Table of Contents of High-level Reports on Economic Situation Analysis of China in 2009
The guests attending this annual meeting are:
Cheng Siwei, former vice chairman of the National People's Congress Standing Committee (NPCSC) and a famous economist,
Zhang, deputy director of the National Development and Reform Commission and director of the National Energy Administration,
Shao Ning, SASAC, Deputy Director of the State Council,
Suning, Vice Governor of China People's Bank,
Jiang, Vice Chairman of China Banking Regulatory Commission,
Liu Shijin, Deputy Director of the State Council Development Research Center,
Yao Jingyuan, chief economist of the National Bureau of Statistics,
Wang Yiming, Vice President of the Macro Institute of the National Development and Reform Commission,
Dr. Ha Ji Ming, Young Economist of CICC,
Asian Development Bank Zhuang Jian,
Qi Bin, Director of Research Center of China Securities Regulatory Commission,
Wang Guojia Economic Research Institute of Development and Reform Commission,
Long Guoqiang and other guests from National Research Center 16 delivered speeches one after another.
2008 is a year of extremely complicated and rapid changes in the domestic and international economic situation. In the first half of the year, China suffered from freezing rain and snow, Wenchuan earthquake and American subprime mortgage crisis. However, under the timely and effective policy control of the CPC Central Committee and the State Council, China's economy successfully resisted the impact and influence of various unfavorable factors in the first half of the year, and the national economy still maintained a good momentum of steady growth. Since the second half of the year, China's economic growth rate has been accelerated due to the adverse factors such as the staged correction of the domestic economy and the international financial crisis. The GDP growth rate in the third quarter was only 9%, which was 2.9 percentage points lower than the GDP growth rate in 2007 1 1.9%. Compared with the growth rate of 10.4 in the first half of 2008, it decreased by10.4 percentage points. In particular, the callback speed of industrial added value has obviously accelerated. During the period of 65438+ 10, the growth rate was only 8.2%, which was 10.3 percentage point lower than the growth rate of 18.5 in the same period of 2007, and the economic situation was quite grim.
In view of the current grim economic situation, relevant leaders and economic experts gave authoritative and forward-looking speeches with the theme of "Interpreting the economic situation in China and leading the healthy development of enterprises". Du Nanping, vice chairman of the board of directors of Far East Holding Group, and Gan, technical director of Far East Cable Company, respectively communicated with the leaders attending the meeting and relevant economists, and discussed how to make the enterprise develop healthily and rapidly in view of the current economic situation, and achieved satisfactory results.
Zhang, deputy director of the National Development and Reform Commission and director of the Energy Bureau, said that in the future, the power industry will continue to increase the intensity of "grasping the big and suppressing the small", and it is possible to eliminate 65,438+10,000 kilowatts of small units, expand one level and narrow the scope.
Cheng Siwei: Good morning, comrades and friends!
Before I speak today, I want to make two points: First, I will discuss with you the economic development next year as a scholar. Speaking of economic forecasting, frankly speaking, I can't make an accurate forecast, because if it is accurate, it will become a fairy, but it is absolutely impossible without forecasting, because without forecasting, there will be no direction.
Today, I will focus on three issues: First, in the case of the world financial crisis, when will the crisis pass? My view is that the world economy will recover in 20 10, so I will discuss this issue.
Second, 2009 will be the most difficult year for our economy.
The third is that we work together to overcome difficulties and ensure the steady and rapid development of China's economy.
First of all, the Wall Street storm triggered by the US subprime mortgage crisis has now evolved into a global financial crisis. The rapid development, large quantity and great influence of this process can be said to be unexpected. Generally speaking, it can be divided into three stages: first, the debt crisis, housing lenders can not repay the principal and interest on time caused by the problem. The second stage is the liquidity crisis. Due to the debt crisis, some of these financial institutions cannot have enough liquidity in time to meet the creditors' requirements for liquidation. The third stage is the credit crisis. In other words, people have doubts about credit-based financial activities, leading to such a crisis. Generally speaking, there are three stages.
The first stage is caused by subprime mortgage, that is, lending the loan to people who can't afford it. There are two points: one is bad credit record, and the other is insufficient repayment ability. Why do you want to lend money to such people? It is because the real estate price in the United States has risen sharply since 2002, and the interest rate is relatively low. Therefore, in this case, the U.S. government relaxed the control of loans, including not requiring down payment, only paying interest for the first two years, fixing the interest rate for the first two years, and then floating the interest rate, and not strictly examining the qualifications of lenders. The American government and legislators say that everyone should have a house to live in, so they encourage banks to issue subprime loans. In this case, banks dare to lend and borrowers dare to borrow. Why do banks dare to lend? Because property prices are rising, if I can't pay the loan, I'll take the house back for auction. The price at the auction may be higher than the price I lent them, so I won't suffer. Why do borrowers dare to borrow? He also considered that in case my house is not loaned, I will transfer the house and sell it, so that I won't suffer, because the house price is rising. This is one point. In addition, after I take the house, I can take it as a mortgage in the bank, cash it out, and do other things. Therefore, the government encourages bankers to dare to lend and borrowers dare to borrow, so the subprime mortgage in the United States has developed into a huge trend.
Judging from the financial system of the United States, we are not told that the United States did not recover the loan principal and interest in advance after lending to banks. Why? It wants to obtain liquidity and spread risks, that is, to recover the principal and interest of the lent money every 20 to 30 years. My money has been pressed for too long, and I want to get liquidity quickly. In addition, risks are dispersed, so if the United States wants asset securitization or mortgage securitization, it means that banks package loans and sell them to independent institutions, and then these institutions sell them to mortgage institutions, including Freddie Mac or investment banks. These mortgage institutions and investment banks issue bonds, which are called MBS. After they were packaged and sold, the bank recovered the money. Bonds pay interest on schedule, and the interest rate is relatively high, because this is a stable cash flow.
In order to reassure investors, insurance companies participate in two things: first, increasing credit, which is actually a form of guarantee. The other is to issue insurance CDS, which is actually a swap in case of credit default, that is, debt credit swap. If it breaches the contract, it will be responsible for compensation, so this is the essence of insurance. We see that financial companies in the United States are a chain, that is, banks issue loans to borrowers, mortgage institutions, investment banks provide liquidity to banks to issue bonds, and insurance companies provide insurance and credit enhancement. Therefore, from the perspective of subprime mortgage default alone, it will not have such a big impact. Once the real estate price falls, the risk will be amplified along the chain. So, in this way, when the interest rate in the United States began to increase and the real estate price fell in 2006, the risk was exposed step by step. The first exposure is, of course, that the borrower can't pay back the money. He broke the contract. If he defaults, he will not be able to get funds to pay the interest payable on the bonds. This led to the debt crisis, because bonds are different from stocks, and stocks bear their own risks, and bonds repay the principal and interest on schedule. So it caused such a debt crisis.
So it caused the crisis of mortgage institutions and investment banks. So we can say that this is the first stage.
The risk is magnified, and insurance companies and so on are all involved, because, for example, insurance companies must make money when the default rate is very low, because when you collect the premium payment, the premium is definitely higher than the payment. When the default rate increases, you can't, and the problem arises. Another regulation in the United States is rating agencies. If rating agencies have doubts about your credit, you will have more problems and people will not believe you. Therefore, the liquidity crisis developed in the second stage, that is, the insurance company did not have enough money, the investment bank did not have enough money to pay the principal and interest of bonds, and the insurance company did not have enough money to pay insurance claims. This has caused a liquidity crisis.
So we can see that, on the whole, from 2006, the earliest problem occurred in the bankruptcy of New Era companies, Fannie Mae and Freddie Mac, and within three days of September 15 and 16, Merrill Lynch was acquired, Lehman Brothers went bankrupt and asked the government for emergency help. The confidence of ordinary people has been greatly hit, so since September, it has evolved into a crisis of trust. The essence of trust crisis is credit and trust crisis, that is to say, people don't believe in financial institutions, financial systems and even the government. Then under such circumstances, this crisis will spread and spread rapidly. Because Europe has also bought a lot of financial derivatives that CDO and CDS do not have, which are derivatives based on housing loans.
Now we know that the global nominal circulation of CDS is 33.5 trillion, which is quite powerful and of course guaranteed. The US bond market has shrunk dramatically, and the CDO is almost 85% less, leading to the global spread of the crisis. On the one hand, this diffusion is extensive, on the other hand, it will inevitably affect the real economy. So in fact, the real estate is the most affected, followed by cars, so the three major American auto companies are facing a huge crisis. Of course, that's not what I said today, so I can't elaborate. From the perspective of virtual economy, where is this problem? Is the rapid expansion of virtual capital. Marx said in Das Kapital that such financial products, including bonds, stocks, commercial bills and so on, are all virtual capital based on credit capital and credit system. Why is it called virtual capital? What you get is a promise. Now there is no paper in electronic form. This is a promise to repay your principal and interest at maturity. For bonds, or promises to pay when due, these are promises.
Then, once the promise can't be fulfilled, you will cause losses. So the promise you get is virtual capital. This will expand, why will it expand? Marx gave an example in Capital. Merchant A ordered a batch of goods from a manufacturer through intermediary B, and the manufacturer ordered a batch of goods for C, and the merchant to be sold to India was D. If the contract is 1 10,000, once the contract is signed, three contracts will be signed, B and C will sign the contract, and then Merchant A will sign the contract with Indian customer D. After these three contracts, you can borrow money from the bank, and producer C can also borrow money from the bank. With the contract, the other party will pay me 65438+ for the products produced after half a year because of the contract. Broker B can also borrow money from the bank with the contract, because businessman A entrusts me and gives me 654.38+00000, which will be paid to C later. Businessman A can also borrow money from the bank, that is, D has signed a contract, that is, D in India has promised to buy our products of 6.5438+0 million. Indian businessman d can also borrow money from the bank, because there is already a promise of delivery. Of course, you can't borrow 1 10,000, but a 1 can do business for 4 yuan. Under normal circumstances. We call it leverage. Up to now, financial development has included the barrier of high leverage ratio, especially the high expansion of leverage ratio in developed countries in the United States and Europe. The leverage ratio of general commercial banks can reach 10- 12, and the leverage ratio of investment banks can reach 30-40 or even higher. For example, Lehman Brothers achieved 45%, while Fannie Mae and Freddie Mac had the highest leverage ratio, reaching 62.5, because of their government background. Therefore, in this case, if everyone keeps his word, there is no problem, and the money can be used flexibly by using the time difference, which can really achieve benefits. However, as soon as the real estate price drops and the credit is destroyed, the contradiction is exposed. There is a problem because there is not so much money to support it. Lehman Brothers' own assets are only $20 billion, but its assets and liabilities are more than 40 times, and the loan interest rate is almost 1 trillion dollars. So we say that virtual capital is highly inflated and finally collapses under the credit crisis.
The impact here is great, because the entire financial system in the United States and Europe is based on this, so once it collapses, the impact will be considerable. And where is the biggest impact? Even if people don't believe in credit, what problems will arise? Even if they don't want to lend money to others, they don't want to buy bills, bonds and stocks, so the stocks of many car companies have plummeted. In this case, the economy will inevitably shrink sharply. In this case, it caused such a financial crisis, a global financial crisis, and the financial crisis is still spreading to the real economy. So next year can be said to be a rare decline or even recession in the world economy for decades.
As for the world economic situation next year, I have also exchanged views with some experts at home and abroad. In recent months, I have also attended meetings abroad to discuss some issues with them.
Needless to say, I am pessimistic about the economy next year. I always look at this situation from a cautious and optimistic perspective. Next year, the economies of the United States and Europe may be 0 to 1. The United States grew by 0.9 in the first quarter of this year, 2.9 in the second quarter, and 0.9 in the third quarter, which has entered a negative growth. Initially announced 0.3, then actually 0.5, there will definitely be negative growth in the fourth quarter. According to the general definition, two consecutive quarters of negative growth can be said to be a recession. It is estimated that there may be four quarters of negative growth in the United States, and positive growth will resume in the second half of next year. If they cancel each other out, the economic growth rate of the United States may be zero next year. The European estimate is probably less than 1%.
As we all know, the GDP of the United States and Europe accounts for most of the world, the United States accounts for 1/4, and Europe accounts for 30%, so the two countries together account for 50%-60%. It is estimated that the growth rate of emerging market countries and developing countries will be around 5% next year. So this will probably be the case next year. Therefore, the world economy will decline sharply next year, but with the support of developing countries, it will not be negative growth, but the decline will be stronger. According to general estimates, there will probably be no negative growth from the second half of next year to the first half of next year, but it will still grow at a very low speed.
As a cautious optimist, after these analyses, I talked in Guangzhou that the world economy will recover in 20 10, and the 23rd APEC Leaders' Meeting issued a statement that the financial crisis may end in 18 months, which does not mean that it will rise immediately, so I estimate that it will be 24 months, that is, the world economy will recover around 20 10. The so-called recovery means that the economy begins to grow faster in a positive direction. So the world will be coldest in the next two years, which is my first conclusion.
Secondly, looking at China, my view is that next year will be our most difficult year. Why? Because with the economic globalization, the economies of all countries in the world are becoming more and more interdependent, so the impact of the financial crisis on the United States and Europe will affect us sooner or later. At the beginning of practical finance, Davos gave a big lecture because they didn't sit on the podium like us. The four of them sat together with a coordinator in the middle, and everyone talked to the audience below. Sitting next to me at that time was a famous American economist and a professor at the American Institute of World Economics. He put forward a "decoupling theory". He thinks that the world economy and American economy will not affect China's economy, and China's economy will not affect emerging countries. I said at that time, I don't agree with you, I think it will have an impact on China's economy, because the economies of all countries in the world are interrelated, and I also said at that time that it may have a considerable impact on China's economy. As a result, none of us can convince anyone. I said, next January will come soon, and we will see who is right in January next year. I think it will definitely have an impact on China's economy. You see, the economic growth rate was 1 1.9 last year and1.6 this year. In the first three quarters, the total * * * was 9.9, while in the first three quarters of last year, it was 12.2, which was 2.3 percentage points lower. This 2.3 percentage point is not a decimal point, so it can be seen that it has an impact. Of course, the influence here comes from all aspects, and today's time relationship cannot be elaborated.
But I remember that Comrade Zhu Rongji once gave a speech in the Great Hall of the People. A few years ago, he said, "We used to say that the enemy is getting worse every day and we are getting better every day." With the globalization of the world economy, if it gets worse, we may not get better, because after it gets worse, our trade surplus with them will decrease and our exports will decrease, which will also have an impact on us. In the face of the financial crisis, in fact, China has huge foreign exchange reserves, high economic development speed and broad market, so many countries have given great hope to China, and even asked China to take the lead in coping with the financial crisis at this time. I spoke at the Committee meeting of the World Economic Forum in Dubai. I said that China's GDP is only 6% of the world's, and China's per capita GDP is below 100, so don't expect too much from China. China failed to show leadership. At most, we share the responsibility with the rest of the world. That's all we can do. Therefore, as President Hu Jintao said, China's economy is closely linked with the world economy, which is our primary task, that is, our contribution to the world economy. So this is our basic attitude towards the world financial crisis, which can be said to be China, and everyone knows it.
So, why is next year the hardest year? There are several factors: first, our economy has been affected by various external and internal factors, which must be the decline of economic growth rate. As I said just now, the external influence is the impact of the financial crisis. Internally, due to the economic downturn and reduced demand, the prices of many of our steel products are falling, and the production costs of enterprises are increasing. Why? This is because our labor costs, environmental protection costs and so on are also increasing. Therefore, the export market and domestic demand market are still not very prosperous. As we all know, our growth in 2007 was 1 1.9, which was driven by the troika. Investment contribution is about 39%, domestic demand contribution is 38%, and net export contribution is 23%. This is probably the case in 2007. Now it seems that the investment is due to the tight monetary policy some time ago, and the whole investment has shrunk, so this year's investment is negative, not as much as last year's growth, and exports are not as much as last year's growth, and consumption is basically flat, with a slight increase. Therefore, two of the three factors have declined, one factor has slightly increased, and the overall decline. It is estimated that in the fourth quarter of this year, I think the National Information Center recently predicted 8%, and the whole year is about 9.5%-6544. So in this case, because of the inertia of the economy, if the troika is not promoted as soon as possible next year, it will continue to decline. If no measures are taken, it may reach 7.5% to 8%. If we take measures, we may be able to keep it above 8%. This is one reason.
The second reason is that we are now facing relatively insufficient power to pull the market. Because it is very important to stimulate the market is consumption. To stimulate consumption, the first prerequisite is that people should have money, the second is to spend money, and the third is to have a place to spend it. Now let's look at the problem. First, people's income is low. Second, especially in China, people tend to save more, so they are unwilling to spend money and willing to save money. Of course, there are objective reasons. Some may be because our social security is not perfect enough. For self-protection, some may not spend money because of children's education and other issues. However, there is also the problem of traditional habits. I remember Comrade Zhu Rongji once made a report saying that you have got a raise, so you shouldn't go to the bank, but you should spend, and spending is patriotism. Why? Because the deposit bank has taken back the money, the bank will lend it out to earn interest and pay you interest. Without consumption, how can the whole economy develop and how can the products of enterprises be sold? Therefore, if you want to increase your income, you must change your mind and spend money somewhere. The biggest boost to the economy is real estate, which can be said to be an amazing industry. According to my research, a real estate investment of 100 yuan can stimulate consumption in 220 yuan. But the current situation is only that the real estate is in an extremely cold state. There are several reasons. One is because of our macro-control of real estate some time ago, people always hope that the real estate price will come down. As we all know, the habit is to buy up and not buy down, so many people buy houses and wait for money, so the real estate transaction volume is declining now. Therefore, the central government has recently taken measures to find ways to stimulate the consumption of real estate.
Our stock market is in a bear market. As we all know, the stock market plays an important role in economic development. Its function can be simply summarized in two aspects: First, if it can play a role, if the stock market is booming, it will have a wealth effect. In fact, the stock market cannot create social wealth, but it can distribute social wealth, making people dare to spend money and generate social wealth. But last year, our stock market overheated, soared and then plunged, and now it has entered a bear market. You see, although the central government has introduced many measures, including reducing stamp duty and unilaterally collecting stamp duty, the stock market has always fluctuated around 2000 points, including recently rising by 2000 points and falling to around 1800 points. Due to people's lack of confidence, once the stock market rises, it will be thrown down. Therefore, when the stock market is a bear market, our economy will be cold. Therefore, due to the decline in economic growth and the indifference of the housing market and the stock market, our life will be even more sad next year.
The third question is what to do? Everyone is waiting for the final policy of the Central Economic Work Conference. Simply put, what is the logic of the central policy change? Last year, the central economic work conference put forward the idea of "double prevention and one tightening", that is, to prevent the economy from overheating too fast and prices from rising significantly. By June 6 this year, a moderately loose monetary policy will be implemented centering on maintaining economic growth. It is obvious to all that this is to ensure economic growth. To ensure economic growth, we must implement a moderately loose monetary policy, because economic growth is a troika. The first troika needs investment, and investment needs to be driven. You can't just rely on the government. Government investment is to stimulate social investment, but if it is to stimulate social investment, the society does not have that much money and depends on banks. Therefore, the fiscal revenue of our government is more than 5 trillion a year. Last year, our investment in fixed assets was 13.7 trillion. The rural area is 2 trillion, and the urban area is 1 1.7 trillion. Therefore, it is not enough to increase the proportion of 1 and 2 trillion, and it is necessary to stimulate civil society investment. However, what seems to be the problem now? Our local government totals 18 trillion. Actually, we don't have that much money. The fiscal revenue is only over 5 trillion. Spending is still a lot, and the real financial resources are very small. Banks are about 40 trillion yuan, and lending is about 10 trillion yuan. Because of the provisions of the reserve ratio, if the reserve ratio is 15, it will freeze 67 trillion, leaving 7.8 trillion. /kloc-where does 0/8 trillion come from? Of course, ordinary people may have some money at hand. You want to stimulate social investment, but you are not engaged in public welfare undertakings like the government. If you want to stimulate social investment, you need to make profits. If there is no profit, social investment is difficult to invest. It is not easy to do this. Now the government can build low-rent housing to stimulate the demand for steel and cement, but this is government consumption, not people's consumption. If the commercial housing in the real estate market is not developed, no one buys it, and developers don't build houses, it is still government consumption, not people's consumption.
The second problem, consumption, as I said just now, is to increase residents' income. Of course, this is not a salary increase in one sentence. Is it possible? If labor productivity is not improved, wages cannot be raised, and the minimum living standard can be raised. The only possibility now is to raise the threshold of personal income tax, thus increasing the income of some residents. But in this case, it is necessary to change the concept of consumption and provide new consumption points.
The third is the exit. Now that our exports have decreased, the government has also adopted ways such as increasing export tax rebates. In fact, export tax rebate is a widely used method abroad, and we should be able to do it completely. However, I am still optimistic about this issue. In other words, for China products, we mainly export low-end necessities, and this part of exports will not be greatly reduced. If the export tax rebate is added, it will not be greatly reduced. Because Americans and ordinary people still mainly buy China's daily consumer goods, because the prices are cheap. An American once wrote a book, A Year Without Made in China. Influenced by American media, he resolutely refused to buy goods from China. Finally, he persisted for a year and surrendered. Why? First of all, household expenses have increased greatly. Second, we don't buy goods from China. Some accessories, such as refrigerators and televisions, are expensive. Third, we buy presents for children at Christmas. Almost all the toys are made in China. So from this perspective, it should be said that exports have decreased, but not too much, but the trade surplus may decrease because of the price. So we should stimulate economic growth from these three aspects. This can't rely solely on the government, but on all our enterprises and all the people. First, driven by the government's 4 trillion investment, the society should actively respond to expanding investment. Our investment can be maintained at 13 and 14 trillion next year. In this case, it will be fine.
The second is consumption, which depends on everyone's consumption. Don't put money in the bank, you need to spend it.
The third is to actively encourage exports. Of course, our financial system reform can't stop. The reason why we are less affected by the financial crisis this time is that our financial institutions are supported by government funds and people have confidence in our financial institutions and government, so there is no credit crisis or confidence crisis. The second is that the financial system is not developed enough. We don't have asset securitization, and there are basically no investment banks and rating agencies, so there is no condition for the expansion of virtual capital. The third is that the supervision of financial institutions is still relatively cautious. However, from the perspective of China's financial operation efficiency and financial competitiveness, there is still a big gap compared with the international market. Therefore, our finance is the blood of the economy, and we must run the blood well, so the financial reform cannot stop. At the right time, according to the original plan, the launch of GEM and stock index futures should be based on the situation to improve our competitiveness and improve our financial competitiveness and efficiency.
I will make three points. 1. 20 10 The world economy will recover. We should have such confidence, that is, we should be cautiously optimistic and not too pessimistic. Secondly, next year may be the most difficult year for China's economy. We should be fully prepared mentally. We will work hard and strive hard according to the arrangement of the central authorities. I didn't say hard work. When I said hard work, everyone stopped spending. Therefore, when it comes to hard work, including the investment process, we should pay attention to reducing decision-making mistakes and going to the project without doing research, which will eventually lead to waste. In addition, we should pay attention to preventing corruption, because the previous experience is that a group of cadres were built down from an expressway, some went up to the traffic director, and all three traffic directors were corrupt. Therefore, as Chairman Mao said, "Corruption and waste is a great sin".
Besides, we should strengthen our confidence, work hard, be prepared for danger in times of peace like my name, and pay more attention to the challenges we face. However, as General Secretary Hu said, "the method is always more difficult than it is". Therefore, we can always overcome difficulties through hard work. I think when we get together again at the end of next year, we will have more confidence in China's economic development.
Thank you all.
Zhang made the above remarks at the 2009 China Economic Situation Analysis High-level Report held in Beijing. He said: at present, the production and consumption of electricity have dropped significantly, which is a favorable opportunity to speed up the energy transformation mode and promote the adjustment of energy structure. In the future, the state will continue to increase the power industry's efforts to "suppress small by large".
According to reports, at present, small units below100000 kilowatts account for1.1500 million kilowatts of China's installed power capacity, totaling more than 700 million kilowatts in the country, less than 800 million. Small units account for 16%, with high coal consumption and large emissions. Now, the average coal consumption for power generation in China can reach more than 300 grams, while decades ago, the old units. In order to promote energy conservation and emission reduction, it is planned to shut down 50 million kilowatts of small thermal power units during the Eleventh Five-Year Plan period. As of June this year, 3,265,438+million kilowatts have been shut down, including 365,438+million kilowatts in 2006 and14,380 kilowatts in 2007. In 2008 1 October1to145,800 kilowatts, the power shut down by small units was replaced by large units, saving 40 million tons of raw coal every year, reducing 680,000 tons of sulfur dioxide emissions and 6,500 tons of carbon dioxide emissions. "In the past, it was decided to eliminate 50,000 kilowatts of small units. Now some leaders have suggested relaxing the scope to 65,438+10,000. Expand the level and narrow the scope. " Zhang said to him.
In addition, Zhang also said that the focus of future work will be to promote the integration of coal resources, vigorously develop nuclear power and other renewable energy sources, and cultivate large energy enterprise groups.
This is all I found. I hope it helps you ~ @ _ @