On the afternoon of the 6th, the economic themed press conference of the Fourth Session of the 14th National People's Congress was held at the Medea Center in Beijing. Respond to economic hotspots and explain policy directions in detail. The main officials from the National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, People's Bank of China, and China Securities Regulatory Commission gathered together and answered a series of questions from Chinese and foreign journalists within two and a half hours. We have confidence and confidence in achieving this year's economic growth target. In this year's government work report, when mentioning the main expected development targets for 2026, it was stated that the economy will grow by 4.5% -5%, and we will strive to achieve better results in actual work. To achieve this goal, we have a solid foundation, "said Zheng Zhajie, Director of the National Development and Reform Commission. China has a huge economic scale and volume, innovative vitality and breakthroughs, institutional mechanisms and other advantages, which give us the confidence and confidence to cope with various risks, challenges and market fluctuations, and achieve established and expected goals. To better achieve this goal, Zheng Zhajie stated that efforts will be made in four aspects, namely, increasing the efficiency of macroeconomic regulation, building a strong domestic market, strengthening the modern industrial system, and breaking through bottlenecks in economic and social development. This year marks the beginning of the 15th Five Year Plan. The draft outline of the 15th Five Year Plan, which was unveiled on the 5th, has attracted much attention. The National Development and Reform Commission has previously worked with relevant parties to draft it. Zheng Zhajie introduced that the draft planning outline has many new measures and highlights, such as grasping the distinct theme of high-quality development. The draft planning outline proposes 109 major projects and projects, including 28 leading the development of new quality productive forces, 23 building a modern infrastructure system, 9 promoting urban-rural integration development, 25 ensuring and improving people's livelihoods, 18 promoting green and low-carbon transformation, and 6 ensuring safety in key areas. During the 15th Five Year Plan period, a group of high growth industries will be gaining momentum. ”Zheng Zhajie said that through incremental creation and tapping into existing resources, several trillion level or even larger markets will be formed. Among them, the output value of six emerging pillar industries such as intelligent robots is expected to expand to over 10 trillion yuan by 2030. When it comes to how to provide good livelihood services during the 15th Five Year Plan period, Zheng Zhajie stated that she will take care of the two groups of people, the elderly and the young, and provide medical, educational, and employment services. In terms of healthcare, we will deepen the implementation of the healthcare infrastructure project and build around 1000 closely knit county-level medical communities; In terms of education, we will build, renovate, and expand 1000 ordinary high schools, increase the number of school places by more than 2 million, and support the expansion of undergraduate enrollment by more than 100000 students in "Double First Class" universities; In terms of employment, the participation rate of flexible employment personnel, migrant workers, and new forms of employment will be increased. The government work report makes arrangements for the continued implementation of a more proactive fiscal policy. Finance Minister Lan Fo'an stated that this year's more proactive fiscal policy is reflected in the scale of funds and sufficient policy intensity; More reflected in strengthening policy coordination, the effect is further amplified. It is reported that this year's fiscal fund allocation has set three "new highs": the total expenditure has reached a new high, exceeding 30 trillion yuan for the first time; The scale of newly added government bonds reached a new high, reaching 11.89 trillion yuan; The transfer payments from the central government to local governments have reached a new high, with a total amount of 10.42 trillion yuan, exceeding 10 trillion yuan for four consecutive years. Regarding strengthening policy coordination, Lan Fo'an stated that the focus is on three aspects: coordination of macro policies such as finance and administration, coordination of reform and innovation with policy support, and coordination of various expenditure arrangements. This year, the central government has allocated 100 billion yuan to launch a package of six policies to promote domestic demand through fiscal and financial coordination, including four targeted policies to support private investment and two policies to support household consumption. ”Lan Fo'an introduced that the coordinated promotion of domestic demand through fiscal and financial policies has a large scale, flexible tools, strong targeting, and wide coverage, which is an important measure to expand effective demand and innovate macroeconomic regulation. How can various expenditure arrangements be coordinated with each other? Make great efforts to optimize the expenditure structure and maintain pressure, "said Lan Fo'an. On the one hand, be meticulous in budgeting and strictly implement the requirements of the party and government organs' habit of living a tight life; On the other hand, allocate more funds to key areas and critical links for high-quality development. This year, the national expenditure on science and technology is nearly 1.3 trillion yuan, an increase of 7.1%; The total expenditure on education, social security and employment, health and hygiene, and housing security exceeds 12.4 trillion yuan. ”Lan Fu'an said. In addition, regarding the strengthening of scientific financial management, Lan Fo'an stated that this year he will focus on three things: strengthening the overall planning of financial resources and concentrating efforts to accomplish major tasks; Deepen the reform of zero based budgeting and seek efficiency from expenditures; Persist in horizontal to the edge and vertical to the end, and gather greater work force. Promoting the quality and expansion of consumption, and making every effort to stabilize the basic structure of foreign trade. Consumption is the main engine driving economic growth. Minister of Commerce Wang Wentao introduced that during the 14th Five Year Plan period, China's consumer market size remained the second largest in the world, and in terms of purchasing power parity, it was already the world's largest. Last year's Central Economic Work Conference and this year's government work report made expanding domestic demand the top priority of this year's key tasks. Wang Wentao stated that the Ministry of Commerce will adhere to the combination of benefiting people's livelihoods and promoting consumption, adhere to the dual wheel drive of "policies+activities", deeply implement the special action to boost consumption, and make every effort to promote consumption and expand domestic demand. It is reported that in terms of commodity consumption, the Ministry of Commerce will continue to implement the policy of exchanging old for new consumer goods this year, focusing on supporting green and intelligent products and offline physical retail, and vigorously promoting the pilot of new consumer formats, models, and scenarios. In terms of service consumption, we will work with relevant departments to focus on improving special support policies in six key areas and three potential areas. In addition, targeted classification measures will be implemented to stimulate the consumption vitality of the sinking market. In 2025, the external environment will be strong and turbulent, and China's foreign trade will move forward steadily and steadily. Diversified development has enhanced the resilience of foreign trade. ”Wang Wentao said that China is the main trade partner of more than 160 countries and regions, and now more than half of the trade with the countries jointly building the "the Belt and Road". The West is not bright, the East is bright. Without the North, there is the South, "he said. Faced with a complex and severe external environment, Wang Wentao said that the Ministry of Commerce will focus on building the "three pillars" of goods trade, service trade, and digital trade around the construction of a trading power this year, strengthen overall coordination to promote stability and quality improvement, emerging and traditional, import and export, productive services, and life services, and make every effort to stabilize the basic foundation of foreign trade. In addition, the Ministry of Commerce will also make efforts to study and introduce some incremental policy measures; Promote the integrated development of trade and investment, and increase support for enterprises to participate in overseas exhibitions and events; Exploring the export potential of cultural, traditional Chinese medicine, catering and other services, promoting the import of high-quality lifestyle services such as medical and health care... "Export and import are like two wheels of a car. The more balanced these two wheels are, the smoother and farther the car will drive. ”Wang Wentao stated that China is an actively open market, and the Ministry of Commerce will promote balanced trade development, combine expanding imports with stabilizing exports, and encourage more high-quality products and services from other countries to enter the Chinese market. Continuing to implement a moderately loose monetary policy, the trend of monetary policy has always been highly concerned. The Governor of the People's Bank of China, Pan Gongsheng, has clearly stated that the People's Bank of China will continue to implement a moderately loose monetary policy, flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts, and create a favorable monetary and financial environment for achieving a good start to the 15th Five Year Plan. We will comprehensively utilize these short, medium, and long-term policy tools to maintain sufficient market liquidity. ”Pan Gongsheng stated that the focus of structural monetary policy tools this year will be on supporting the expansion of domestic demand, technological innovation, and small and medium-sized enterprises. At the same time, we will guide financial institutions to optimize their credit structure, suppress "inward competition" in some industries from a financial perspective, and support economic structural adjustment and transformation and upgrading. Pan Gongsheng introduced that the People's Bank of China will implement the deployment of the "15th Five Year Plan" outline, build a scientific and stable monetary policy system, handle the relationship between short-term and long-term, stable growth and risk prevention, internal and external, and comprehensively promote the goals, tools, and transmission of monetary policy. Since the beginning of this year, the exchange rate of RMB against the US dollar has appreciated. Pan Gongsheng stated that this is related to the sustained improvement of China's economy, the overall weakening of the US dollar index, and the seasonal settlement of foreign exchange by enterprises. At present, the bilateral exchange rate of the Chinese yuan against the US dollar is in the median range of recent years. China has no need or intention of gaining trade competitive advantage through currency depreciation. ”Pan Gongsheng said that the position of the People's Bank of China has always been clear, insisting on the decisive role of the market in the formation of exchange rates, maintaining exchange rate flexibility, strengthening expectation guidance, and maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level. Preventing and controlling risks is an eternal theme in financial work. Pan Gongsheng introduced the effectiveness of risk resolution in key areas: by the end of 2025, the number of financing platforms and debt scale will both decrease by more than 70% compared to early 2023; The number of high-risk small and medium-sized financial institutions has decreased by half compared to the peak... Pan Gongsheng stated that he will continue to grasp the dynamic balance between economic growth, economic structural adjustment, and financial risk prevention, orderly resolve risks in key areas, and maintain the smooth operation of the financial market. In recent years, a group of innovative enterprises have efficiently completed initial public offerings (IPOs) and mergers and acquisitions to accelerate the transformation of the capital market service industry. The technological narrative logic of the A-share market is clearer and more concrete. ”Wu Qing, Chairman of the China Securities Regulatory Commission, said. Next, how can we improve the inclusiveness and adaptability of the capital market system, and make greater efforts to promote the aggregation of factor resources into the field of new quality productivity? Wu Qing stated that two new measures will be introduced in the near future, one is to deepen the reform of the ChiNext board, and the other is to optimize the refinancing mechanism. For example, a more precise and inclusive listing standard will be added to the ChiNext board. Actively support high-quality innovative and entrepreneurial enterprises such as new consumption and modern service industries to issue and list on the ChiNext board. For example, further optimizing the refinancing review and registration mechanism at the institutional and regulatory level, and focusing on improving convenience. Preventing risks, strengthening supervision, and promoting high-quality development are the main lines of work in the capital market. What will the capital market do in the new year? Wu Qingming has identified five key areas of focus - to strengthen the "breakwater" and "wave prevention" of capital market risks; Focus on consolidating and improving the comprehensive punishment and prevention efficiency of financial fraud; Focus on guiding industry institutions to focus on their main business and standardize development; Focus on strengthening the supervision of new businesses; Efforts will be made to strengthen the "safety net" for protecting the legitimate rights and interests of investors involved in weaving secrets. In the past five years, the development of the capital market has attracted much attention. According to Wu Qing, the total market value of A-shares currently exceeds 110 trillion yuan. More than 5400 listed companies have revenue exceeding half of the gross domestic product (GDP), and strategic emerging industry companies account for 45% of the Shanghai and Shenzhen 300 constituent stocks, continuously gathering momentum towards new and optimal development. The market value of A-shares held by medium and long-term funds has increased by over 50%. Facing the future, how can the capital market further achieve effective improvement in quality and reasonable growth in quantity? Wu Qing said that during the 15th Five Year Plan period, we will improve the construction of China's characteristic market stability mechanism, enrich the means and mechanisms of cross cycle and counter cycle regulation, and enhance the inherent stability of the market. We will improve incentive and restraint mechanisms, promote listed companies to enhance their governance level, strengthen dividend buybacks, continuously improve investment value and investor returns, and activate the M&A and restructuring market. Currently, the demand for diversified asset allocation among international investors is increasing, and the attractiveness of 'Chinese assets' has significantly improved. ”Wu Qing said