Wen Guosheng**Chief EconomistBear Park, Guosheng ** macro analystZhu Hui
In the first week of the new year, the central government held intensive meetings or issued documents, including multiple departments to continue to make moves to stabilize growth, and various localities continued to loosen real estate, the four meetings of the Shenzhen Reform Commission focused on land elements, and the China Securities Regulatory Commission focused on stabilizing the capital market, and 31 provinces and cities "The first meeting of the New Year" focused on stabilizing the economy, high-quality development, emancipating the mind (Hunan), grasping implementation, optimizing the business environment, and attracting investment.
Dense deployment
The Communist Party of China: Encourage and guide the renewal of equipment and the trade-in of consumer goods on a new scale
On February 23, the ** Financial and Economic Committee held its fourth meeting to study the issue of large-scale equipment renewal and trade-in of consumer goods, and to study the effective reduction of logistics costs in the whole society. Accelerating product upgrading is an important measure to promote high-quality development, and it is necessary to encourage and guide the renewal of equipment and the trade-in of consumer goods on a new scale. Logistics is the "tendon" of the real economy, connecting production and consumption, domestic trade and foreign trade, we must effectively reduce the logistics cost of the whole society, enhance the core competitiveness of the industry, and improve the efficiency of economic operation. The meeting pointed out that the development of new logistics models combined with the platform economy, low-altitude economy, and unmanned driving should be encouraged, and the airport economy and port economy should be vigorously developed.
This paper argues that this is conducive to the realization of both investment expansion and consumption promotion, as well as industrial transformation, among which, high-end, intelligent, green and safety should be the main direction of subsequent technological transformation and equipment renewal.
Standing Committee of the People's Republic of China: Study greater efforts to attract and utilize foreign investment
On February 23, the National Standing Committee of the People's Republic of China studied policy measures to attract and utilize foreign investment more vigorously, and made arrangements to further prevent and resolve local debt risks. The meeting pointed out that it is necessary to take the stabilization of foreign investment as an important force to do a good job in this year's economic work, and strengthen service guarantees in expanding market access, optimizing the fair competition environment, and smoothing the flow of innovative factors. It is necessary to strengthen supporting policy support and further promote the implementation of the package of debt schemes; It is necessary to strengthen governance at the source and accelerate the establishment of a first-class debt management mechanism that is compatible with high-quality development.
China Securities Regulatory Commission: Intensive voices around strengthening supervision and stabilizing the capital market
Recently, the China Securities Regulatory Commission has made intensive arrangements to stabilize the capital market and revealed that follow-up policies will be introduced. On February 23, the China Securities Regulatory Commission held the first press conference of the year to release strong regulatory signals in many aspects; On February 6, the China Securities Regulatory Commission answered reporters' questions on the "two financing" securities lending business; On February 5, the China Securities Regulatory Commission held a symposium on supporting the mergers and acquisitions of listed companies and promoting listed companies to enhance their investment value; On February 4, the China Securities Regulatory Commission held a meeting to promote the work of visiting listed companies.
Among them, the first press conference of the New Year on February 23 introduced that the China Securities Regulatory Commission does not have a 10-year arrangement for IPO back-inspection, but will significantly increase the proportion of on-site inspections of companies to be listed; The application of science and technology supervision will be strengthened, and the amount of rewards for reporting will be increased; We will pay more attention to illegal activities such as fraudulent issuance, financial fraud, illegal occupation of guarantees, illegal **, unauthorized change of the use of raised funds, etc., and closely monitor and severely crack down on illegal acts such as market manipulation and insider trading; Pay close attention to the abuse of accounting policies by listed companies to regulate profits and other bad behaviors. According to the China Securities Regulatory Commission, some gangs use over-the-counter options and other financial derivatives to amplify and manipulate returns, and some personnel manipulate LOF, convertible bonds and other varieties, which have been strictly investigated. Recently, some gangs have also used remote control software to hide transaction traces to manipulate the market, and liquidated and smashed the goods in order to sell quickly, making huge illegal benefits.
From February 18th to 19th, the China Securities Regulatory Commission held a series of symposiums to listen to opinions and suggestions from all parties on strengthening capital market supervision, preventing and resolving risks, and promoting the high-quality development of the capital market. At present, the China Securities Regulatory Commission is conscientiously implementing a series of important arrangements for the capital market, and further promoting the work of strengthening supervision, preventing risks, and promoting development. The capital market involves all aspects, and the more complex and severe the situation, the more important it is to speak widely, pool wisdom, and build consensus. The China Securities Regulatory Commission will take seriously the opinions and suggestions from all sides, including criticism, and will do it immediately after argumentation and practicability, communicate and explain well if the conditions are not met for the time being, respond to market concerns in a timely manner, and rely on the joint efforts of all parties to build and develop the capital market well.
On February 6, the China Securities Regulatory Commission answered reporters' questions on the relevant situation of the "two financing" securities lending business: to further strengthen the supervision of securities lending business, first, suspend the scale of new refinancing securities, and gradually close the stock; Second, it is strictly forbidden for ** companies to provide securities lending to investors who use securities lending to implement intraday rotation transactions (disguised T+0 transactions); The third is to crack down on illegal activities such as the use of securities lending and borrowing transactions to carry out improper arbitrage in accordance with the law.
On February 5, a symposium was held on supporting the mergers and acquisitions of listed companies: first, to improve the inclusiveness of the valuation of restructuring, and to support the parties to the transaction to reasonably determine the transaction price on the basis of market-oriented negotiation. The second is to adhere to categorical supervision, and set performance commitments for major shareholder capital-injected restructuring restructurings that adopt evaluation methods such as future earnings expectations, and the parties to other types of restructuring can independently negotiate whether to agree on performance commitments. The third is to study the implementation of "rapid review" for the restructuring of leading large-capitalization companies, and further optimize the "small and fast" review mechanism for restructuring. The fourth is to support the mergers and acquisitions of "two innovation" companies in the same industry or upstream and downstream, and have synergistic effects with the main business, and enhance the "hard technology" and "three innovation and four new" attributes of listed companies. Fifth, support the absorption and merger between listed companies (including those not under the same control) and further broaden diversified exit channels.
On February 5, a symposium was held to promote the investment value of listed companies: first, attach great importance to enhancing the investment value of listed companies. Listed companies must pay attention to the market's reflection of the company's value, deeply analyze the reasons for abnormal fluctuations in market value, and take effective measures to improve the company's investment value in a timely manner. Second, it is necessary to establish an internal long-term mechanism to enhance the investment value of listed companies, and strengthen the thinking of listed companies themselves to enhance the investment value of listed companies. The third is to make full use of the "toolbox" to enhance investment value in accordance with the law, including market tools such as share repurchases, major shareholder increases, normalized dividends, mergers and acquisitions, etc. Fourth, we will take the initiative to strengthen communication with investors and effectively improve investor expectations through performance briefings and roadshows.
On February 4, a meeting was held to promote the work of visiting listed companies: in response to the demands of the visited listed companies involving tax policy, financing, land, import and export, intellectual property protection and other aspects, a work ledger has been formed company by company and item by matter, and is being studied and solved in combination with the actual situation.
This article believes that the China Securities Regulatory Commission has recently made intensive arrangements to stabilize the capital market, and revealed that the follow-up policies to be introduced, including that the China Securities Regulatory Commission will study and solve the demands of "visiting listed companies involving tax policies, financing, land, import and export, intellectual property protection and other aspects" one by one, and will also urge listed companies to pay more attention to market value, especially "in-depth analysis of the reasons for abnormal fluctuations in market value, timely and effective measures to improve the company's investment value", and make good use of "share repurchase, major shareholder increase, and normalized dividends." , mergers and acquisitions and other market tools" to enhance investment value, etc.
The Ministry of Housing and Urban-Rural Development's New Year's Work Mobilization Meeting: Do a solid job in the renovation of old communities, urban villages, and affordable housing
On February 21, the Ministry of Housing and Urban-Rural Development held a mobilization meeting for the beginning of the year. From the five aspects of attitude, research and judgment, focus, details, and effectiveness, we should pay attention to standing firm, establish a correct view of power, political performance, and career, and do a solid job in the transformation of old communities, urban villages, affordable housing construction, and other practical matters of people's livelihood. It is necessary to be precise, be good at finding certainty in uncertainty, accurately implement the work to the most basic unit, accurately respond to actual needs, and implement policies according to the city and one city for one policy, so as to achieve targeted and targeted treatment.
The Fourth Meeting of the CPC Deep Reform Commission: Improve the accuracy and utilization efficiency of land element allocation
On February 19, the Communist Party of China held the fourth meeting of the Committee for Comprehensively Deepening Reform, which deliberated and adopted the "Opinions on Reforming the Land Management System and Enhancing the Ability to Guarantee High-quality Development in Advantageous Areas" and "Opinions on Accelerating the Formation of a Basic System to Support Comprehensive Innovation". It is necessary to establish and improve the land management system that is more efficiently connected with macro policies and regional development, improve the accuracy and utilization efficiency of land element allocation, promote the formation of a spatial development pattern with effective constraints on main functions and coordinated and orderly land development, and enhance the ability of land elements to guarantee the high-quality development of advantageous areas. Promoting the comprehensive green transformation of economic and social development is the basic policy to solve the problems of resources, environment and ecology, and it is necessary to adhere to the comprehensive transformation, coordinated transformation, innovative transformation and safe transformation, and take the "dual carbon" work as the guide, and jointly promote carbon reduction, pollution reduction, green expansion and growth, and integrate the concept of green development into all aspects of the whole process of economic and social development. It is necessary to further improve the emergency management capacity at the grassroots level, promote the sinking of emergency management forces, the downward tilt of guarantees, and the forward movement of passes, effectively prevent and resolve major safety risks, deal with all kinds of disasters and accidents in a timely and effective manner, build a solid safety base, and guard the bottom line of safety. It is necessary to focus on the prominent problems restricting the deep integration of science and technology and the economy, focus on what innovation should do, who will organize innovation, and how to support, encourage and protect innovation, continue to deepen reform, and accelerate the construction of a basic system for comprehensive innovation.
This paper argues that the core of this conference is to "enhance the ability of land elements to guarantee the high-quality development of advantageous areas, and establish and improve the land management system that is more efficiently connected with macro policies and regional development", and should emphasize more "people-land linkage" and market-oriented flow of land elements, which is also expected to be one of the focuses of the Third Plenary Session.
Plenary Session 3: Strengthen confidence, work hard, and maintain consistency and stability in policy formulation and implementation
On February 18, the third plenary meeting was held. First, we must strengthen confidence, work hard, maintain consistency and stability in policy formulation and implementation, and boost the confidence of the whole society with pragmatic and powerful actions. Second, we must work hard first, seize the day, firmly establish the orientation of hard work, and effectively transform the sense of responsibility of "always rest assured" into the action force of "everything has the bottom in mind", strive to seize the opportunity of work, and strive to achieve practical results as soon as possible, win the trust of the people with hard work, and ensure that the final effect is in line with the decision-making intention. Third, we should not take refuge in things, overcome difficulties, plan and promote work in depth in accordance with the system concept, insist on using reform methods to solve problems in progress, have the courage to break the mindset and path dependence, continuously enhance the creative leadership of work, and make every effort to promote the solution of contradictions. Fourth, we must improve efficiency, strengthen joint efforts, further enhance the overall awareness and overall concept, take the initiative to take a step forward to grasp the work, make good use of the macro policy orientation consistency evaluation mechanism, improve the government service "efficient completion of one thing" mechanism, establish and improve the implementation of the closed-loop management mechanism, and continuously improve the overall administrative efficiency.
Local policy
The 31 provinces have their own focus on the "first meeting of the new year", and high-quality development, optimization of the business environment, and investment promotion are high-frequency keywords
Since the start of construction after the year, the 31 provinces have their own focus on the "first meeting of the New Year", focusing on stabilizing the economy, optimizing the business environment, attracting investment, high-quality development, and innovation in the science and technology industry, among them, 10 provinces have deployed business environment optimization and investment promotion (Shanghai, Hebei, Liaoning, Shandong, Anhui, etc.), 5 provinces have focused on high-quality development (Guangdong, Beijing, Sichuan, Ningxia, Chongqing), 3 provinces have deployed major projects to start construction (Jiangxi, Yunnan, Henan), and 3 provinces have focused on improving their ability to perform their duties (Gansu, Shanxi, In addition, Jiangsu focuses on the innovation of science and technology industry, Qinghai focuses on industrial operation, focuses on clean government work, and Fujian holds a symposium on private economy. Hunan has launched a great discussion on emancipating the mind in the province, aiming to solve a series of problems such as "lack of confidence in development, weak sense of mission, and insufficient spirit of responsibility", "fundamentally reversing the speed complex of simply using GDP growth as a hero", "reversing the fraudulent impulse of 'finding a way' and 'creating performance' in data, and reversing the extensive model of stimulating economic development solely by investing resources and funds".
Article**丨Bear Park Observation.
Editor-in-charge丨Ding Kaiyan.
Proofreading丨Lan Yinfan.
Preliminary trial丨Xu Lanying.
Final Review丨Zhang Wei.