How can Chinas ＂new productive productivity＂ solve economic difficulties?

The highest level of the Chinese government is vigorously promoting a plan to solve the problem of stagnation of China's economic stagnation and offset the harm caused by the decades of real estate bubbles.

The plan has a new slogan, namely "new productive forces".

But it has the common characteristics of China's economic road number: through large -scale investment in manufacturing, especially in the field of high -tech and clean energy, and strong expenditure in R & D, it stimulates innovation and growth.There is currently no specific plan for how the government wants to persuade Chinese families to reverse expenses for a long time.

On Sunday, the Chinese State Council Premier Li Qiang gave a speech to the global chief executive officer who gathered in Beijing and participated in the China Development High -level Forum of the Year, and put forward this plan.He said at the opening ceremony of the forum that he would "accelerate the development of new quality."

China Development High -level Forum began in 2000 and aims to explain the economic plan formulated by the Prime Minister of the Prime Minister on March 5th each year.

In the past, the Chinese enterprise leaders and ministers will be discussed publicly on the day before the opening ceremony, but this year is not held this year.

The chairman and CEO of the large American insurance company Anda Group, Evan Greenberg, co -hosted the opening ceremony of the meeting on Sunday.Participants include Apple CEO Tim Cook and Australian mining giant Michael Henry.Cook has been in China in the past week, trying to revive iPhone sales.

Li Qiang called for strengthening manufacturing and increasing services and consumption in his speech.He has repeatedly called on Chinese families to replace old cars and home appliances, but did not disclose whether the government would provide financial support.

According to semi -official data, as the house prices have fallen by one -fifth in the past two years, China's consumption expenditure has been sluggish.The number of housing transactions has also decreased significantly.The homeowner complained that they had to reduce the price to find the buyer.

Real estate accounts for 60%to 80%of household assets, which is much higher than most countries.As a result, the near -collapse of the real estate market has made many families feel wealth is reduced, and it is difficult to repay mortgage loans.

When discussing risks, Li Qiang just mentioned real estate and a related issue -local debt.He said that in the past 40 years, "risks and challenges have not defeated us."

Li Qiang said that the government will provide legal residence for more than 250 million permanent migration to the city but do not meet the conditions of residency.Medical, retirement and education benefits provided by cities are much higher than rural areas.

But did not explain how the city government that has already had fiscal dilemma will bear these expensive welfare expenditures.

The slogan "New Quality Productivity" is to alleviate the concerns of the US -led restrictions on the exports of China at home and abroad to hinder China's growth.At the briefing before the forum, officials emphasized that the manufacturing industry accounted for a large proportion in the Chinese economy, more than twice the United States.

"In China, you can see it growing, far higher than other countries," Stan Dan, director of an Institute of Economic Research of the Chinese Academy of Social Sciences, said at a press conference.

China's trading partners are worried that the growth of manufacturing may lead to an increase in China's exports.The European Union is preparing to impose tariffs on electric vehicles from China.The European Chamber of Commerce reported on Wednesday that China's enhanced manufacturing policy could lead to industrialization in Europe because European companies may not be able to compete with Chinese companies with government backgrounds.

Companies that depend on the sale of commodities in China for housing and infrastructure construction have been closely paying close attention to China's further attention to high -tech manufacturing.

Australia's iron ore mining giant Fitis Viu Metal Group Executive Chairman Andrew Frester said that China will inevitably continue to invest a lot of funds on infrastructure, including highways, railways and ports.

He said in an interview: "The situation in infrastructure will not actually change much, but it will just pay more attention to the manufacturing industry."

Chinese officials have repeatedly promised to stabilize the real estate market, but did not provide specific details.

Li Xuelong, director of the Economic Research Institute of the Chinese Academy of Social Sciences, said at a press conference that local governments can provide more housing for staff of public sector.However, he did not mention how the local government would pay the costs of these apartments, and many of the local governments were carrying heavy debt.

Recently, after the public land sold to real estate developers has decreased significantly, many local governments have to reduce the salary of municipal staff and need the help of the central government to pay interest.The Ministry of Finance of the Chinese Ministry of Finance has launched a plan to help some cities repay debts that are the conditions for the reduced cost of these cities to reduce costs.

At an online meeting hosted by the International Financial Forum of the Bank of China, Wang Dan, chief Chinese economist at Hang Seng Bank Shanghai Office, said that helping consumers can afford more expenditures.She said: "Direct cash transfer will still be the most effective way."

At present, China's focus is to strengthen the supply and quality of goods, rather than worrying about demand.

"The growth momentum of new kinetic energy investment is good," said Liu Sushe, deputy director of the National Development and Reform Commission.