Quarterly GDP increased 7.4% year-on-year in the third quarter, the lowest since the first quarter of 2009. Although total data is low, but September structure data reveal a lot of bright colors: one is industrial production in September monthly year-on-year growth up 0.3%, the state-owned and state holding enterprises picks up the most obvious. Before the economic downturn hit hardest steel, cement, oil processing, ethylene production is greatly increased. 2 it is September 1 - year-on-year growth of 20.5% over the investment in fixed assets investment in infrastructure growth picks up, part of the negative impact of hedge the decline in manufacturing. 3 it is real estate sales improved significantly, the related construction and decoration materials, auto, furniture, home appliances year-on-year growth is more noticeable.

Economic data of structural improvement means that the cumulative effect of steady growth policy began to gradually release. The effect of the policy of one is to increase investment in infrastructure began gradually revealed. Since may of this year, the state council launched a series of steady growth policies, including speed up the project examination and approval, to speed up the progress of fiscal expenditure, twice cut interest rates, etc., these policies for stable infrastructure investment growth played a role. The national development and reform commission approved the subway project, the inter-city rail transit projects, ports, municipal sewage treatment, and pipe network project, belong to long term planning of the project and layout in the urbanization strategy, for a period of time in the future infrastructure investment will continue to show steady.

Second, improve liquidity, support for investment stabilizing the formation. Viewed from the total social financing, trust loans, the increase of bond financing, according to the last two months of liquidity situation has improved as a whole. Data in September, for example, the scale of social financing for September 1.65 trillion yuan, is significantly higher than in August of 1.24 trillion yuan, 427.8 billion yuan more than the same period last year level.

Three is to support the export of a series of policies and other factors on the improved exports played a positive role. Exports in September rebound obviously contains certain seasonal factors. On the one hand, the export rebound is associated with the recent trend of strong external demand, on the other hand, the government supporting policies such as export tax rebates for exporters, reduce administrative fees and other measures also played a role.

Although data exist some bright spots in the third quarter, but the current international economic environment is still unrest, China's economy stabilises the continuity and stability of the recovery is still worthy of attention, so need to make the necessary counter-cyclical policy reserves, continue to implement and strengthen policy enforcement of steady growth, and actively promote economic structure transformation.

First, continue to take measures to reduce the financing cost of real economy. Each round of cyclical fall with recovery experience indicates the high cost of capital is to invest effectively play hard constraints, at the right time to cut, help to promote enterprise investment recovery. At the same time, also gradually improve a series of regulatory restrictions that prevent liquidity into the real economy, including scientific and effective adjustment of loan-to-deposit ratio, to adopt flexible measures such as local platform loans, etc.

Second, stable investment growth is still the key to the steady growth. At present, the enterprise investment willingness and ability is abate, and capital, land and rising labor costs and other factors, manufacturing investment to further increase the difficulty of the speed, should strengthen the implementation of the tax cuts, further reduce the private capital to enter a series of control the threshold of the industry.

Third, the need to pay attention to the possibility of employment pressure lag appeared. Learn from the research, the eastern provinces of new employment growth appeared the trend of decline gradually, had appeared in some parts of the situation of the migrant workers return home early. From the employment point of view, the current market structure and there are some differences between 2008 and 2008, during the financial crisis is mainly small and medium-sized enterprises in the coastal export industry, export demand a hit will quickly appear in terms of employment, and the impact on the larger first is upstream of the large state-owned enterprises, these enterprises for social responsibility considerations will be very prudent attitude to job cuts. Some companies also because of concerns about the economy such as inadequate structural labor force to find employees, training and recruitment costs are higher, so choose a temporary layoffs. Therefore, we need to continue to focus on export enterprises and private enterprises change of employment, help determine the employment risk potential turning point.

Fourth, continue to promote the steady growth of counter-cyclical policies at the same time, should continue to promote the structural reform, the release of endogenous growth momentum. Specifically, there are broad space of China's urbanization is a main clue, in order to release the domestic demand of urbanization space, need to be in land, financing activity, promote the reform of form a complete set of household registration.

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