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Among the many prescriptions to cope with the downward pressure of China's economy, it is nothing more than stabilizing investment, expanding consumption and even raising the debt rate. But in the view of Liu Shangxi, president of the Chinese Academy of Financial Sciences, these are all focused on "material" investment. It is better to change our thinking and increase investment in "people", that is, to focus on "six stable" first stable employment.
In an interview with Reuters recently, he said that China is no longer aiming at economic growth, but at employment priority. Stabilizing employment is not only to stabilize the number of employment, but also to improve the quality of labor force, achieve full employment, and increase employment stability and equality. Promoting employment and increasing investment in "people" are the main objectives of macro-control. Increasing investment in "people" can also stimulate investment and consumption, and fiscal policy in this regard has great potential.
"All development is for human beings. A slowdown in economic growth can be tolerated as long as it does not lead to a large increase in unemployment and does not break through this threshold. According to the current empirical data of employment and economic growth, it should be about 6%. But as the population ages and the dividend decreases, less than 6% will not bring about a lot of unemployment, Liu Shangxi said. Because there will be structural unemployment in the period of structural transformation, China's education needs to be reformed vigorously to change the current state of disconnection between the development of education and reality.
In his view, the mode of macroeconomic regulation and control has changed. Even raising the deficit rate and debt level depends on whether it is for economic growth or for people. If the goal is vague and the deficit rate is raised, it is meaningless to regard the means as the purpose.


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