Core reading Since the beginning of this year, China has further strengthened macro policy regulation, effectively coordinated epidemic prevention and control and economic and social development. The introduction and implementation of policies have been effective, and the time effect, integration effect, synergy effect, guidance effect and innovation effect of policy combinations have continued to emerge, maintaining the overall stability of economic and social development. Since the beginning of this year, China has stepped up macro policy adjustment, effectively coordinated epidemic prevention and control and economic and social development. The introduction and implementation of policies have been effective, and the time effect, integration effect, synergy effect, guidance effect and innovation effect of policy combinations have continued to emerge, maintaining the overall stability of economic and social development. Continuously enhance and exert the time effect In view of the triple pressures of shrinking demand, supply shock and weakening expectations on economic and social development, China has strengthened macro-economic policy adjustment, accelerated the implementation of established policies, paid close attention to planning incremental policy tools, and strengthened contingent regulation, which has played a key role in stabilizing the macro-economic market. The effect of the policy has initially appeared. In accordance with the arrangements of the central economic work conference held at the end of last year, all regions and departments responded quickly, and making arrangements and making efforts ahead became the main tone of macroeconomic governance this year. In the first quarter, the central government accelerated the allocation of local transfer payments, and the expenditure of budgetary funds and the issuance of special bonds by local governments also accelerated. From January to April, China issued about 2.1 trillion yuan of local government bonds, an increase of more than 400billion yuan year-on-year. At the same time, the monetary policy has made sufficient advance to provide reasonable and sufficient liquidity for the market. At the same time, efforts have been made to reduce the comprehensive financing costs of enterprises and enhance support for the development of the real economy. From January to April, the enterprise loan interest rate dropped by 0.22 percentage points to 4.39% compared with the annual level of last year, which is the lowest since the people's Bank of China has recorded statistics. Thanks to the early introduction and implementation of fiscal, monetary and other macroeconomic policies, the policy effects have gradually emerged. China's major macroeconomic indicators have operated smoothly, the national economy has continued to recover its development trend, the supply of major consumer goods has been stable, prices have remained stable and moderately rising, people's livelihood has been continuously improved, and residents' living order is in good order. The introduction of policies continued to intensify. Since the second quarter, in the face of the impact of the epidemic and the increasing complexity, severity and uncertainty of China's economic development environment, the CPC Central Committee has placed stabilizing growth in a more prominent position, and various departments have successively issued more vigorous and faster paced policies to stabilize the economy. The meeting of the Political Bureau of the CPC Central Committee held on April 29 analyzed and studied the current economic situation and economic work, and emphasized the strengthening of macro policy adjustment to stabilize the economy. Since May, the national development and Reform Commission, the Ministry of finance, the Ministry of industry and information technology and other competent economic departments have taken active action to introduce a series of policies in terms of invigorating the stock assets such as infrastructure, ensuring the normal supply of energy, supporting local governments to implement the tax rebate and other tax reduction and fee reduction policies, and boosting the industrial economy, so as to strive to stabilize the economy. With remarkable achievements in epidemic prevention and control and orderly progress in returning to work and production, the effects of a series of policies recently introduced, such as expanding domestic demand, helping enterprises to bail out and ensuring people's livelihood, have gradually emerged, and the economic operation has accelerated to improve and return to the normal track. In May, China's Manufacturing Purchasing Managers' index, non manufacturing business activity index and comprehensive PMI output index rose synchronously. Continuously enhance and give play to the integration effect Macroeconomic governance is a systematic project, involving all aspects of economic and social development. The recent macroeconomic policies have been issued and implemented. We have always adhered to the strategic guiding role of the national development plan, improved the means of fiscal and monetary policies, improved supporting policies on employment, industry, investment, consumption and regions, and given full play to the integrated effect of various policies and measures to jointly promote steady and healthy economic development. Strategic orientation and clear objectives. We will continue to use medium - and long-term plans to guide the practice of economic and social development, strive to closely combine promoting economic transformation and upgrading with meeting the people's aspirations for a better life, break down the main tasks of the 14th five year plan into annual plans, accelerate the implementation of the plan, speed up the arrangement and promotion of the construction of "two new and one heavy" projects, achieve the organic combination of expanding domestic demand and making up for weaknesses, and promote the sustainable recovery of the short-term economy, We will strengthen the stamina for medium - and long-term economic development. Fiscal and monetary policies show their respective abilities. The proactive fiscal policy has improved quality and efficiency. On the basis of expanding the scale of fiscal expenditure, we will accelerate tax rebates, tax reductions and fees reduction for manufacturing and small and micro enterprises, and improve and optimize the policy arrangements for phased cost reduction. The prudent monetary policy is flexible and appropriate. While improving the basic money supply mechanism and maintaining a moderate growth in the scale of monetary credit and social financing, we will further strengthen the dual functions of the total amount and structure of policy instruments, enhance the inclusiveness of financial policies, and guide financial institutions to increase their support for the real economy, especially small and micro enterprises, scientific and technological innovation, and green development. Supporting measures form a joint force. The employment priority policy will increase efforts to stabilize jobs and promote employment, focus on solving the employment problems of college graduates and other youth groups, and improve flexible employment, labor and social security policies. Industrial policies strengthen support for technological innovation and structural upgrading, and spare no effort to ensure the stable operation of the industrial chain supply chain. The investment policy focuses on actively expanding effective investment and giving full play to the key role of effective investment. The consumption policy is committed to improving the consumption capacity of residents, stimulating consumption vitality, further releasing consumption potential and promoting the sustainable recovery of consumption. Regional policies focus on optimizing the distribution of major productive forces, enhancing the balance and coordination of urban and rural regional development, and promoting the coordinated development of urban and rural regions and the overall revitalization of rural areas. Continuously enhance and give play to synergy In order to give better play to the synergistic effects of various policies and measures, we have insisted on improving the formulation and implementation mechanism of macroeconomic policies, established and improved the coordination and work coordination mechanism of macroeconomic policies, promoted the coordination and linkage of various policies and measures, worked in the same direction, worked hard to promote economic development to return to the normal track as soon as possible, and promoted the total balance, structural optimization and internal and external balance of economic development. Departments work together. Centering on the goals and tasks of economic and social development throughout the year and aiming to serve the overall macroeconomic stability in a more flexible, orderly and efficient manner, the national development and Reform Commission, the Ministry of finance, the people's Bank of China and other economic management departments perform their respective duties, and strengthen the organic connection between aggregate indicators and structural indicators from the aspects of maintaining economic growth, promoting residents' employment, stabilizing market prices, and balancing international payments, We will make greater efforts to implement the policies that have been issued, actively plan incremental policy tools, and strive to stabilize the economic fundamentals. The central and local governments work together. The Political Bureau of the CPC Central Committee has made a comprehensive deployment for stabilizing the economy, employment and market, requiring all efforts to expand domestic demand, stabilize market players, ensure the supply and price of energy and resources, and effectively ensure and improve people's livelihood. All localities have consciously responded to and fully implemented the spirit of the Party Central Committee. On the basis of giving full consideration to their own reality, they have formulated characteristic policies that are in line with local development realities, and implemented them step by step in an orderly manner, striving to form a strong joint force to do a good job in the "six stabilities" and "six guarantees". Deepen cooperation between government and enterprises. In order to eliminate the impact of the epidemic on the safe and stable operation of the industrial chain supply chain, governments at all levels take the initiative to understand the demands of market players, fully listen to the opinions and suggestions of enterprises, actively help coordinate and solve the urgent problems faced by enterprises, make every effort to break through the blocking points that restrict the safe and stable operation of the industrial chain supply chain, ensure the normal production and operation of the core enterprises on the chain, and drive the upstream and downstream large, medium and small supporting enterprises to work together to resume production, Strive to achieve a better combination of an effective market and a promising government. Internal and external interaction was strengthened. We should actively respond to the complex and severe situation of high international commodity prices and high inflation in some major economies. While actively participating in the communication and coordination of international macroeconomic policies, we should speed up the construction of a unified national market and spare no effort to ensure the supply and price stability of energy, grain, mineral products and other bulk commodities. We will continue to improve the business environment for the development of foreign investment, increase efforts to improve efficiency, and support the steady development of foreign trade and foreign investment. We will coordinate domestic and international markets and resources, and gradually form an economic cycle mechanism of benign internal and external interaction. Continuously enhance and give play to the guiding effect One of the salient features of recent macroeconomic policies is to strengthen expectation management and enhance the foresight and guidance of policies. By improving the information release mechanism of macroeconomic policies and other measures, we have timely and effectively guided and improved market expectations, and enhanced the people's confidence in the high-quality development of China's economy. The mechanism for releasing macroeconomic policy information has become increasingly sound. The National Bureau of statistics regularly publishes macroeconomic operation data and expert analysis reports to answer questions. The national development and Reform Commission actively held the monthly economic situation press conference to widely respond to hot issues of social concern. The people's Bank of China issued the quarterly monetary policy implementation report in a timely manner and did a good job in policy publicity and interpretation. Other relevant departments also continue to improve the policy information release platform and mechanism, strive to enhance policy transparency, strengthen cross departmental and cross regional information exchange and sharing, and work together to stabilize market expectations. The ability of macroeconomic monitoring and risk prevention and control has been continuously improved. The competent economic department actively strengthened the ability of economic monitoring and early warning based on big data, regularly held expert seminars, industry analysis meetings, enterprise symposiums, etc., timely examined the pulse of macro-economy, strengthened the research and judgment of emerging, tendentious and potential problems in various fields, and timely adjusted and improved policies and measures according to new situations and problems in economic operation, enhancing the continuity, variability and predictability of policies. Strengthen risk awareness, closely track and analyze risk changes in key areas and major markets, strengthen risk monitoring and joint prevention and control in different areas, timely prepare relevant disposal plans, and firmly hold the bottom line of no systematic risk. At the same time, the evaluation of macroeconomic policies is more objective and prudent. We should actively introduce policies that are beneficial to the market and prudently introduce contractionary policies to avoid policy risks. Continuously enhance and give play to the innovation effect The recently issued macroeconomic policies are innovative in terms of ideas, methods, tools and means. They have effectively improved China's ability and level of discretion in macroeconomic governance, and are conducive to the overall realization of multiple goals and tasks, such as stabilizing growth, adjusting structure, promoting reform, benefiting people's livelihood, and preventing risks. The innovation of ideas and ideas has been implemented. We will strengthen targeted regulation and control, focus on structural factors in economic development, firmly grasp the key areas and weak links of economic and social development, work from the supply side, rely more on market forces, make more use of reform methods, carry out "sprinkler irrigation" and "drip irrigation", and do not engage in "flood irrigation". We will strengthen trend regulation, focus on the demand side and firmly expand domestic demand in response to cyclical factors in economic development. Do a good job in "smart regulation". On the basis of respecting the objective laws of economic development, we should pay attention to the role of macroeconomic policies in "shifting the weight of a thousand pounds in four directions", and insist on using more sophisticated regulation methods to achieve greater governance results at a lower cost. Method party