What is the significance of the new growth theory to the economic growth of developing countries?

Third, productivity and inflation have been reasonably and effectively controlled. In the future, the bank interest rate and deposit reserve ratio will be in a relatively stable period, and no major adjustments will be made in the short term, which highlights the country's determination to promote economic growth.

"This adjustment is a signal that the country will boost the economy.

This year, China is in the midst of an economic crisis triggered by the US subprime mortgage crisis. National policies are as follows:

One. Proactive fiscal policy.

The State Council decided to make major adjustments to its fiscal policy. In economically backward countries or stages, it means a major change in the direction of money supply. Historically, economic growth usually refers to the continuous improvement of a country's per capita output (or per capita income) level in a long time span, "more attention will be paid to the quality and efficiency of economic growth."

Third, as predicted by JPMorgan Chase economist Gong Fangxiong. As the national financial policy will not be adjusted up and down in a short time, the weakening of external demand will bring new pressure to China's exports. Since 2004, the central bank's policies have been adjusted with the CPI index.

2. Except for Bank of Communications and Postal Savings Bank, the deposit reserve ratio of other deposit-taking financial institutions was lowered by 1 percentage point, and the deposit reserve ratio of local corporate financial institutions in the hardest hit areas of Wenchuan earthquake was lowered by 2 percentage points. China's decision to adjust the stamp duty of 65,438+08 may not cheer up the medium and long-term stock market. This may be just like some people criticized "distributing tickets" and "food stamps" in the past. At present, the central bank suddenly announced a rate cut after implementing a moderately loose monetary policy. The implementation of unilateral stamp duty may have a positive effect on the stock market in the short term, inheriting and donating A shares, and supporting central enterprises to increase or buy back shares of listed companies. Sasac director Li Rongrong 18 also said that the demand for housing loans by domestic residents has been gradually suppressed. The expectation of raising interest rates by banks in the second half of the year is constantly pushing the domestic real estate market out of the downturn. The relaxation of the financial environment will bring vitality to the current development of the property market.

After ordinary residents' doubts about the bank's interest rate hike were eliminated, various properties launched special prices and preferential prices. In this case, the government once again made a decisive choice. Since 2005, it has shifted from a proactive fiscal policy to a prudent fiscal policy. Productivity refers to resources (including manpower and material resources). If the central bank raises interest rates again, it will undoubtedly have a greater impact on the depressed property market.

Although the central bank cut interest rates this time mainly to solve the difficulties of small and medium-sized enterprises, in countries or stages with relatively developed economies, "in view of the global crisis, investment confidence has been seriously affected.

The second is the amount of labor, showing an accelerated development trend. However, there have also been problems such as excessive investment growth in some industries and regions, and inflationary pressure has continued to increase by 0.9%. Just a few days after the CPI index was released in August, the improvement of productivity made a great contribution to economic growth, which put the financial industry in a dilemma. If interest rates are raised to curb inflation, it will lead to difficulties for small and medium-sized enterprises and lower stock market, while interest rate cuts will condone the phenomenon of high CPI and high investment credit. At present, in the case of China's monetary policy shift and structural adjustment. Implementation of specific policies (in chronological order)

1.9 15 The People's Bank of China decided to lower the benchmark interest rate of RMB loans and the RMB deposit reserve ratio of small and medium-sized financial institutions. China's economy has begun to emerge from the shadow of deflation, at least it will not continue to adjust upwards, promote steady and rapid economic growth and support the expansion of domestic demand. The national policy is mainly to maintain monetary stability and financial stability, which is always closely related to a country's macroeconomic situation. Now, just like criticizing the household registration system, can canceling them solve the problem? The key is to divest the rights and obligations attached to them. "This is after 1998, when China implemented a proactive fiscal policy in response to the Asian financial crisis, it increased its financial support for economic growth. Moderately loose monetary policy, on the one hand, will play a pulling role in economic growth, on the other hand, it will lay a solid foundation for future healthy economic development.

"Adding the word" moderate "before" easing "emphasizes that the scale of credit relaxation is not comprehensive, which not only effectively resists the impact of the Asian financial crisis, but also promotes economic restructuring and sustained and rapid growth, and economic growth is weak. In this case, due to the impact of the Asian financial crisis, our government has resolutely decided to implement a proactive fiscal policy. The sudden interest rate cut is not only to break the public's expectation of the increase in bank interest rates, but also has a lot to do with the recent shortage of funds and operational difficulties of many small and medium-sized enterprises in coastal areas.

The central bank ends the interest rate hike cycle: reducing the transaction cost of stocks may increase the transaction volume in a short time, but due to the essential financial risks of frustration and continuous downturn in the international stock market, the transferee is no longer taxed.

Brief comment, unless it is the deterioration of domestic inflation. On the whole. "Zhang Bin believes that the transferor of China Bank, China Construction Bank and B-share equity transfer documents shall collect stamp duty on securities (stocks) transactions at the rate of one thousandth. Approved by the State Council and decided by the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China, there are problems of insufficient effective demand and obvious deflation trend in China. This is the first time that the central bank has lowered the benchmark loan interest rate since June 29, 2004, and it is also the first time that the central bank has lowered the deposit reserve ratio in nine years.

The relevant person in charge of the central bank also said in an interview with reporters. In desperation, we can only stop adjusting the bank interest rate.

China is now in a developing country, once again turning to a proactive fiscal policy, and the number of workers is directly proportional to economic growth. Nowadays, the monetary policy has been changed to "appropriate easing", and a prudent monetary policy has been implemented. Stamp duty on securities (stocks) transactions has been levied on both sides of the transaction at the rate of one thousandth of the share transfer certificates of A shares and B shares, and it has been adjusted to unilateral taxation, that is, transactions in countries with different levels of economic development or different stages are different. Generally speaking.

Comment: With the interest rate increase again and again in recent years, the space for the central bank to raise interest rates has been shrinking. But this started at the beginning of this year. In the second half of 2007, in view of the rapid rise of economic prices, the collection method of stamp duty on securities (stocks) transactions was adjusted from September 9, 2008. Yuan Gangming, a researcher at China and World Economic Research Center of Tsinghua University Institute of Economics and Management, believes that the domestic economy has shown signs of declining growth rate. This time, the situation is basically the same as usual, but there are pressures and choices. 1998, entered a period of healthy development.

2. The collection method of stamp duty on securities transactions is adjusted to unilateral taxation. 18, the investment amount is directly proportional to the economic growth. Increasing productivity also contributes directly to economic growth.

The contribution of three factors to economic growth. In recent years, with the gradual increase of bank interest rates: from September 25, 2008, except ICBC and Agricultural Bank. "

Two. Appropriately loose monetary policy.

This is the first time that China 10 has used the word "loose" in monetary policy for many years. Appropriate loose monetary policy is intended to increase the money supply while continuing to stabilize the overall price level, and it should play a more active role in promoting economic growth. During the period of 1998, China implemented a proactive fiscal policy, and the CPI index began to rise wildly, which may release the demand for housing loans, but it also shows from another level. Workers have the same amount of means of production, which is undoubtedly good news for the property market. We should implement a proactive fiscal policy and raise the deposit reserve ratio to achieve the effect of curbing inflation.

Just after the CPI index dropped for four consecutive months, more importantly, the CPI index dropped to 4 in August, and the increase of capital investment and labor investment contributed greatly to economic growth. Therefore, it is necessary to propose a moderately loose monetary policy.

Since last year, China's GDP growth rate has declined for five consecutive quarters, and some factories in coastal areas have difficulties in operation; At the same time, entering the policy adjustment period is to ensure the stable growth of money and credit and the sufficient liquidity of the financial system: capital investment and labor investment have increased, and it seems that some indicators cannot solve the problem, and monetary policy has changed from "steady" to "tight":

The first is the amount of investment. SASAC has always emphasized that state-owned enterprises, especially central enterprises, should become a positive force to promote the stable development of the capital market. In the current downturn of the stock market, SASAC supports central enterprises to increase their holdings or buy back shares of listed companies.

3. Huijin announced that it would independently buy shares of ICBC, Bank of China and China Construction Bank in the secondary market. In order to ensure the state's controlling position in key state-owned financial institutions such as China Industrial and Commercial Bank and China Construction Bank, support the steady operation and development of key state-owned financial institutions, and stabilize the share price of state-owned commercial banks, Central Huijin will independently purchase the shares of China Industrial and Commercial Bank, China Construction Bank and China Construction Bank in the secondary market, and start relevant market operations from now on.

Comment: It is understandable for the state to increase its stock holdings and inject capital into state-owned enterprises (large enterprises) in any ideological country. Some people have criticized that the US bailout is socialism, not to mention the rationality of the state's use of public taxes to save enterprises. As far as the tools for the state to regulate the market economy are concerned, the rise and fall of large enterprises are particularly related to the basic people's livelihood, and it is reasonable for the state to support them. However, when its development is gradually mature, it should strengthen its own risk early warning mechanism and immunity to risk perfection defects.

6543810.5, People's Bank of China announced that it agreed that China Association of Interbank Market Dealers would continue to accept the registration of medium-term notes issued by non-financial enterprises from10.6.

Comment: Restarting the issuance of medium-term notes will help some large enterprises obtain liquidity, ease their financing difficulties, and do not rule out using funds to increase their holdings of listed companies. At the same time, due to certain threshold restrictions on the issuance of medium-term notes, the financing help for SMEs is limited.

5.65438+200810.5, the CSRC indicated that it would start the pilot work of margin financing and securities lending business of securities companies in the near future.

Comment: Some people call it "short selling" to cash out. At this moment when the stock market is depressed, it is especially difficult for securities companies to raise funds. Carrying out this business can not only expand profits, but also expand losses. The launch of the pilot margin trading business of securities companies is an important measure for the reform and development of China's capital market, and it also injects new vitality into the current securities market, which is of positive significance for promoting the stable development and reform and innovation of China's capital market.

6.65438108, the State Council decided to temporarily exempt the personal income tax on the interest income of savings deposits from June 9, 2008.

On the same day, the People's Bank of China decided to reduce the RMB deposit reserve ratio of deposit-taking financial institutions by 0.5 percentage points from June 5438+1October 65438+May. From June 9, the benchmark interest rates for one-year RMB deposits and loans were lowered by 0.27 percentage points, and the benchmark interest rates for other term grades were adjusted accordingly.

Comment: These two contradictory measures have caused some people's misunderstanding. Exempting from interest tax will obviously increase personal savings and become a tax haven for personal income. At present, inflation has been properly controlled, so there is no need to take further measures. Lowering the reserve ratio is obviously also a favorable policy for the stock market, so it can be seen that the purpose of introducing these two measures at the same time is different and there is no intention of conflict.

7. 10 10/2 1 day, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China jointly issued the Notice on Increasing the Export Tax Refund Rate of Some Commodities, increasing the export tax rebate rate of 3,486 commodities.

Comment: This policy adjustment is mainly to meet the challenges faced by the current economic slowdown in China, especially the slowdown in export growth. By reducing the operating pressure of export enterprises, it will promote their self-development and improve their ability to cope with risks.

The large-scale adjustment of the export tax rebate rate of bulk commodities once again highlights the macro-control intention of the China government to "ensure growth", which is another major control measure after the recent increase in the credit scale of commercial banks, the implementation of new foreign exchange management regulations and the two-time reduction of the "double rate".

Since the beginning of this year, affected by the international financial turmoil and the global economic slowdown, China's economic growth has obviously slowed down. According to the latest data from the National Bureau of Statistics of China, the economic growth rate of China in the first three quarters of this year was 9.9%, 2.3 percentage points lower than that of the same period last year.

By increasing the export tax rebate rate of labor-intensive products, it will help to enhance the ability of enterprises to resist market risks, support the healthy development of small and medium-sized enterprises to overcome operational difficulties, and then promote the employment of urban and rural labor. In addition, by increasing the export tax rebate rate of high-tech and high value-added goods, it will help guide enterprises to optimize the export product structure and accelerate the pace of industrial upgrading.

8.65438+1 On October 22nd, the Ministry of Finance announced that since June 5438+065438+ 10/day, the deed tax rate for individuals to buy ordinary houses of 90 square meters or less will be reduced to 1% for the first time, and individuals will be temporarily exempted from stamp duty when selling or buying houses. Financial institutions provide loans for residents to purchase ordinary self-occupied housing and improved ordinary self-occupied housing for the first time. The lower limit of the loan interest rate can be extended to 0.7 times of the benchmark loan interest rate, and the minimum down payment ratio can be adjusted to 20%. At the same time, the interest rate of individual housing provident fund loans was lowered, and the interest rates of all grades were lowered by 0.27 percentage points respectively. Local governments can formulate policies of fee reduction and exemption to encourage housing consumption.

Comment: The obvious measures to encourage buying houses to boost the real estate market. People have always had different views on the government's measures to save the real estate market, including the acquisition of Fannie and Freddie by the United States. Many people think this is a protection for real estate developers. As we all know, housing prices are artificially high and bubbles are generated. Take Beijing as an example. It is true that the housing prices in the capital should rise for a long time, but obviously they cannot soar all the time. After calculating the benchmark interest rate of 0.7 times, it can be known that there is a phenomenon of "deposit and loan upside down". Of course, this may be a formal slogan, the main purpose of which is to enhance public confidence. The introduction of these measures to encourage the purchase of houses makes people have to have suspense: This will not trigger a "subprime mortgage crisis" in China, will it? If house prices do not fall, the fundamental ills such as "land" finance will not change. Perhaps behind the remarkable achievements, some people got a gray income and hitchhiked with the government, taking advantage of the policy.

9. 101On October 29th, the central bank announced that the benchmark interest rates for RMB deposits and loans of financial institutions would be lowered from10 30th, with the benchmark interest rates for one-year deposits and loans lowered by 0.27 percentage points respectively.

Comments: Two interest rate cuts in one month are enough to show the prudent macroeconomic policies of the government in this economic crisis, prevent excessive regulation and control, and save water just after the fire. However, the effect of this refueling tactic is often not particularly obvious.

10.165438+1October 4th, the central bank said that it would no longer impose hard constraints on the credit scale of commercial banks.

Comment: Some people say that the crisis is both a danger and an opportunity. The financial crisis is also an opportunity for China's financial system reform. At present, China's financial assets, enterprises and businesses are too nationalized, and its ability to prevent risks and market competitiveness have been improved to an alley. Appropriately liberalizing financial and commercial markets is also a measure to improve financial markets. Of course, some people think that China's relatively closed finance has protected the financial industry (such as 1997 Asian financial crisis), but the globalization of financial capital has accelerated, and the degree of China's participation in international finance requires our financial market reform to be imminent.

11.165438+1On October 5th, the State Council held an executive meeting to study and deploy measures to further expand domestic demand and promote steady and rapid economic growth. The meeting identified ten measures to further expand domestic demand and promote economic growth.

Comment: This is a big fiscal policy. The basic investment of 4 trillion yuan will stimulate local and various investments to exceed 10 trillion yuan, which may make western countries stunned. Some countries admire China's efforts to concentrate on great things, but we should keep a clear head. Investment is good for promoting the economy. It should be noted that we should be alert to corruption and prevent policy mistakes and investment from deviating from the direction. These investments are mainly in infrastructure projects and people's livelihood, and there are not many investments that directly promote consumption. They mainly focus on increasing farmers' income and optimistic about the rural market. The goal of expanding domestic demand has also become the meaning of this "land reform". Without real income growth, how can we consume? Professor Li Changping once said: "It is estimated that the real income growth of farmers in the past decade has not exceeded 9% (excluding inflation)." Therefore, it is the turn of the countryside to improve people's livelihood this time.

12. Promote the transformation of value-added tax. The executive meeting of the State Council approved the VAT reform plan submitted by the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China, and decided to implement the VAT reform nationwide from 2009 1.

Comment: One of the advantages of the VAT system is that it can avoid the problem of repeated taxation in the process of production specialization. A substantial reduction in the collection rate of small-scale taxpayers will reduce the tax burden of small and medium-sized enterprises and provide them with a more favorable development environment. In the face of the current bankruptcy dilemma of small and medium-sized enterprises, whether it is 67 thousand as some people say or as some leaders deny, the export difficulties and the survival of labor-intensive enterprises are in trouble. It has been suggested that this crisis can just promote the transformation of manufacturing industry, but we have to consider the employment of a large number of laborers. Mr Wu Jinglian also pointed out the obstacles to the transformation of China's manufacturing industry. In addition, the Ministry of Finance of China and State Taxation Administration of The People's Republic of China will further encourage the development of small and medium-sized enterprises by raising the threshold of value-added tax and business tax. Of course, the implementation of consumption-oriented value-added tax will also lead to the reduction of fiscal revenue. According to statistics, the tax revenue will be reduced by about 200 billion yuan. Some people question whether this will cause insufficient stamina for the expenditure of 4 trillion yuan, and the timing is wrong.

13.165438+15 October, the national development and reform commission said that next year, China will substantially increase the minimum purchase price of grain and subsidies for improved varieties, agricultural machinery and agricultural materials, and substantially increase investment in supporting agricultural production and rural development.

Comment: From the Third Plenary Session of the Seventeenth Central Committee, we can see the determination of the central government to support agriculture. I remember Premier * * * visiting students at Renmin University and saying, "China leaders who don't understand the issues concerning agriculture, countryside and farmers are incompetent."

China's rural development is seriously lagging behind, and the dual structure of urban and rural areas has hindered social development in many ways, and it really cannot be changed.

14.165438+1October 10 * * * * Deploy seven tasks to implement the central policies and measures.

1, increase investment and optimize investment structure.

2. Focus on expanding consumer demand, especially consumer demand of residents.

3. Promote the stable and healthy development of the real estate market

4. Strive to maintain steady export growth.

5. Focus on improving enterprise quality and market competitiveness.

6. Do a good job in financial affairs.

7. Promote the reform of key links and key areas.

15.165438+10/2, the State Council executive meeting decided four implementation measures:

Measures 1 examine and approve fixed assets investment projects, and measures 2 increase the export tax rebate rate of 3,770 products.

The third measure determines the specific plan of reconstruction funds in the disaster area, and the fourth measure increases the support for forestry ecological restoration and reconstruction.

16.165438+1October 19 Ministry of Industry and Information Technology: Ten measures were introduced to deal with the downward pressure of industrial growth.

Ministry of Finance: Starting from June 5438+1 October 20091,cancel and stop 100 administrative fees nationwide, reduce the burden on enterprises and society by about1900 million yuan, and arrange special funds for SMEs * * * 5/kloc-0. Ministry of Human Resources and Social Security: The basic pension for enterprise retirees will be adjusted from June 2009, and the adjustment level will be determined according to about 10% of the per capita basic pension for local enterprise retirees in 2008. Ministry of Land and Resources: Since 2009, the state has gradually and appropriately raised the compensation standard for land acquisition.

1On October 26th, the People's Bank of China decided to lower the benchmark interest rate of RMB deposits and loans and the deposit reserve ratio of financial institutions: starting from June 27th, 2008, the benchmark interest rate of RMB deposits and loans of financial institutions for one year was lowered by 1.08 percentage points respectively, and the benchmark interest rates of deposits and loans for other terms were adjusted accordingly. At the same time, the central bank's refinancing and rediscount rates will be lowered. From June 5438 to February 5, 2008, the RMB deposit reserve ratio of large deposit-taking financial institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank will be lowered by 1 percentage point, and the RMB deposit reserve ratio of small and medium-sized deposit-taking financial institutions will be lowered by 2 percentage points. At the same time, we will continue to implement preferential deposit reserve ratio for Wenchuan earthquake-stricken areas and rural financial institutions.

Comment: These measures are combined because some of them may not be simply taken in response to the economic crisis, but they will have an impact on economic recovery and development to some extent. At the same time, through these policies, we can find that the monetary policy used to deal with this economic crisis is more than the financial crisis of 1997, and the combination of fiscal policy and monetary policy is more comfortable. In particular, the problems of small and medium-sized enterprises and rural development are based on long-term development goals, not simple economic crisis.

At present, the economic crisis is not over yet. As Cheng Siwei said, "China cannot save the United States by heroes", he predicted that the financial crisis would pass in two to three years, and the world economy would recover from 20 1 1. As for the effects of these macroeconomic policies in China, some of them have achieved results, and efforts are still needed to get out of the economic crisis.

* * (too much, I found it from the textbook "Basic Course of Western Economics (Second Edition)" and online. Watch patiently. I hope it helps you! )。

The direct factors that determine economic growth include changes in monetary policy.