In the first year of the "Thirteenth Five-Year Plan", the supply-side structural reform is making efforts to tackle the problem.

How to complete the five key tasks of de-capacity, de-inventory, de-leverage, cost reduction, and short-board, has become the focus of attention of delegates and experts who come to participate in the two sessions of the National People's Congress.

Reduce excess capacity

The key to de-capacity lies in implementation. The government and society should create new employment opportunities in many ways to find a way out for enterprise employees; Enterprises themselves should also get rid of the psychology of "waiting for help" and strive to solve the problems of low efficiency and low efficiency through scientific and technological innovation.

—— Chen, deputy to the National People's Congress and chairman of Hunan Lengshuijiang Iron and Steel Company

Reduce reserves

At this stage, third-and fourth-tier cities are the focus of destocking. It is necessary to develop a number of rental markets, control the supply of real estate land in areas with net population outflow, and provide preferential policies for rural population transfer.

—— Wang Yiming, Deputy Director of the State Council Development Research Center

deleverage

The key is to maintain a certain economic growth rate and reduce the leverage ratio by raising the "denominator" of the economic aggregate.

—— Li Yang, deputy to the National People's Congress and director of the National Finance and Development Laboratory

cost down

On the basis of a series of tax reduction measures, we will further increase the tax reduction efforts of enterprises, boost the confidence and development momentum of entrepreneurs, and mobilize the enthusiasm of entrepreneurs to invest in industry.

—— Li Lan, member of the Chinese People's Political Consultative Conference and deputy director of the Institute of Management and Human Resources of the State Council Development Research Center.

Strengthen weak links

Poverty alleviation is the most urgent and innovation ability is the longest. The core of improving effective supply still depends on innovation, which requires huge investment regardless of enterprise technology upgrading, equipment transformation or R&D innovation.

How to implement "three go, one drop and one supplement"

In June, 5438+this year 10, the 20th meeting of the Central Leading Group for Comprehensively Deepening Reform emphasized that the first three years of comprehensively deepening reform are three years of laying a solid foundation and erecting pillars, and efforts should be made to build the main framework of reform.

The five key tasks of de-capacity, de-inventory, de-leverage, cost reduction and short-boarding are the breakthrough points of supply-side structural reform, testing macro-control ability and deepening reform.

At the meeting of G20 finance ministers and central bank governors, countries agreed on the importance of structural reform in promoting long-term stable economic development. However, how to promote structural reform? Different countries have different answers.

The formation of overcapacity, excess inventory and excessive leverage ratio is the actual reflection of the unsustainable investment-led growth mode in China. The implementation of "three to one, one reduction and one supplement" requires a stable, moderate and flexible monetary policy and active fiscal policy tools to strive for a change in strategic strength. Only through structural reform can we achieve a breakthrough in economic transformation and consolidate the achievements of past structural adjustment.

Recently, the State-owned Assets Supervision and Administration Commission (SASAC) has deployed "Ten Reform Pilots", and the underlying exploration has blossomed in an all-round way. The reform of state-owned enterprises will work together from top to bottom. This kind of "bottom-up" and "top-down" often requires repeated and interactive. Through the "combination of up and down", we can not only stimulate the enthusiasm of grassroots reform and innovation, protect the vitality of the economy, but also realize the orderly reform and avoid the chaos of reform.

Since the publication of "Guiding Opinions on Deepening the Reform of State-owned Enterprises" last year, a series of top-level design supporting documents have been issued one after another. Recently, the State-owned Assets Supervision and Administration Commission (SASAC) has deployed "Ten Reform Pilots", and the bottom exploration has blossomed. The reform of state-owned enterprises will work together from both ends.

This year is also the year when the main framework of state-owned enterprise reform is built. The transformation of the state-owned assets management system from two levels to three levels is taking shape day by day. Two types of pilot projects of state-owned capital investment and operation companies broke the ice. The functions of SASAC need to be adjusted, and the modern governance structure of state-owned enterprises will be further improved.

Landing year of state-owned enterprise reform

"This year will definitely become the landing year for the reform of state-owned enterprises." Zhang Chunxiao, director of the consulting department of the Research Center of the State-owned Assets Supervision and Administration Commission, told 2 1 Century Business Herald that this landing is not only the landing of policy direction, but also the landing of specific operation methods.

The State-owned Assets Supervision and Administration Commission (SASAC) recently decided to carry out "ten reform pilots" in the aspects of mixed ownership reform, reorganization of central enterprises, establishment and improvement of the authority system of the board of directors, management selection, employee stock ownership, and establishment or reorganization of state-owned capital investment and operation companies.

Zhang Chunxiao believes that this reform pilot itself is a landing pilot, which is different from the "four reforms" and is an exploratory pilot aimed at "throwing stones to ask for directions" in the key areas of reform; The new reform pilot is the first step after the publication of the top-level design and the first effort at the micro level.

Huang Qunhui, director of the Institute of Industrial Economics of the Chinese Academy of Social Sciences, told 2 1 Century Business Herald that a series of guiding documents issued since last year need to solve some key and difficult problems in the implementation process, which is the original intention of SASAC to carry out grassroots pilot projects.

Huang Qunhui introduced that China's reform experience shows that the successful reform path is first of all "bottom-up", that is, the grassroots are allowed to actively explore, including grassroots innovation, finding problems, accumulating experience and summing up analysis; On this basis, the "top-down" promotion is carried out, that is, the promotion under the guidance of the top level, including clear direction, selection of pilots, formulation of rules and comprehensive promotion.

"The reform of state-owned enterprises should adhere to this road of' combining up and down'." Huang Qunhui emphasized that this kind of "bottom-up" and "top-down" often need repeated and interactive. Through the "combination of up and down", we can not only stimulate the enthusiasm of grassroots reform and innovation, protect the vitality of the economy, but also realize the orderly reform and avoid the chaos of reform.

Huang Qunhui believes that in the process of promoting pilot reforms such as mixed reform, on the one hand, it is necessary to establish a fault-tolerant mechanism, allow pilot innovation, and on this basis, constantly form standardized policy guidance; On the other hand, it is also necessary to set a basic "bottom line" for pilot innovation through norms.

Since the publication of the top-level design document "Guiding Opinions on Deepening the Reform of State-owned Enterprises" in September last year, the reform has obviously accelerated. At present, 1 1 supporting documents have been issued, and 8 supporting documents have been reviewed recently.

Li Jin, the chief researcher of China Enterprise Research Institute, told the reporter of 265438+20th Century Business Herald that many documents have been published. At present, a problem facing the reform is that many places are still "watching" rather than "doing" immediately. Therefore, it is necessary to obtain results and experience through the pilot, and spread these experiences to form the "brand effect" of reform and realize the promotion of "from point to area".

In Li Jin's view, with the continuous introduction of top-level design documents and the comprehensive opening of the pilot, this year's state-owned enterprise reform will work together from the upper and lower levels.

Three-level state-owned assets management system

Li Jin believes that the pilot projects of two types of companies are crucial to the reform of state-owned enterprises this year. "This year is the year when the framework for the reform of state-owned enterprises is built, and it is the key combination point for building the framework."

The state-owned assets management system is changing from two layers to three layers, that is, from "SASAC- state-owned enterprises" to "SASAC- state-owned capital investment and operation companies-state-owned enterprises". Not long ago, the implementation of ten reform pilots will pave the way for this change.

Zhang Chunxiao said, "The success of the pilot operation determines whether the separation of ownership and management rights, the separation of government and enterprise, and the separation of government and capital can reach a new level and whether the corporate governance structure can be effectively promoted."

Two types of companies have been added from the second floor to the third floor, forming a "isolation zone" between state-owned assets supervision institutions and state-owned enterprises. This year, two types of companies have been piloted: the State-owned Assets Supervision and Administration Commission (SASAC) chose COFCO and SDIC to reorganize state-owned capital investment companies in the four reforms, and recently chose Chengtong Group and Guo Xin Company to reorganize into state-owned capital operation companies.

Huang Qunhui said that the responsibilities of the two types of companies are not the same, and they should be discussed separately on the basis of classification. Among them, state-owned capital investment companies mainly invest in public welfare and commercial state-owned enterprises, and invest in important industries of the national economy through investment financing and industrial cultivation; State-owned capital operating companies are mainly commercial state-owned enterprises, which invest, hold and operate state-owned shares through equity operation, value management and orderly advance and retreat.

How to implement "three go, one drop and one supplement"

Another key to establishing a three-level management system is the adjustment of SASAC's own functions. Zhang Chunxiao said that in the process of SASAC's transformation from "three management" to capital management, the administrative color will become weaker and weaker, and its department setting, functions and operation mode will change with the adjustment of policies, highlighting the role of "investor".

Li Jin believes that a key point of this year's reform is that SASAC will complete its own reform by allocating responsibilities, rights, positioning and staffing. It is worth noting that the State-owned Assets Supervision and Administration Commission (SASAC) has recently set up a list of supervision powers and responsibilities of state-owned assets investors as one of the "nine major tasks" this year.

The three-tier management system means loosening the state-owned enterprises. The State-owned Assets Supervision and Administration Commission (SASAC) recently chose to carry out pilot projects in terms of the authority of the board of directors, market-oriented selection of managers, implementation of the professional manager system, and differentiated reform of enterprise salary distribution. Huang Qunhui believes that this is what the reform of state-owned enterprises has been doing, and relevant systems have been established. The key to enterprise reform is still to improve the modern corporate governance structure.

How to implement "three go, one drop and one supplement"

At the beginning of the new year, the new city is determined to start a new year's journey in accordance with the requirements of the "Five Concepts" and the instructions of the Municipal Party Committee to "turn the new city into a high-end industrial undertaking area, a key economic gathering area of headquarters, a key development area of modern service industry and a demonstration area of social service management innovation".

As a service-oriented urban area, the new urban area is expected to account for more than 90% of GDP, 2 percentage points higher than the previous year, especially the modern service industry will increase by 4 percentage points, reaching 43%, and the added value of service industry will reach 59 billion yuan. The development plan of service industry was formulated in advance in the new urban area, and the arrangement of focusing on developing 9 industries and 12 agglomeration area was put forward. We are determined to increase the proportion of modern service industry from 39% to over 50% in another three years, and reach 65% by the end of the 13th Five-Year Plan. Judging from the current development trend, first, the innovation-driven development pattern of new urban areas has initially taken shape, and second, the coordinated development pattern of urban and rural areas has basically taken shape. It can be said that the basic conditions for achieving this goal have been met.

Aring Zhang, secretary of Xincheng District Party Committee, said in an interview that the service industry in Xincheng is dominant, and the supply-side structural reform will bring a golden age to the development of service industry, especially modern service industry. Grasp the key to the development of modern service industry, make precise efforts, and take the development of modern service industry as a booster and accelerator to implement the five tasks of "three to one, one to one, one to make up". This year, we will continue to focus on the nine major industries 12 cluster, vigorously promote the headquarters economy, financial services, Internet economy, cloud computing industry, life science and technology, old-age fitness and tourism and sightseeing industries, and strive to reach 50% of the modern service industry this year, effectively pay equal attention to both traditional and modern service industries, truly realize the optimization and upgrading of the service industry, and make a major breakthrough in the structural reform of the new urban area.

In the innovation-driven development pattern, the new urban area mainly makes a fuss about Hongsheng Park. The next step is to do more articles on introducing new formats and high-tech projects; It is necessary to do a good job in the transformation and development of the park, especially the development of the National University Science Park, and focus on attracting projects, attracting talents and improving service levels. At the same time, pay attention to platform construction, attract investment and gather projects and talents. Taking innovation as the new engine, the new urban area focuses on developing high-end industries and creating characteristic industrial clusters. That is, relying on the imported wave, ZTE, Donghua Software, Alipay cloud network technology, Chinese Academy of Sciences "Garden in the Garden" and other influential and powerful large projects and enterprises, we will build a complete development chain of cloud computing industry. Implement the guiding opinions of internet plus, make full use of the first "Autonomous Region Internet Creative Park" designated by the Autonomous Region Economic and Information Committee, and take new steps in creating and developing new formats. Relying on three major commodity trading platforms, namely, the Autonomous Region Bulk Animal Products Exchange, the Autonomous Region Electronic Port Platform and the Inner Mongolia Center of Tianjin Bohai Commodity Exchange, we will accelerate the circulation and trading of bulk commodities in the Autonomous Region. Give full play to the service industry cluster effect of National University Science Park and Yin Hong Life Science and Technology Industrial Park in the autonomous region, and promote the development of biomedical industry chain. The second is to strengthen innovative services and vigorously develop creative space. Relying on the established professional incubators for e-commerce, software R&D, biomedicine and Internet plus, and the cloud computing industry development fund of Chinese Academy of Sciences, a public service platform for small and medium-sized enterprises in Hohhot (scale: 250 million yuan), we will encourage the development of space creation, public support and crowdfunding. Another key point is the supply of innovative resources and the promotion of the construction of new scientific research institutions. Focusing on Intelligent Industry Research Institute of Cloud Computing Center of Chinese Academy of Sciences, Inner Mongolia Mining Science and Technology Research Institute of Peking University and Inner Mongolia Industrial Technology Research Institute, we will speed up the construction of national, autonomous region and municipal 15 R&D centers and start to implement a number of major scientific and technological projects. Relying on the University Science Park, the scientific and technological resources of 203 universities and research institutes in Hohhot were counted, and the achievements were transformed in promoting cooperation in Industry-University-Research. Then encourage college students to start businesses and promote employment through entrepreneurship. Taking the Autonomous Region College Students Pioneer Park as the main development carrier, incubating and cultivating entrepreneurial projects to promote employment. Focus on the development of grass-roots industrial projects such as comprehensive service centers for college students' entrepreneurship and employment in autonomous regions, cities and districts, featuring "autonomous region female e-commerce" and entrepreneurial coffee bars. At the same time, we will continue to increase investment in scientific and technological innovation, establish an innovation ecosystem, attract outstanding innovation resources from all over the country and the world, expand innovation carriers, and build Hongshengyuan into a demonstration base for innovation and entrepreneurship.

How to implement "three go, one drop and one supplement"

The just-concluded Central Economic Work Conference made comprehensive arrangements for economic work. The most noteworthy thing about this central economic work conference is that "strengthening structural reform" and "intensifying structural reform" will become the important focus of economic work next year, which also shows that China's macroeconomic policies have begun to undergo important changes.

Strengthening supply-side management and actively adapting to the development logic under the new economic normal.

In recent years, economic theorists have been discussing "new supply economics", and comprehensively analyzing and explaining its theoretical deduction and practical logic from all levels. This is a very targeted research with many valuable judgments. The author thinks that in an economic operation cycle, when to use demand management policy more, when to use supply management policy more, and how the government controls the focus and intensity of macroeconomic policies in the coordinated balance between total supply and total demand, there is no difference between good and bad, which depends entirely on the changes in its economic operation environment and the need to meet the allocation efficiency of production factors.

In the past two or three decades, China's economy has been able to maintain a relatively stable double-digit high-speed growth, making full use of the late-comer advantage and comparative advantage of factor resources in the period of economic catch-up, and releasing great vitality for economic development. But today, China's total economic output ranks second in the world, various factors of production have been deeply integrated with the global economy, and the economic structure at home and abroad has also undergone profound changes. The era of "factor dividend" that relies on low-level quantitative scale expansion with low labor cost, low land cost and low capital cost to promote rapid economic growth has ended. In today's China, we should cross the "middle income trap", overcome the "growing pains" of "three-phase superposition" and meet the challenges of various interest games. When the marginal efficiency of traditional production factors decreases and the economic growth rate turns to an inflection point, we must speed up the transformation of economic development mode, rely on innovation, optimize the allocation of factors, reshape the industrial structure and production organization structure, comprehensively improve the total factor productivity, and then release the dividend and system of organizational change.

If we say that in the past 30 years, China has solved the basic problem of demand economics of "for whom to produce", then when China's economy enters a new normal, we must plan the supply economics of "what to produce" and "how to produce". This is the basic logic of China economics today. Its key point is to strengthen the supply-side structural reform while moderately expanding the total demand, and to revitalize the huge factor stock by correcting the distortion of factor allocation; By improving the effectiveness of investment, expanding effective supply and improving the quality and efficiency of the supply system; By improving the adaptability and flexibility of the supply structure, we will accelerate the cultivation and development of new kinetic energy, transform and upgrade traditional comparative advantages, improve total factor productivity, and enhance the momentum of sustained growth.

Therefore, the Central Economic Work Conference emphasized that promoting supply-side structural reform is a major innovation to adapt to and lead the new normal of economic development, an active choice to adapt to the new situation of comprehensive national strength competition after the international financial crisis, and an inevitable requirement to adapt to the new normal of China's economic development. This is a major judgment and a strategic choice to keep pace with the times.

Effectively use the policy "combination boxing" to realize the "three to one, one reduction and one supplement" of economic reform.

It is the first year of the decisive stage of building a well-off society in an all-round way. The Central Economic Work Conference emphasized that next year will also be a crucial year for promoting structural reform. Focusing on a series of key tasks of "focusing on strengthening structural reform", the meeting made clear the overall thinking and orientation of macro policies for next year and a period to come, namely, "macro policies should be stable, industrial policies should be accurate, micro policies should be flexible, reform policies should be realistic, and social policies should be at the bottom". The key to implementing the five policy pillars of mutual cooperation is to make a good combination of policies and work hard on "three to one, one reduction and one supplement" and "five increases" to achieve practical results.

The meeting clearly pointed out that the five major tasks of structural reform next year are to do a good job of de-capacity, de-inventory, de-leverage, cost reduction and short-boarding. Judging from the actual economic pressure in the first year of the Thirteenth Five-Year Plan, the author believes that the first thing is to reduce and reduce the pressure in these five aspects. In essence, these five tasks are interrelated and interrelated, which is a problem of "affecting the whole body with one hair". Resolving overcapacity (de-capacity) is an important task in the coming period. In recent years, overcapacity in many industries in China is caused by structural reasons, economic cycle reasons and institutional reasons. On the basis of local conditions and classified disposal, macro-policies and industrial policies should actively guide, transform "excess capacity" into "excess capacity", and actively relieve it by opening up channels for sustainable industrial development and international capacity cooperation in the central and western regions; It is also necessary to closely combine destocking with reducing the cost of enterprises, effectively reduce the burden on enterprises in fiscal and taxation policies and price policies, and accelerate the pace of technological transformation and equipment renewal of enterprises; In the second and third line real estate inventory transformation, it is closely combined with promoting new urbanization and expanding the socialized supply of public services; In terms of preventing and resolving financial risks, on the one hand, we should keep the bottom line of risk prevention, on the other hand, we should actively implement a more targeted structural loose monetary policy, accelerate the improvement of multi-level capital markets and bond markets, and so on. Therefore, the realization of "three to one, one reduction and one supplement" is essentially to change "structural burden reduction" into "structural reform" and "structural complementarity"

In my opinion, we should also emphasize "five increases", that is, "increasing vitality", "increasing motivation", "increasing efficiency" and "increasing confidence" Through the innovation of macro, meso and micro economic policies and social policies, we should improve the perspective of supply-side management, effectively increase institutional supply and innovation, further eliminate interest barriers, increase decentralization, effectively straighten out the relationship between the government and the market, return power to the market and society, and fully stimulate the vitality of enterprises, society and the public for entrepreneurship and innovation; Further strengthen the growth pace of new industries, new formats, new business models and new organizational systems, so that new economic growth momentum can be born as soon as possible, thus creating new supply and driving the release of new demand; We should also adopt active and effective policies and measures. In the next five years, it is necessary to intensify the coordinated development of regions, urban-rural dual economy, industry, population, resources and environment, and the interests of all social strata, so that the broad masses of the people can generally enhance their sense of gain in the process of reform and development.

Finally, we should emphasize "increasing confidence". Although China's economic development is difficult at present and in the future, as pointed out, the fundamentals of China's long-term economic development have not changed; The basic characteristics of good economic toughness, sufficient potential and large room for manoeuvre have not changed; The good supporting foundation and conditions for sustained economic growth have not changed; The trend of economic restructuring and optimization has not changed. The whole party should persist in mobilizing the enthusiasm of all parties and fully mobilize people's enthusiasm and creativity. When all forces are twisted into a rope, they are invincible.

The Twelfth Five-Year Plan has achieved brilliant results, and we are standing at a new starting point. During the "Thirteenth Five-Year Plan" period, under the new guidance of innovation, coordination, green, openness and enjoyment, we will certainly have a new chapter.