Im­prov­ing peo­ple’s liveli­hoods is a pri­or­ity

China Daily European Weekly - - COMMENT - The au­thor is a re­search fel­low at the Na­tional Academy of Eco­nomic Strat­egy at the Chinese Academy of So­cial Sci­ences. The views do not nec­es­sar­ily re­flect those of China Daily.

Strength­en­ing the sense of gain is needed in an im­por­tant year for the pro­mo­tion of high-qual­ity eco­nomic de­vel­op­ment

of do­mes­tic ser­vices rose by 4.2 per­cent and the cost of med­i­cal treat­ment in­creased by 6.5 per­cent. And since peo­ple nowa­days spend a smaller per­cent­age of their money on food and other ne­ces­si­ties, thanks to their higher in­comes, the im­pact of a rise in non­food prod­uct and ser­vice prices is greater on them.

Com­mod­ity prices re­mained gen­er­ally sta­ble in 2017, which is con­ducive to main­tain­ing macroe­co­nomic op­er­a­tions within a rea­son­able range and deep­en­ing the sup­ply-side struc­tural re­form.

The re­cent Cen­tral Eco­nomic Work Con­fer­ence said the top pri­or­ity is to pre­vent as well as over­come ma­jor risks, es­pe­cially in the fi­nan­cial field, which means that con­trol­ling money sup­ply, delever­ag­ing and en­hanc­ing su­per­vi­sion will be the key parts of macroe­co­nomic con­trol this year.

The CPI is likely to in­crease to 2.5 per­cent in 2018, in­di­cat­ing moder­ate in­fla­tion, while com­mod­ity prices are ex­pected to re­main sta­ble. And while the mon­e­tary pol­icy will re­main steady and neu­tral, the fis­cal pol­icy will con­tinue to be ac­tive, fa­cil­i­tat­ing the im­prove­ment of peo­ple’s liveli­hoods.

With com­mod­ity prices ba­si­cally re­main­ing sta­ble and China’s for­eign ex­change re­serves main­tain­ing their ris­ing trend, cap­i­tal out­flow will be ef­fec­tively curbed and the ren­minbi ex­change rate will be sus­tain­able, help­ing in­crease the value of or­di­nary peo­ple’s as­sets.

The ac­tive fis­cal pol­icy will fo­cus on op­ti­miz­ing the struc­ture of fis­cal ex­pen­di­ture and pro­mot­ing the im­prove­ment of peo­ple’s liveli­hoods, through mea­sures such as the tar­geted poverty-al­le­vi­a­tion pro­gram and equal­iza­tion of ba­sic pub­lic ser­vice.

Since this is an im­por­tant year for the pro­mo­tion of high-qual­ity eco­nomic de­vel­op­ment, the au­thor­i­ties should pay greater at­ten­tion to im­prov­ing peo­ple’s liveli­hoods, in or­der to fur­ther strengthen peo­ple’s sense of gain.

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