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The Development Research Center of the State Council (DRC) hosted a meeting with representative cities on jointly establishing a cooperative mechanism for monitoring the economic performance on Aug 28.

Ma Jiantang, Secretary of the Leading Party Members’ Group of DRC, attended the meeting and delivered a speech. Wang Yiming, Vice-President of DRC, signed strategic cooperation memorandums with representative cities and made concluding remarks.

Leaders of 21 cities including Nanjing, Wuhan, Chengdu, Xi’an, Dalian, Ningbo and Xiamen attended the meeting and delivered speeches. The cooperative mechanism for monitoring economic situations aims at promoting innovation of the methods of economic situation analysis and improving the precision of macroeconomic situation analysis. The tasks of the mechanism include the establishment of fixed research sites for economic situations monitoring and an enterprise database for related surveys, collaboration on targeted research, and active exploration of sharing data and research results.

DRC establishes a cooperative mechanism for monitoring the economic situation with representative cities. [photo/drc.gov.cn]

Ma said that it is a significant measure to improve and constantly innovate the economic situation analysis. He said that the analysis should make comprehensive use of big data including statistics and questionnaire information. Ma said that through establishing the cooperative mechanism, DRC and the cities will adapt the working methods to local conditions, conduct field research and questionnaire surveys, undertake joint analysis, and focus on major economic problems. These joint efforts will improve the precision of macroeconomic analysis, generate more targeted and feasible policy options, better help the CPC Central Committee and the State Council with their macroeconomic decision-making, and provide support for the cities' efforts to develop the economy.

Ma Jiantang, Secretary of the Leading Party Members’ Group of DRC, attends the meeting and delivers a speech. [photo/drc.gov.cn]

Wang pointed out that given the currently complex internal and external environment, the traditional methods of analyzing economic situations could not meet the requirements. He said that it is necessary to continuously innovate analysis of the economic situation, and provide more accurate, timely and effective policy options for the CPC Central Committee and the State Council.

Wang hopes DRC will closely cooperate with cities under the cooperative mechanism, jointly build a questionnaire survey database, conduct collaborative research on key issues, promote sharing of data and results, constantly improve cooperative mechanisms, and gradually deepen mutually beneficial cooperation.

DRC establishes a cooperative mechanism for monitoring the economic situation with representative cities. [photo/drc.gov.cn]

The establishment of a cooperative mechanism for monitoring the economic situation is an important innovation for analyzing the economy and facilitating the coordination of the central and local governments, according to the leaders of the 21 cities. They said that they would attach great importance to, actively participate in and support the action, and hope to further strengthen the long-term cooperative mechanism between DRC and cities to promote cooperation including regional cooperation and cooperation on big data.