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2022

Stabilize the Economy! Zhejiang Unveils a Comprehensive Package of 38 Policy Measures Across Eight Areas

Since the beginning of this year, Zhejiang Province has successively formulated and rolled out three batches of policies and measures aimed at ensuring stable progress and quality improvement: the first batch is the “5+4” policy package released to the public on January 7; the second batch comprises measures to stabilize and enhance the performance of the industrial sector and to provide relief to the service sector, introduced in March; and the third batch consists of measures to alleviate the difficulties faced by small, medium, and micro enterprises as well as individual business households, unveiled in April.

The successive introduction of these three batches of policies has effectively facilitated the implementation and effectiveness of the state’s policies on stabilizing growth, supporting market entities, and ensuring employment in Zhejiang Province. In the first quarter, Provincial GDP grew by 5.1%. This figure is 0.3 percentage points higher than the national average, and from January to April, the growth rates of industrial output, fixed-asset investment, total retail sales of consumer goods, and exports all ranked among the highest among major coastal provinces and cities.

Recently, the Party Central Committee and the State Council have made a series of major decisions and arrangements to stabilize the overall economy. In response, the Zhejiang Provincial Party Committee and the Zhejiang Provincial Government have taken swift action, convening respectively the Provincial Conference on Advancing the Campaign to Stabilize, Improve, and Enhance the Economy and the Provincial Teleconference on Stabilizing the Overall Economy, to study and formulate a comprehensive package of policies and measures for stabilizing the economy in Zhejiang Province, which will be publicly released in the near future.

On the morning of May 31, the Provincial Government Information Office held a press conference on Zhejiang Province’s comprehensive package of policies and measures to stabilize the economy, providing a brief overview of the package, which comprises eight key areas and 38 specific policy measures.

In formulating the aforementioned eight policy areas, Zhejiang has generally adhered to the principles of “comprehensive maximum support, maximizing available measures, and precision and efficiency,” primarily reflecting “ Four Prominences ”。

I. Emphasizing Comprehensive Undertaking

We will meticulously align with the national policies in six key areas—fiscal policy, financial policy, measures to stabilize investment and boost consumption, ensuring food and energy security, maintaining the stability of industrial and supply chains, and safeguarding basic livelihoods—and ensure their full and rigorous implementation. At the same time, in light of Zhejiang’s specific circumstances, we will emphasize targeted efforts on the demand side by separately listing policies aimed at expanding investment, stimulating consumption, and stabilizing foreign trade and foreign investment, thereby formulating eight comprehensive policy measures to ensure economic stability and growth in Zhejiang.

II. Highlighting Incremental Measures

The focus will be on logistics, foreign trade and foreign investment, finance, real estate, consumption, urban renewal, and investment. Building on the already-issued “5+4” policy framework for ensuring stability, progress, and quality improvement, we will adopt a “maximizing policy release” approach to introduce new measures that are more robust and better targeted. Previously issued policies and measures will remain in effect.

III. Emphasize Quantifiability and Operability

To enhance market entities’ sense of gain, stabilize expectations, and maximize the quantification of policy measures—particularly where national policies and measures specify a range of implementation levels—Zhejiang will implement them at the upper limit. At the same time, relevant provincial departments are required to formulate and issue detailed implementation rules for supporting policies and a list of key projects, thereby ensuring that these policies and measures are thoroughly and effectively put into practice.

IV. Highlight Precise and efficient

To ensure the efficient implementation of the aforementioned eight policy measures, the provincial government has also explicitly mandated the establishment and improvement of an effective implementation mechanism. This mechanism will cover the entire policy cycle—ranging from policy formulation and publicity and interpretation to coordination and service provision, oversight and evaluation, and research and reserve planning—thereby creating a comprehensive closed-loop working system. The goal is to vigorously promote the precise, targeted delivery of policies directly to beneficiaries for swift access and benefit, ensuring that all measures are fully implemented by the end of June.

Moving forward, Zhejiang will thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, continue to coordinate epidemic prevention and control with economic and social development in an efficient manner, make all-out efforts to ensure the effective implementation of all policies, and vigorously carry out the eight major targeted initiatives for stabilizing and improving the quality of the economy. To this end, Zhejiang will adopt extraordinary measures to overcome development bottlenecks, proactively guide market expectations, and invigorate business vitality, thereby boosting economic recovery and improvement in June, keeping economic performance within an appropriate range, making greater contributions to the national overall situation, and achieving outstanding results in celebration of the successful convening of the 20th National Congress of the Communist Party of China and the 15th Provincial Party Congress.

Zhejiang Releases a Comprehensive Package of 38 Policies Across Eight Areas

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