Economic Daily Jin Guanping: Both strong policies and reform efforts are needed

This year’s “Government Work Report” proposed to “strengthen the coordination of reform measures and macro policies,” which is a refinement and extension of the “must adhere to policy support and reform innovation simultaneously” outlined at the Central Economic Work Conference. It emphasizes the “coordination” of both, highlighting the importance of balancing policy support and reform in responding to the complex current economic and social development situation. This can be said to have grasped the “nape” of economic governance. Policy support and reform innovation are both methods of macroeconomic governance, but their functions and positioning differ. Timely and precise efforts to stabilize short-term economic fluctuations are advantages of countercyclical macro policy; breaking down institutional barriers and stimulating endogenous growth momentum are strengths of cross-cycle reform measures. Strengthening the coordination of reform and policies essentially aims to unify addressing superficial symptoms and fundamental issues, stabilizing the present while benefiting the long-term, resolving cyclical contradictions while tackling long-term economic problems. (Economic Daily)