View downward pressure on China's economy correctly

First, macroeconomic policy can be adjusted slightly to keep the economy growing smooth and steadily. China should continue to implement a sound monetary policy. Inflationary pressure is relatively low at present, a good time to cut benchmark interest rates moderately, or better still, make structural interest rate cuts - reducing only the lending rate, and the deposit interest rate remains unchanged. The move can lower business burdens while boosting market confidence.

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Meanwhile, using monetary policy tools, including refinancing and rediscounted interest rates to further support economic restructuring and upgrade, as well as small and micro businesses. The government should encourage and streamline competition between Internet finance companies and commercial banks to improve market efficiency.

Second, push forward the annual plan of reforming the administration structure and actively promote nationwide changes in business registration systems to further boost market dynamics. Meanwhile, the country should further ease restrictions on the services sector, especially in the development of social organizations, in a bid to further improve its system and policy environment. Reforms should be pushed amid the country's urbanization drive, carrying out relevant strategies and policies.

Third, focus on structural reforms, and tap endogenous economic impetus. The country should resolutely eliminate unproductive factories and channel domestic industrial overcapacity out into international markets. It is a pressing task to control air pollution, and combine environment management with structural adjustments while providing policy support to energy saving and environmental protection industries. Meanwhile, China should further boost its services sector and emerging industries, building more indemnificatory housing and infrastructure in central and western regions.

The author is a researcher with the Decision-making Advisory Department of the China National School of Administration. The views do not necessarily reflect those of China Daily.