Yang Weimin answered this newspaper: Economic stability seeks progress

The 13th session of the CPPCC National Committee held a press conference with the theme of “Promoting high-quality economic development” yesterday. Yang Weimin, deputy director of the CPPCC National Committee and leader of the Central Leading Group Office of Finance and Economics (right) In response to this reporter’s report, “Does economic stability mean that economic growth is unavoidable?”, after the equivalent amount has been accumulated to a certain extent, the improvement in quality will inevitably need to be mentioned on the agenda. In the stage of qualitative improvement, the downward growth rate may be an inevitable trend and inevitable law.

Overall understanding of “striving for stability”

This year’s government work report set the target for economic growth to be around 6.5%. This reporter asked Yang Weimin: “I would like to ask the committee member Yang Weimin. This year’s government work report emphasizes the general tone of adhering to the work of stability and progress. Stabilizing progress and achieving stable economic growth? Does seeking progress in stability mean that economic growth is easing inevitable?”

Yang Weimin responded, “I remember that the general secretary has emphasized stability and progress in all the central economic work conferences since 2012. The general secretary also said that progress in stability is the methodology of our economic work. Of course, it is now also used as a rule of state. The important principle of the government,” said Yang Weimin, “What we need to emphasize now is that we must seize stability as a whole, not as what aspects must be stable, and what aspects need to be advanced. We do not think so.” My understanding is that any task in economic work, such as maintaining stable economic growth, advancing supply-side structural reforms, preventing financial risks, actively and steadily handling local government debt, and promoting the healthy development of the real estate market, etc. In other words, all work must adhere to stability and progress.

“I understand that the general secretary is striving to advance steadily. The most important point is to follow the law and grasp the degree of various tasks. I must not blindly advance, and I must not do nothing and do nothing. I should be able to grasp the stability and progress in this way.” Yang Weimin Say.

Peaceful response to slowdown in economic growth

Is it a trend to stabilize or slow down? Yang Weimin believes that economic development is subject to regularity. Generally speaking, especially in catch-up countries, the economic growth rate is relatively fast in the early stages of catch-up. However, after the equivalent amount has been accumulated to a certain extent, the improvement of quality will necessarily be mentioned on the agenda. Compared with the stage of volume-based expansion, the growth rate may be an inevitable trend and inevitable law in the stage of quality improvement. Judging from the development history of other countries, basically such a situation has emerged. Slowing down is a long-term process, from a phased perspective, not from a short-term economic cycle. In this long process, there may be some ups and downs at certain points in time, and this is normal.

“We don’t care to say that the growth rate has increased by a few points in a certain year or by a few percentage points in a quarter in a certain year. There is no need to make a fuss about it. There is no need to panic. It should remain calm and high. The continuous development of the general direction of quality development, I think this is the essence of stability and progress.” Yang Weimin said.