News Detail

On November 9, 2022, the Macro Policy Symposium on “Hedging Global Uncertainty” & Release of Blue Book of China’s Fiscal Policy: Annual Report on Fiscal Policy of China (2022), which is sponsored by CAFS and co-organized by Social Sciences Academic Press (SSAP), took place in Beijing. Mr. Liu Shangxi, CPC Committee Secretary & President of CAFS and Editor-in-Chief of the Blue Book of China’s Fiscal Policy, gave a keynote address. A host of famous experts and scholars were invited to the symposium, including Mr. Xiao Gang, former Chairman of China Securities Regulatory Commission (CSRC), Mr. Yu Yongding, Academic Adviser at CF40 and Member of the Chinese Academy of Social Sciences (CASS), Mr. Huang Qunhui, Director of the CASS Institute of Economics, Mr. Wang Limin, President of Social Sciences Academic Press (SSAP), Mr. Guo Qingwang, Professor from Renmin University of China, Mr. Shen Jianguang, Chief Economist at JD Group, and Mr. Zhong Zhengsheng, Chief Economist at Ping An Securities. The symposium was presided over by Ms. Xing Li, Vice President of CAFS. The symposium attracted nearly 40,000 participants online and offline.

On November 9, 2022, the Macro Policy Symposium on “Hedging Global Uncertainty” & Release of Blue Book of China’s Fiscal Policy: Annual Report on Fiscal Policy of China (2022), which is sponsored by CAFS and co-organized by Social Sciences Academic Press (SSAP), took place in Beijing. Mr. Liu Shangxi, CPC Committee Secretary & President of CAFS and Editor-in-Chief of the Blue Book of China’s Fiscal Policy, gave a keynote address. A host of famous experts and scholars were invited to the symposium, including Mr. Xiao Gang, former Chairman of China Securities Regulatory Commission (CSRC), Mr. Yu Yongding, Academic Adviser at CF40 and Member of the Chinese Academy of Social Sciences (CASS), Mr. Huang Qunhui, Director of the CASS Institute of Economics, Mr. Wang Limin, President of Social Sciences Academic Press (SSAP), Mr. Guo Qingwang, Professor from Renmin University of China, Mr. Shen Jianguang, Chief Economist at JD Group, and Mr. Zhong Zhengsheng, Chief Economist at Ping An Securities. The symposium was presided over by Ms. Xing Li, Vice President of CAFS. The symposium attracted nearly 40,000 participants online and offline.

All present experts and scholars spoke highly of the Blue Book of China’s Fiscal Policy, and discussed in depth on “Hedging Global Uncertainty”. According to Mr. Xiao Gang, given diminishing marginal effect of macroeconomic policy, greater difficulty in coordinating among multiple goals and policies, challenged stability, sustainability and innovation of macro policy, and to be improved policy execution mechanism, a problem-oriented macro policy framework under the constraints of multiple targets that abides by systematic thinking should be developed and improved. Mr. Huang Qunhui argued that profound changes unseen in a century are speeding up, coupled with a new round of evolving technological revolution and industrial transformation, Chinese-style modernization is exposed to the risk of increasing uncertainty. Mr. Guo Qingwang said factoring in the “confidence effect” of fiscal policy, market players are likely to lean towards gloomy expectations for fear of fiscal risks. Mr. Shen Jianguang identified sluggish effective demand as principal contradiction at present and suggested greater fiscal policy support to smooth the cycle of supply and demand. According to Mr. Zhong Zhengsheng, the high coupling between global economic and financial systems requires fiscal and monetary policies to factor in the external environment and transmission risks. To address inflation, it may need to strengthen fiscal and monetary collaboration. Mr. Yu Yongding believed that economic slowdown is the biggest challenge to China presently.

Mr. Wang Limin made remarks as a representative partner of the Blue Book of China’s Fiscal Policy. He fully affirmed the academic value and social influence of the Blue Book of China’s Fiscal Policy, including its novel topic setup, issue guidance, and important impact on the formulation of government fiscal strategies, measures and policies, which has demonstrated the mission of CAFS to pursue what is of vital importance to the country. He also hoped that CAFS can produce more high-quality research results in the future.

Mrs. Shi Yinghua, Director of CAFS Research Center for Macroeconomics, reported the research highlights and framework components of the Blue Book of China’s Fiscal Policy on behalf of the Compilation Team. There are four research highlights. First of all, perspective of public risks. The Blue Book analyzes how fiscal policy weighs, prevents and hedges a myriad of risks so as to integrate certainty into economic and social operation, and make overall plans for development and security. Second, multi-dimensional systematic analysis. Following the three frameworks of economy, society and reform, the Blue Book systematically analyzes fiscal policy around economy, people’s livelihood, employment, ecological environment, and so on. Third, combination of long-term and short-term perspectives. The Blue Book analyzes the goals and logical path changes of fiscal policy from China’s overall development, and its connotation essentials for next year under medium and long-term goals. Fourth, association analysis between finance and macro socioeconomic data. Upon a review on the fiscal policy in 2021 and a prospect of fiscal policy in 2022 and beyond, the Blue Book analyzes the socioeconomic climate and fiscal revenue and expenditure, and evaluates the multiplier effect of the broad fiscal expenditure policy, as well as policy practices in important areas such as basic public services, infrastructure, urbanization, and green and low-carbon development.

The Blue Book of China’s Fiscal Policy: Annual Report on Fiscal Policy of China is an outcome under CAFS think tank brand since 2018. The fifth report has been released this year.