It is important to create an environment that is conducive to long -term investment

Text | Guan Huanfei

All policies and measures since the Central Economic Work Conference at the end of last year are basically proposed on the downward pressure on the economy, or emergency measures that have to be taken in the crisis and have to be taken to the crisis. After hard work, the Chinese economy has improved. From the data of the first five months of this year, the production demand has gradually recovered, the prices are generally stable, the main indicators have improved, and the national economy has resumed the momentum.

For example, from January to May, the added value of industries above designated size increased by 3.3%year -on -year. In May, the national service industry production index decreased by 5.1%year -on -year, a decrease of 1.0 percentage points narrower than last month. In May, the business activity index of the service industry was 47.1%, an increase of 7.1 percentage points from the previous month. From January to April, the operating income of service industry enterprises above designated size increased by 4.2%year -on -year.

From January to May, the total retail sales of consumer goods was 171.689 billion yuan, a year -on -year decrease of 1.5%; the national online retail sales of 4960.4 billion yuan, an increase of 2.9%; the national fixed asset investment (excluding farmers) was 2059.4 billion yuan, a year -on -year increase of 6.2%; the country generally; the country generally; The public budget revenue was 8673.9 billion yuan. After deducting the retained tax refund factors, it increased by 2.9%year -on -year, and the calculation of natural caliber decreased by 10.1%year -on -year; the total value of foreign trade imports and exports was 16.04 trillion yuan, an increase of 8.3%year -on -year.

It should be acknowledged that the economic downturn some time ago is not mainly caused by the adjustment of the economic cycle, but because some major internal and external environment changes that affect investment and consumption have emerged. There is no doubt that the policies and measures for hedging economic downward pressure are not conventional, so it is impossible to become a long -term persistence.

As we all know, the continuous growth of the economy depends on the continuous release of various elements including capital. In modern economic activities, whether the long -term launch of various elements can be formed, including production and operation, and the investment in the capital market depends on whether there is a social environment that is conducive to long -term investment.

Create a system and market environment that is conducive to long -term investment

The investment environment determines whether a society can create stronger corporate competitiveness and higher investment returns, and can achieve sustainable growth.

Regarding how to evaluate the investment environment, the investment guidelines for the United Nations Trade and Development Conference pay attention to the attraction of a country's attraction to foreign direct investment (FDI), and provide a key macroeconomic indicator that a country is considered to affect the investment environment and provides A FDI standard inspection tool, including: (1) resource evaluation. It includes not only the acquisition of raw materials, but also the quality of human capital and the scale of the local market. (2) Infrastructure. Infrastructure includes the quality of traditional infrastructure and the acquisition of Internet, mobile communication and fixed telephones. (3) Operating costs. Divided into labor costs and other costs. (4) Economic performance and governance. (5) Tax levy. The measurement of the fiscal system depends on the two aspects, that is, the direct tax level of the enterprise and the indirect tax levy to the selected products and services. (6) Regulatory framework. There are three aspects of the FDI regulation framework, namely entering restrictions, business restrictions and investment protection and exit. High -efficiency and the social environment that can affect long -term investment includes both institutional and policy factors, as well as market structures and efficiency factors, as well as factors such as political and cultural factors. At the same time, infrastructure factors that are reliable to support economic operations in various fields. The formation of systems that are not conducive to long -term investment environment. The so -called measures to alleviate the downward pressure on the economy not only are difficult to achieve the expected purpose, but also reduce the sustainability of future economic growth.

Needless to say, to achieve a certain degree of sustainable economic growth, in terms of a large environment, in the final analysis, it is still necessary to return to the basic routes centered on economic construction and adhere to the economic development path of marketization and rule of law. This should be achieved by creating a market -friendly and capital -clear government, adhering to the ownership of factor allocation and market access, and striving to break the impact of market constraints on economic activities and encourage and care for entrepreneurial spirit.

To achieve China's medium and long -term development goals, and to create an institutional environment and market environment that is conducive to long -term investment, this should be a fundamental problem that must be continuously solved by continuously solving the current short -term difficulties. In the process of policy formulation and advancement, it is necessary to focus on the current and long -term; it is necessary to introduce the immediate measures and methods, but also to form a system and market environment that can maintain long -term sustainable economic growth.

Any economic growth under any system is inseparable from the continuous expansion of various elements including capital. As a huge economy in which the government has participated in economic activities in both aspects of resource investment and allocation, and the degree of efficiency constraints in resource allocation in resource allocation, it has undoubtedly become an important part of the investment environment of the whole society. At the same time, unlike the factors required by pure market economy systems, the orientation of the factors required by China's economic growth and the scale of the factors required by economic growth should be influenced and influenced by macro policies from the state.

Therefore, improving the efficiency of resources controlled by the government and improving the forward -looking and scientificity of government policies have become the top priority to improve the investment environment. To improve the efficiency of resources controlled by the government, we must rely on optimizing the government's control of resource occupation, allocation models and mechanisms, and form a strict checks and balance system at different levels; second, we must establish a strict efficiency evaluation mechanism and system.

The latter belongs to the category of improving economic activities. To solve this problem, we must persist first and then stand; second, we must effectively grasp the time, degrees, and effectiveness of various policies to avoid alienation and bombing of policy effects; Improve the stability of policy expectations, avoid the situation of synthetic fallacy and decomposition errors in the administrative system, and beware of damage to the confidence of entrepreneurs and investors. In addition, the government's policy goals should pay attention to the implementation of the market mechanism instead of directly involving the general operation of the enterprise. In this regard, government departments must be committed to reducing the micro -level control of the industry or practitioners.

Start from a variety of systems that affect the investment environment

The real power must be the country with the strongest attraction of capital, sustainable, and endless internal innovation desire and ability. The so -called international competitiveness must not be elsewhere to compete between different economies, but the attractiveness and utilization ability of various elements required for economic activities. It is its own technological innovation ability and application ability.

It must be clearly aware that if capital is lying flat, the economic toughness and endogenousness are self -deceiving. What makes capital lying flat is not a market factor, but a non -market factors. This requires the economy to have a clean and efficient government with the greatest support and minimum intervention of economic activities. It must have a factor market and capital market with complete structure, complete function, and efficient mechanism. There must be advanced service and policy systems that support the development of high -end manufacturing, and encouragement and support for innovative advanced social culture and social systems, so as to ensure that the compound development dividends that promote social progress continuously will be kept. This is the fundamental and fundamental aspect of long -term optimization of the social investment environment.

To this end, it is necessary to start with all aspects of the investment environment, to effectively make short, medium and long -term deployment and efforts from the system and improvement of market functions, continuously promote economic development and social progress, and continuously increase people's well -being and social harmony. Essence Regardless of the current economic development, or considering future economic growth, improving expectations, boosting investment and consumption confidence, and being committed to establishing an institutional mechanism and market mechanism that ensure economic growth and wealth growth. Answer questions scientifically.

Needless to say, the policies adopted to curb the decline in the economy at the moment, whether it is monetary policy or fiscal policy, is based on the premise of increasing the leverage of economic activities. However, the macroeconomic leverage ratio plus it is easy to remove, and the high economic leverage rate often leads to greater economic fluctuations in the future. Therefore, it is necessary to improve the economic leverage ratio to avoid causing another round of risks. It is necessary to see that various policies, especially monetary policies, require certain conditions. At least the market must have the same expectations as the monetary policy goals. It may become an invalid launch, and it will inevitably cause harm to the long -term investment environment.

At the same time, in order to achieve the continuous economic growth in a certain period of time, combined with the lessons accumulated in the prevention and control of epidemic prevention and control over the years, it is necessary to systematically establish a large -scale public crisis conditions and under regional integration conditions. The guarantee mechanism is guaranteed to avoid "how difficult it is to wear."

Of course, the improvement of the long -term investment environment is gradually reflected by quickly and timely solving various problems that occur in the short term. Since 2010, the economy is generally easy to be cold and hot, and has gone through huge structural changes. The investment demand of private sector has always been in a state of dull state. However, due to the trouble of the new crown pneumonia's epidemic and when the economic downturn has changed, a considerable number of private enterprises not only lack the desire to expand production and operation, but also affect the ability to expand production and operation due to the deterioration of cash flow. And those families or individuals who have been carrying heavy debt burdens, some of them have changed due to the unfavorable income, which not only loses the ability to expand consumption, but even becomes weak to pay the debt to repay the debt. Therefore, in a timely manner response to the symptoms of the symptoms of the symptoms, the urgency of economic activities has become part of the content to improve the long -term investment environment.

It can affect economic growth forever. One is the continued increase in elements, and the other is the change of production functions brought about by technological innovation, and the third is the continuous improvement of the investment environment. For a developing country, continuous improvement of the investment environment can not only promote economic growth, but also encourage economic activities to achieve higher growth efficiency.

From an open perspective, the advantages and disadvantages of the investment environment are not subjective identification, but an objective judgment after the other party is fully compared. On June 7, 2022, the US Democratic Senator Sheldon Whitehouse jointly submitted a carbon border adjustment mechanism (CBAM, commonly known as carbon tariff) legislative proposal to the Senate Financial Committee with three other Democratic Senators. Clean Competition Act (CCA). The basic logic of CCA is that the average carbon content of American products is the benchmark line, and the carbon content of imported products with the reference line and American products are levied carbon fees. Since 2024, whether it is American or imported products, if its carbon content is lower than the benchmark line (that is, the average level of similar American products), no carbon fee is required. Conversely, if the carbon content exceeds the benchmark line, it will levy a carbon tax of $ 55/ton than the part. This carbon tax standard rises 5%every year. The EU is also making similar arrangements. It is self -evident that the changes in such international production and trade rules will inevitably bring unavoidable adjustments to China's export products production and economic growth methods as soon as possible. For another example, on February 4, 2022, the World Banking system publicly released soliciting opinions on the concept of the new business environment system BEE project. BEE includes 10 first -level indicators, which are commercial access, business location, public utilization connection, labor force, labor force , Financial services, international trade, taxation, dispute resolution, market competition and corporate bankruptcy. For each of the first -level indicators of Bee, the World Bank will set the secondary indicators for them from three aspects: regulatory framework, public service framework, and overall efficiency, and make specific evaluations in a quantitative manner.

The proposal of these strict new business environment evaluation indicators undoubtedly put forward higher requirements for China's improvement of the investment environment.

(This article published in "China Economic Weekly", No. 13, 2022)

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