The epidemic revives private consumption. Lin Yifu's suggestion: each family in the lockdown area will be given 1,000 yuan


2022-05-20: [Article Link On May 18, the Director of the School of Economics of Beijing University, Lin Yueve, in his presence at the National Development Institute, recommended that 1,000 Yuan yuan be released to every family in the sealed area to support their consumption. According to the National Bureau of Statistics, GDP retail sales in the interior fell by 11.1% a year in April, starting at a low level in March 2020. For China’s GDP growth target of around 5.5% this year, Mr. Lin’s view is still likely to materialize. He pointed out that maintaining growth and building confidence in the country’s internal and external environment would be the best way to deal with the big change. According to Lin Ying, China’s economy had an additional 8% of its potential to grow every year until 2035. According to Lin Ying, many families, especially low- and middle-income households, have been affected by more than two years of epidemic recurrence and containment. On the one hand, they suffer from loss of income; on the other hand, they consume a lot of savings. In this case, economists such as Lin Yuefo suggested that, where the quarantine is in place, each family could be given 1,000 yuan in yuan to support their consumption. He mentioned that "500 of this 1000 yuan could be a voucher for small and medium-sized businesses in which these families live, and a further 500 yuan in cash, which could be used in digital renminbi, which would also benefit us in promoting the digit renminbi." Lin Yueve said that it should be quick to return to productive life once the dynamics are clear. He mentioned that in some of the sealed cities, many small and medium-sized enterprises have reached the brink of bankruptcy. He argued that effective policies were needed to help these small and medium-sized enterprises survive. In order to control the epidemic, Lin Yueve believes that it is scientifically, effectively, physically, and not incrementally. He points out that there are some places where people are not allowed to go down on the ground under the pretext of quiet management. “A one-year delay in farming will have an impact on food security. As a result, locals cannot add layers, which are a sign of laziness, and this must be kept in check. The 5.5% growth target is still on track. Referring to the internal pressures on China’s economy, Mr. Lin Ying said that since last year, China’s economy has been under three major pressures: “demand contraction, adequate supply, and expected weakening.” Among them, he argued that the most critical was the expected weakening. In addition, since March of this year, Omicron’s outbreak in Shenzhen, Guangzhou, Shanghai and many other parts of Shanghai has intensified control over the spread of the epidemic, affecting production, investment and consumption, and putting the economy under further pressure to ease. According to Mr. Lin Ying, regular counter-cyclical measures, such as the construction of new infrastructure, are to be implemented; in addition, disease control layers are to be avoided and confidence is to be boosted by distorting; and active financial policies, as well as active monetary policies, are to be pursued. According to Mr. Lin, the increase in GDP of around 5.5 per cent this year is still likely to be realized, assuming that the epidemic reached a real zero in the country by the end of May. According to Lin Yueve, China’s economy will outperform the United States in 20 years. Referring to China’s changing external environment, Mr. Lim said that President Joe Biden had continued his Trump-to-China strategy after taking office in 2021, trying to isolate China politically from some countries by delinking them economically from China. Lin’s analysis suggests that the US wants countries to take off from China and turn China into a closed economy. But he does not think it should be so nervous. “China is the world’s largest trading country, and the world’s largest market according to purchasing power. Trade is win-win, and trade benefits more than larger economies. According to Lin Ying, as long as we maintain a relatively high growth rate, we will remain open at the same time, and we will continue to push for openness and expansion. In this situation, it is believed that European and Eastern European countries will not enter the US trap for the sake of employment and economic growth in their own countries. Lin Yingves has mentioned on previous occasions that China’s economy will have an additional 8% of its potential to grow every year by 2035. It should be possible to achieve an increase of about 6% per year by using various national advantages to overcome the current difficulties. According to Lin Ying, “We must not be lower than America in terms of growth”, he predicted that by the centenary of China’s founding in 2049, China’s per capita GDP would reach 50 per cent of America’s economy twice that of the United States. He said that by that time, the world could have a new, stable pattern: "In a century of great change, keeping things going fast is the foundation and the key to my country’s driving change.


Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.



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The epidemic revives private consumption. Lin Yifu's suggestion: each family in the lockdown area will be given 1,000 yuan


2022-05-20: [Article Link On May 18, the Director of the School of Economics of Beijing University, Lin Yueve, in his presence at the National Development Institute, recommended that 1,000 Yuan yuan be released to every family in the sealed area to support their consumption. According to the National Bureau of Statistics, GDP retail sales in the interior fell by 11.1% a year in April, starting at a low level in March 2020. For China’s GDP growth target of around 5.5% this year, Mr. Lin’s view is still likely to materialize. He pointed out that maintaining growth and building confidence in the country’s internal and external environment would be the best way to deal with the big change. According to Lin Ying, China’s economy had an additional 8% of its potential to grow every year until 2035. According to Lin Ying, many families, especially low- and middle-income households, have been affected by more than two years of epidemic recurrence and containment. On the one hand, they suffer from loss of income; on the other hand, they consume a lot of savings. In this case, economists such as Lin Yuefo suggested that, where the quarantine is in place, each family could be given 1,000 yuan in yuan to support their consumption. He mentioned that "500 of this 1000 yuan could be a voucher for small and medium-sized businesses in which these families live, and a further 500 yuan in cash, which could be used in digital renminbi, which would also benefit us in promoting the digit renminbi." Lin Yueve said that it should be quick to return to productive life once the dynamics are clear. He mentioned that in some of the sealed cities, many small and medium-sized enterprises have reached the brink of bankruptcy. He argued that effective policies were needed to help these small and medium-sized enterprises survive. In order to control the epidemic, Lin Yueve believes that it is scientifically, effectively, physically, and not incrementally. He points out that there are some places where people are not allowed to go down on the ground under the pretext of quiet management. “A one-year delay in farming will have an impact on food security. As a result, locals cannot add layers, which are a sign of laziness, and this must be kept in check. The 5.5% growth target is still on track. Referring to the internal pressures on China’s economy, Mr. Lin Ying said that since last year, China’s economy has been under three major pressures: “demand contraction, adequate supply, and expected weakening.” Among them, he argued that the most critical was the expected weakening. In addition, since March of this year, Omicron’s outbreak in Shenzhen, Guangzhou, Shanghai and many other parts of Shanghai has intensified control over the spread of the epidemic, affecting production, investment and consumption, and putting the economy under further pressure to ease. According to Mr. Lin Ying, regular counter-cyclical measures, such as the construction of new infrastructure, are to be implemented; in addition, disease control layers are to be avoided and confidence is to be boosted by distorting; and active financial policies, as well as active monetary policies, are to be pursued. According to Mr. Lin, the increase in GDP of around 5.5 per cent this year is still likely to be realized, assuming that the epidemic reached a real zero in the country by the end of May. According to Lin Yueve, China’s economy will outperform the United States in 20 years. Referring to China’s changing external environment, Mr. Lim said that President Joe Biden had continued his Trump-to-China strategy after taking office in 2021, trying to isolate China politically from some countries by delinking them economically from China. Lin’s analysis suggests that the US wants countries to take off from China and turn China into a closed economy. But he does not think it should be so nervous. “China is the world’s largest trading country, and the world’s largest market according to purchasing power. Trade is win-win, and trade benefits more than larger economies. According to Lin Ying, as long as we maintain a relatively high growth rate, we will remain open at the same time, and we will continue to push for openness and expansion. In this situation, it is believed that European and Eastern European countries will not enter the US trap for the sake of employment and economic growth in their own countries. Lin Yingves has mentioned on previous occasions that China’s economy will have an additional 8% of its potential to grow every year by 2035. It should be possible to achieve an increase of about 6% per year by using various national advantages to overcome the current difficulties. According to Lin Ying, “We must not be lower than America in terms of growth”, he predicted that by the centenary of China’s founding in 2049, China’s per capita GDP would reach 50 per cent of America’s economy twice that of the United States. He said that by that time, the world could have a new, stable pattern: "In a century of great change, keeping things going fast is the foundation and the key to my country’s driving change.

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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