Adapting to the "new normal" does not mean that the government can sit back and relax in the face of economic downturn, but needs to establish new means of economic regulation and control, effectively change its functions, change its excessive intervention in the economy, and fully release market vitality.
For example, the new "National Nine Articles" launched this year proposes that establishing an efficient and fair direct financing market in a market-oriented way will become the focus of future reform. Among them, a large part of infrastructure investment will no longer come from bank loans, but from direct financing markets such as equity, creditor's rights and options, accompanied by interest rate marketization reform.
In the future, macroeconomic policies will also reverse the previous thinking inertia and path dependence, and exert fixed-point forces on the economic body through structural and multi-angle "scattering"-
In terms of monetary policy, the central bank, while continuing to emphasize the implementation of prudent monetary policy, put forward a new formulation of "maintaining strength and taking the initiative" for the first time. Unless there are external shocks such as financial crisis, large-scale losses of enterprises and serious deterioration of financial institutions' balance sheets, the central bank will maintain the monetary policy caliber with "strength".
In terms of fiscal policy, while deleveraging, finance must generally reduce the scale of investment, such as increasing the proportion of railway investment and urban rail transit investment, supporting the transformation of small and micro enterprises and shanty towns, and strengthening financial support for agriculture, rural areas and farmers. At the same time, promote the reform of fiscal and taxation system, innovate local government financing methods, establish local government balance sheets, and strengthen soft budget constraints.
In terms of industrial policy, on the one hand, we strive to relax market access and promote the expansion of service industry; On the other hand, introduce new competitive factors into traditional industries, especially state-owned monopoly enterprises, and update the upgrading factors of low-level industries.
At the same time, industrial adjustment is closely related to human capital structure. It is noteworthy that, as the reform direction of China's colleges and universities, more than 600 of the future 1200 ordinary colleges and universities will turn to vocational education, which means that the competitiveness of China's economy will shift from relying on the advantages of low-end factors such as the quantity of labor and the supply of land scale to the advantages of high-end factors such as the optimization of workers' quality and the accumulation of post innovation energy, thus promoting the successful landing of the new industrial structure.
Of course, maintaining a normal mind in strategy does not mean giving up tactical flexibility. The economic downturn will amplify the fragility of the system to some extent. If some possible risk points cannot be dealt with in time, a chain reaction may occur. Therefore, in the future, we need to attach great importance to and guard against all kinds of risks tactically, make plans early, plan ahead, and take timely countermeasures to minimize its negative impact.