YINTAI

Editor’s note: On May 27, People’s Daily published a series of thematic reports centered on Recommendations by NPC Delegates and CPPCC Members on how to implement the “Six Stabilities” and “Six Guarantees” effectively. The following is the full text of an article entitled, Promote consumption, increase investment and bring into play factors that will facilitate growth presenting the proposal of CPPCC member Shen Guojun.

“Investment, employment and consumption are interlinked. Stabilize investment and enterprises will develop, creating employment opportunities, which will in turn drive consumption,” said Shen Guojun, CPPCC National Committee member, and Founder and Chairman of Yintai Group.

Many enterprises are under severe pressure because of COVID-19. “At this time, increasing investment implies greater market risk and funding pressure, so everyone is more cautious.” Shen believed that private entrepreneurs should boldly shoulder social responsibility, undertake to support enterprises and stabilize employment, and do their best to continue to invest adequately for their businesses.

Given his years of development and construction experience in Central and Western China, Shen believed that stabilizing investment, particularly in Central and Western China, required further improvements in the business environment, infrastructure, and government administration services.

He also believed that revitalizing consumption should be effectively combined with increasing investment; the two were mutually reinforcing. Policy support should be given to labor intensive enterprises, such as large wholesale markets, commercial complexes, and pedestrian streets. “Enterprises with industry influence should be encouraged to increase investment, diversify their business and bring into play the factors that will facilitate growth of the industry chain.”

This year, “new infrastructure, new urbanization initiatives, and major projects” will be the State’s priority. These support and promote consumption, benefit people’s livelihoods, facilitate structural transformation and enhance sustainable growth. Shen suggested further enhancing market-oriented investment and financing mechanisms, as well as supporting equal participation by private enterprises.