Li Qiang: Enhance the consistency of macroeconomic policy orientation, actively introduce policies conducive to stabilizing growth and expectations in all aspects

On the morning of October 8th, the State Council held the 10th special study session with the theme of "Enhancing the Consistency of Macroeconomic Policy Orientation, Strengthening Policy Coordination to Improve Implementation Effectiveness." Premier Li Keqiang emphasized the importance of thoroughly studying and implementing the important instructions on improving the macroeconomic governance system by General Secretary Xi Jinping, and strengthening policy coordination and departmental collaboration in accordance with the decisions and arrangements of the Party Central Committee to form a strong synergy to promote high-quality development. Huang Hanquan, the director of the China Macroeconomic Research Institute, gave a lecture. Vice Premiers Ding Xueqiang and Zhang Guoqing, as well as State Councilor Wang Xiaohong, exchanged views. After listening to the lecture and exchanges, Li Keqiang pointed out that enhancing the consistency of macroeconomic policy orientation is a key lever to enhance the effectiveness of macroeconomic regulation. All departments and regions should enhance their awareness and ability to ensure policy consistency, so that various policies are interconnected and organically unified to jointly promote sustained and healthy economic and social development. Li Keqiang emphasized the need to accurately grasp the focus of consistency in macroeconomic policy orientation. It is necessary to strengthen the coordination of policy objectives, determine objectives based on the overall needs of economic and social development, consciously obey and serve the overall situation. Especially in the case of significant downward economic pressure, all parties should actively introduce policies conducive to stabilizing growth and expectations, and carefully implement policies with contraction and suppression effects. It is important to enhance the coordination of policy measures, focusing on systematic integration and mutual complementarity. The implementation of policies should grasp the timing, intensity, and pace. Efforts should be made to standardize law enforcement and regulatory actions related to enterprises, and reduce discretionary space. It is necessary to further improve policy assessment and evaluation. Li Keqiang stressed the need to establish a sound mechanism for the consistency of macroeconomic policy orientation, include non-economic policies in the evaluation of macroeconomic policy orientation, and explore the establishment of self-assessment mechanisms in various departments to enhance the consistency of policy formulation and implementation throughout the entire process with the macroeconomic policy orientation. Source: CCTV News