Li Qiang presided over the 10th special study session of the State Council
On the morning of October 8, the State Council convened its tenth special study session, focusing on “Enhancing Consistency in Macroeconomic Policy Orientation and Strengthening Policy Coordination to Improve Implementation Effectiveness.” Premier Li Qiang led the session, underscoring the necessity of fully grasping and acting on General Secretary Xi Jinping’s critical directives aimed at refining the macroeconomic governance system. He stressed the importance of aligning policies with the decisions of the Party Central Committee, improving interdepartmental coordination, and fostering a united effort to propel high-quality development.
Huang Hanquan, the director of the Chinese Academy of Macroeconomic Research, provided a presentation, while Vice Premiers Ding Xuexiang and Zhang Guoqing, along with State Councilor Wang Xiaohong, contributed their perspectives during the discussions.
After absorbing the presentations and dialogues, Li Qiang commented on the vital role of enhancing the consistency of macroeconomic policy as a means to boost the effectiveness of macro-control. He acknowledged the increasing complexity of macroeconomic governance, which demands a systematic approach in thinking, methods, and resources to optimize the allocation of policy tools and amplify their impact. He called on all departments and regions to raise their awareness and capability regarding policy consistency, proactively foster policy coordination, and ensure that various policies are interconnected and unified to support sustained and healthy economic and social development.
Li pointed out the critical need to accurately target the focal points for enhancing the consistency of macroeconomic policy. In devising policies, it’s crucial to consider their original intent, target orientation, and functional role to ensure that all policies work in concert as a unified force. He emphasized that policy objectives should be coherent and reflect the overarching needs of economic and social development, arguing for a meaningful commitment to the broader context. Especially in light of significant downward economic pressure, he urged all stakeholders to actively promote policies that stabilize growth and expectations while exercising caution with those that might impose constraints.
Li also emphasized the importance of coordinating policy measures through systematic integration and mutual reinforcement to avoid fragmented efforts. He insisted that the implementation and evaluation of policies must embody this need for consistency, aligning the timing, intensity, and rhythm of execution with desired outcomes. He advocated for stringent standardization in business-related law enforcement and regulatory practices to limit discretionary power in enforcement decisions. Additionally, he suggested enhancing policy assessment by establishing scientifically-informed standards and promptly adjusting any unreasonable policies.
In conclusion, Li Qiang called for the establishment and refinement of a mechanism focused on ensuring consistency in macroeconomic policy orientation, suggesting that non-economic policies also be factored into evaluation processes. He encouraged departments to explore self-assessment mechanisms to evaluate the impact of new policies on economic development, the stability of public expectations, and the welfare of the population, thus improving the consistency of policy formulation and implementation throughout the entire process.