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Expectation is the judgment of market subjects on the future, which will affect economic behavior. Expectations determine whether market players will increase employment and investment next. They also determine whether people are willing to consume and dare to consume. The key to stabilizing the economy is to stabilize expectations.
Further improving expectations will help achieve the goal of economic development. The complex and volatile situation at home and abroad requires that we take stabilizing expectations as our key task in economic work and take more effective policy measures to boost market players' confidence in development.
To stabilize expectations, we must first stabilize the macro environment. Last year our country issued the "Package of Policy Measures to Stabilize the Economy", and then a series of follow-up measures were issued. Going forward, we will continue to implement the package of policies and follow-up measures to stabilize the economy, maintain policy stability, and make our policies more transparent and predictable. We will continue to implement a proactive fiscal policy and a prudent monetary policy. More importantly, we need to strengthen the coordination of various policies, ensure the timing and effectiveness of their implementation, ensure fair competition, boost market confidence, and create synergy for high-quality development.
The key to stabilizing expectations is to keep market players' expectations stable. The development of market entities has a bearing on people's livelihood and employment, and plays a fundamental role in macroeconomic stability. We will maintain credit support for the real economy and increase financial support for domestic demand and supply. In particular, we should stick to the "two unswerving principles", guide financial institutions to continue to increase financial support for private small and micro businesses, and improve the financing environment for the private economy and micro, small and medium-sized enterprises.
Stabilize expectations to reverse consumer expectations. Recently, excess savings have attracted much attention. The rise of household savings reflects that people's employment and income are not stable enough, and the motivation of precautionary savings is strengthened. Pent-up consumer demand has been released at a faster pace after the optimization of epidemic prevention and control measures, but sustained recovery of consumption needs to be supported by an improvement in personal income and expectations. The next step is to increase spending on public services to increase the consumption power of low - and middle-income residents who are most affected by the epidemic. We will further reduce the comprehensive financing costs of enterprises and the costs of individual consumption, reduce the debt burden of micro entities, and increase the capacity of people to consume and enterprises to invest. We will also take measures to support rigid and improved housing demand and encourage large purchases of houses and cars.
To keep expectations stable, we also need to keep the financial system functioning smoothly and healthily. At present, the autonomy and stability of our financial system are enhanced, and the RMB exchange rate is expected to be stable. Next, we need to continue to guard against and defuse financial risks, strengthen expectations management, and keep the RMB exchange rate basically stable at an appropriate and balanced level. To meet the reasonable financing needs of the industry, effectively prevent and defuse the risks of high-quality housing enterprises, maintain a stable and orderly real estate financing, and promote the overall improvement of economic operation.
Confidence is more important than gold. We should firmly grasp the current window during which economic activity is picking up speed, take concrete and effective measures to stabilize market expectations, boost market confidence, fully mobilize the initiative of all types of market players, encourage enterprises to expand production and investment, and encourage people to spend as much as they are willing to, and stimulate social innovation and creativity. In this way, stable expectations and sound economic development will form a virtuous circle of mutual reinforcement.