domestic demand in dire need of policy stimulus

《domestic demand in dire need of policy stimulus》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、DomesticDemandinDireNeedofPolicyStimulusChina’seconomicgrowthrateforthesecondquarterhitbelow8%forthefirsttimeduringtherecentthreeyears.Theprospectforeconomicgrowthwillbelessoptimisticforafutureperiodoftime.Policyprioritiesofstabilizingtheeconomicgrowthstillrestonstimulationofdomesticdemands,andbr

2、eakthroughsarewaitingtobemadeintheadjustmentoffinancialpolicies.Itstillneedsfurtherobservationtoseewhethertheeconomywillreboundfromanall-timelow.Abroadsetofdataindicatesthatthegrowthofdomesticdemandsremainsslowandfragile.ThecreditloandataalsoshowsthatinJuneaboutRMB900billionnewloanswentintothemar

3、ket,butthecorporatelong-termloanonlyaccountsfor17%ofthetotal,showingalowdemandforinvestment.Thegrowthrateofinvestmentsoninfrastructuralconstructionhasturnedfromnegativetopositiveonyear-on-yearbasis,butthe6growthrateforthefirsthalfyearisaslowas4.4%,withtheprospectforfurthergrowthstilluncertain.Bot

4、hoftheimportanddomesticconsumptionhaveslumpedinJune,showingafragilerecoveryofdomesticdemand.Insuchacircumstanceinwhichbothforeignanddomesticdemandsaresluggish,tremendoustaskstostabilizetheeconomicgrowthwillbeaheadofChina.Itisimportanttoexplorethelong-termgrowthpotential,adjusttheeconomicstructure

5、,andstimulatethedomesticdemands,togivemoreprioritytotheeconomicgrowthstability.Withthepositivefinancialpolicyasthebasis,breakthroughshallbemadeinthestrengthandmeasuresofpolicyadjustment.Chinashouldmakegooduseofthereformofincomedistributionsystem,reducethetaxandcreatemorerevenuetostimulatethedomes

6、ticdemands.Thefirstistoreducetax.Datainthefirsthalfyearshowsthatastheeconomicgrowthratedeclines,theincreaseoffinancialrevenuealsoslowsdown.Intheeconomictransformationperiod,6taxreductionwillplayanirreplaceableroleintheadjustmentofeconomicstructure,withitsimpactandefficiencylargerthantheboostingof

7、publicexpenditure.Therefore,althoughthestructuraltaxreductionoverlapswiththeeconomicslowdown,itisnecessarytocreatealong-standingmechanismforeconomicstabilityandgrowthattheexpenseofshrinkingfinancialrevenue.Increasemore