"Carry out demonstration actions for large-scale application of new technologies, new products and new scenarios, promote the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology." "Support the wide application of large models, and vigorously develop new generations of smart terminals such as intelligent connected new energy vehicles, artificial intelligence mobile phones and computers, intelligent robots, etc. "... The relevant statements on new quality productivity in this year's "Government Work Report" have aroused social concern.

  Developing new quality productivity is an inherent requirement and important focus for promoting high-quality development. Since the beginning of this year, macro policies have become more active and effective, helping to cultivate and develop new quality productivity.

  From the perspective of fiscal policy, this year, the new local government special debt limit was 4.4 trillion yuan, an increase of 500 billion yuan over the previous year. We will support local governments to increase their efforts to make up for shortcomings in key areas and further focus on implementing major regional strategies, developing new quality productivity, and promoting high-quality development. The central government allocated 11.878 billion yuan in special funds in the manufacturing sector, an increase of 14.5%, promoting high-quality development in key areas of manufacturing and improving the resilience and safety level of the industrial chain and supply chain. The central government's scientific and technological expenditure was allocated 398.119 billion yuan, an increase of 10%, and further focused on basic research, applied basic research, and national strategic scientific and technological tasks.

  "By increasing fiscal expenditure, optimizing investment structure, and improving the efficiency of capital use, long-term and strong policy support can be provided for the development of new quality productivity. This year, the fiscal policy will increase its support for scientific and technological innovation, and government investment will be tilted towards industrial industries that are conducive to the development of new quality productivity, which will better play the driving and amplification effect of government investment." said Ye Yindan, a researcher at the China Banking Institute.

  From the perspective of monetary policy, giving full play to the role of structural monetary policy tools will better support the development of new quality productivity. Data shows that the effects of re-lending policies for technological innovation and technological transformation are constantly emerging. As of the end of last year, banking institutions have signed loan contracts with more than 5,000 technology companies and issued nearly 50 billion yuan in loans. In the next step, the People's Bank of China will optimize the re-lending policy for scientific and technological innovation and technological transformation. Specific measures include expanding the scale of re-lending from the current 500 billion yuan to 800 billion yuan to 1 trillion yuan, reducing the re-lending interest rate, expanding the scope of re-lending support, maintaining fiscal interest subsidies, optimizing policy processes, etc.

  Ye Yindan said: "Further give full play to the dual functions of total and structural monetary policy tools, and provide a stable financing environment and reasonable capital costs for my country to develop new quality productivity. On the one hand, timely reduction of reserve requirement ratio and interest rate cuts and maintain abundant liquidity will allow financial institutions to have stronger willingness and ability to issue credit, and provide sufficient financial support for innovative enterprises and high-tech industries. At the same time, through structural monetary policy tools such as re-lending and rediscounting, finance can directly reach the innovative entities, so that truly potential innovative enterprises can obtain stable financial support."

  "Supporting new quality productivity, fiscal policy and monetary policy should support and cooperate with each other. This year, the increase in the implementation of equipment renewal loan interest subsidies is a typical case of the formation of fiscal policy and monetary policy to jointly support the development of new quality productivity." Ye Yindan said that fiscal policy and monetary policy have many coordinated focus points. For example, government financing guarantees are an important means to solve the financing problems of technology-based small and medium-sized enterprises. Making good use of government financing guarantees will better play the role of fiscal funds multiplier effect and will also leverage more financial resources to flow to scientific and technological innovation. (Ge Mengchao)

[Editor in charge: Zhang Qiaosu]