grew rapidly. In the first three quarters, the retail sales of intelligent household appliances, audio-visual equipment and wearable smart devices above designated size increased by 41.6% and 11.1% respectively.

Gao Ruidong, chief macro analyst of Guotai Junan Securities, told reporters that the rapid growth of the service industry, especially the high-end information technology service industry, indicates that China's economic and industrial structure has been gradually optimized and the overall economic efficiency has continued to increase. The continued growth of high-end manufacturing will continue to boost the quality of economic development.

More initiatives will speed up the introduction

At present, a number of departments are being deployed intensively, and more initiatives to stimulate new economic growth momentum will be accelerated.

The economic situation symposium of some of the main leaders of the provincial government held recently has clearly defined the situation of stabilizing growth and maintaining economic operation in a reasonable range, promoting reform and opening up and innovation, digging deep into the domestic market potential, and cultivating new people with the aim of improving people's livelihood. Effective investment and consumer demand. Focusing on the needs of the masses and expanding domestic demand, adapting to the new market situation, highlighting key points, cultivating and expanding new consumption points for goods and services, and active urban and rural online and offline markets.

The National Development and Reform Commission and the Central Network Office jointly issued the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Area", proposing to further cultivate new kinetic energy, focus on the growth of digital economy productivity, and promote the deep integration of the Internet, big data, artificial intelligence and the real economy. . Promote digital industrialization, promote the integration of agricultural and rural areas, promote the high-quality development and application of manufacturing, and develop new modes of new consumption.

The National Development and Reform Commission and the General Administration of Market Supervision jointly issued the "Guiding Opinions on the High-Quality Development of the Service Industry in the New Era" to deepen the supply-side structural reform of the service industry, support the transformation and upgrading of the traditional service industry, and vigorously cultivate new industries and new businesses in the service industry. And new models to accelerate the development of modern service industries. In addition, the State Council also agreed to establish an inter-ministerial joint conference system to promote the upgrading of domestic service industry, led by the Development and Reform Commission and the Ministry of Commerce.

In the opinion of experts, focusing on stimulating new kinetic energy and deepening the growth potential of domestic demand, stable investment and consumption promotion policies are increasing their efforts.

Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center, told reporters that the positive fiscal policy will increase the effectiveness, not to engage in the "big flood irrigation" type of strong stimulus, but to improve on the basis of the implementation of countercyclical adjustment. Investment efficiency. Investment must be guided by both market orientation and people's livelihood. It must consider both cost and benefit as well as people's livelihood and well-being. The new effective investment in the future includes not only the investment layout of new infrastructure such as 5G, but also the transformation and upgrading of traditional infrastructure. The infrastructure investment should consider the needs of medium and long-term investment and the need to supplement the shortcomings. The investment in public service facilities pays more attention to the mid- and long-term livelihood. engineering. "In promoting the transformation and upgrading of consumption and cultivating new growth points, including promoting the integration of medical care, optimizing the supply of tourism facilities, enhancing the experience of tourism consumption, and developing the home-based care services such as home-care services."

Exploit potential investment and new consumption

Experts pointed out that around the exciting new kinetic energy, China's potential in expanding effective investment and stimulating new consumption is still huge.

“Expanding effective investment can not only expand demand, but also expand supply levels, improve supply quality, optimize supply structure, promote technological progress, and promote transformation and upgrading. Therefore, the potential and space of Chinese investment, both from the demand side and from the supply perspective, It’s still huge,” said Mao Shengyong, a spokesperson for the National Bureau of Statistics.

Zhang Haibing, deputy dean of the Wanbo New Economic Research Institute, told reporters that the structural adjustment has gradually achieved results, and new industries and new kinetic energy with strong creative capacity have gradually grown. Some new industrial hotspots are forming, such as the full deployment of 5G commercials, which will promote Manufacturing enterprise development. In the future, we must enhance the sustainability of growth, and continue to strengthen the cultivation of new supply and new kinetic energy. At the same time, we must strengthen the development of overseas markets and increase new external demand.

"Investment should improve quality and efficiency. In addition to increasing the construction of new infrastructure such as 5G network, big data, artificial intelligence, general aviation, etc., the next step should be to increase the R&D, design and brand content. The support of soft manufacturing has promoted the scale of new supply," Zhang Haibing said.

However, Liu Xiangdong also pointed out that at present, there are still insufficient financial service support, high corporate financing costs, high debt risk pressure, insufficient project scientific arguments, etc., and it is necessary to further reduce corporate financing costs. The long-term return on investment encourages effective cooperation between the government and social capital.

Hong Tao, director of the market operation regulation of the Ministry of Commerce and director of the Business and Economic Research Institute of Beijing Technology and Business University, said in an interview that fostering new growth points of consumption needs to adhere to demand-oriented and people-oriented orientation, and further in the areas of digital economy, e-commerce, and entertainment. Increase the supply of service goods and experience goods.

In stimulating new consumption, Liu Xiangdong believes that it is necessary to further improve the income-increasing and income distribution system of residents, optimize supply quality, improve the efficiency of public services, improve social security, and let the public consumption have no worries. In addition, cultivating new consumption formats requires the government to further optimize the service environment such as market supervision, break the "intestinal obstruction" of poor supply and demand of consumption, solve the problem of unreasonable irrationality in consumption, define the boundaries between public goods consumption and private consumption, and guide emerging consumption. Healthy and orderly development of the business. Editor / Huang Lijun