CCTV: 

Steady and sound economic development cannot be achieved without the support of policies, and macro-control is particularly important. My question is, what experience has been gained in innovating and improving macroeconomic regulation over the past decade? As we enter a new stage of development, how will macro regulation work to better promote high-quality economic development? Thank you.

Zhao Chenxin:

Since the 18th CPC National Congress, in the face of changes in the international environment and new developments and features in economic performance, the CPC Central Committee with Comrade Xi Jinping at its core has made coordinated efforts to advance the Five-sphere Integrated Plan and the Four-pronged Comprehensive Strategy, and carry out the general principle of pursuing progress while ensuring stability. We will uphold and improve socialism with Chinese characteristics and the country's governance system so that the market can play a decisive role in resource allocation, and the government can play a better role. We are refining macro regulation with Chinese characteristics that follows a general rule of the market economy, and making it more forward-looking, targeted and effective.

In terms of innovating and refining macro regulation, we have increased focus on the following five aspects: first, clarifying the philosophy of macro regulation, second, innovating the approach to macro regulation, third, identifying the focus of macro regulation, fourth, expanding regulatory tools, and fifth, enhancing synergy in regulation.

In terms of clarifying the regulation philosophy, we have continually implemented the new development philosophy in a complete, accurate and comprehensive manner, and promoted high-quality development. We have given full play to the strategic guiding role of national development plans and strengthen macro guidance of annual plans. In particular, we have paid more attention to coordinating development and security, and ensured we avoid systemic risks.

In terms of innovating the approach to regulation, we have continued to seek truth from facts and proceed from reality to make economic stability our top priority and pursue progress while ensuring stability. We have enhanced targeted, well-timed and precision regulation on the basis of range-based regulation. We have refrained from resorting to a deluge of strong stimulus policies, relying more on reform and innovation, and making greater use of market forces.

In terms of identifying the focus of regulation, we have accurately grasped the changes to the principal contradictions facing development, and accelerated the establishment of the new development paradigm. With intensifying supply-side structural reform as the main task and expanding domestic demand as a strategic measure, we have stepped up efforts to improve the quality of the supply system and smooth out internal and external economic circulation, and worked toward a higher level of dynamic balance in which supply creates demand and demand guides supply.

In terms of expanding regulatory tools, we have made coordinated efforts to maintain stable growth, advance reform, make structural adjustments, improve living standards, guard against risks and ensure stability. We have ensured that policies are consistent and stable. We have cut taxes and fees on a larger scale, innovated structural monetary policy tools, and reformed the mechanism for setting quoted interest rates on loans. We have focused on structural problems, and improved policies related to science and technology, industries, regions and environmental protection.

In terms of enhancing synergy in regulation, we have integrated central and local efforts, promoted cross-departmental collaboration, and coordinated domestic development with international cooperation. We have also enhanced the policy coordination between different sectors and ensured the evaluation, pre-study and preparation of policies. The worth of any plan lies in its implementation, thus we have made great efforts to ensure that major plans, reforms, and policies have a specific timetable and roadmap, with detailed responsibility division so as to encourage accountability and action. 

Going forward, we will make more effort to develop new ideas and methods for macroeconomic regulation in light of changes in the domestic and international environment so as to promote economic growth in a stable, sound, and sustainable way.