How to interpret the 12th Five Year Plan?

Increase residents' property income.

The income of urban and rural residents has generally increased rapidly. Efforts should be made to synchronize the growth of residents' income with economic development, the growth of labor remuneration and the improvement of labor productivity, and the income of low-income people has increased markedly.

Efforts should be made to increase the proportion of residents' income in the distribution of national income and the proportion of labor remuneration in the primary distribution. Create conditions to increase residents' property income.

Key points of interpretation: It can be achieved through the distribution of interests of state-owned enterprises.

Peng Cheng, a Chinese economist at Citibank, said in an interview with this reporter yesterday that in order to increase the proportion of labor remuneration in the primary distribution, that is, to increase the pre-tax income of laborers, that is, to raise wages. Admittedly, policy will help in this regard, but wages are largely determined by the market.

On the other hand, the plan proposes to increase residents' property income and imply adjusting China's capital market, especially the interest rate determination system.

Fan Wei, a senior researcher at Hongyuan, told this reporter that China's total GDP has ranked second in the world, and the 12th Five-Year Plan will mark China's transformation from a manufacturing country to a consumption-oriented country.

Second, it put forward the strategy of persistently expanding domestic demand. The 12th Five-Year Plan proposes to put the expansion of domestic demand in the first place, which is of great significance for realizing the transformation from "national wealth" to "people's wealth".

Third, it is proposed to accelerate the construction of a resource-saving society, which will promote the transformation of China's economic growth mode.

Fourth, it is proposed to steadily promote urbanization and income distribution reform. The reform of income distribution will directly determine the rate of recovery of China's final consumption rate in the future.

Another person in the industry pointed out that the 12th Five-Year Plan clearly states that efforts should be made to increase the proportion of residents' income in the distribution of national income, and to improve the state-owned capital operating budget and revenue sharing system, which may mean that there will be substantial reforms in the profit distribution of state-owned enterprises. Previously, the proportion of China's residents' income in the distribution of national income has been declining, while the proportion of national income and profits of state-owned enterprises has been significantly higher.

The data show that in recent years, the consumption rate (consumption disposable income) of residents has been between 70% and 72%, which has remained relatively stable, but the proportion of residents' consumption in GDP has decreased to about 40%, because the proportion of residents' disposable income in GDP has dropped from 70% in the past to about 60% now. At the same time, the proportion of ** revenue has risen from 10% to about 24%, and the proportion of undistributed profits of enterprises has also increased significantly.

Fan Gang, a well-known economist, pointed out that increasing the proportion of residents' income can be achieved through the distribution of interests of state-owned enterprises, and suggested that the state participate in the dividends of state-owned enterprises and then redistribute them.

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