Improving people’s livelihoods is a priority
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.