China: Statement of Central Economic Work Conference

China: Statement of Central Economic Work Conference

AI translation.

Beijing, Dec. 12 (Xinhua) The Central Economic Work Conference was held in Beijing on Dec 11-12. Xi Jinping, General Secretary of the CPC Central Committee, President and Chairman of the Central Military Commission, attended the meeting and delivered an important speech.

The Central Economic Work Conference was held in Beijing from Dec 11 to 12. Xi Jinping, General Secretary of the CPC Central Committee, President and Chairman of the Central Military Commission, attended the meeting and delivered an important speech. Photo by Yao Dawei of Xinhua News Agency

According to the meeting, this year is the first year to fully implement the guiding principles of the 20th CPC National Congress, and a year for economic recovery after three years of COVID-19 prevention and control.  Major progress was made in building a modern industrial system, new breakthroughs were made in scientific and technological innovation, reform and opening up were deepened, the foundation for security development was consolidated, people’s wellbeing was effectively ensured, and solid progress was made in comprehensively building a modern socialist country.

The meeting pointed out that some difficulties and challenges need to be overcome to further promote economic recovery. The main ones are insufficient effective demand, overcapacity in some industries, weak social expectations, and a large number of risks and hidden dangers. There are bottlenecks in the major domestic cycle, and the external environment is becoming more complex, severe and uncertain. We need to be more aware of potential dangers and effectively respond to and resolve these problems. All in all, the favorable conditions for China’s development are stronger than the unfavorable factors, and the basic trend of a sound economic recovery and long-term growth remains unchanged. We need to strengthen our confidence and confidence.

According to the meeting, in recent years, under the strong leadership of the CPC Central Committee, we have effectively coordinated the two overall situations at home and abroad, epidemic prevention and control with economic and social development, and development with security, thus deepening our understanding of the regularity of doing good economic work in the new era. We must take high-quality development as the fundamental principle of the new era, implement the new development philosophy in a complete, accurate and comprehensive manner, and promote qualitative and effective economic growth and reasonable quantitative growth. We must continue to deepen supply-side structural reform and increase effective demand in a coordinated manner, leverage the advantages of a super-large market and strong production capacity, make the major domestic circulation based on domestic demand as the driving force, and improve the quality and level of the international circulation. We must continue to rely on reform and opening up to strengthen the internal driving force for development, promote in-depth reform and high-level opening up in a coordinated manner, and continue to unleash and develop productive forces and stimulate and enhance social vitality. High-quality development and high-level security must interact in a positive way, promoting high-level security through high-quality development and ensuring high-quality development through high-level security. Development and security must be balanced in a dynamic manner and complement each other. We must take promoting Chinese-style modernization as our top political priority, unite the largest number of people under the unified leadership of the Party, focus on the central task of economic development and the top task of high-quality development, and turn the grand blueprint of Chinese-style modernization into a better reality step by step.

We will promote self-reliance and self-improvement in high-level science and technology, step up macro-control, coordinate efforts to expand domestic demand and deepen supply-side structural reform, coordinate new urbanization and comprehensive rural revitalization, and coordinate high-quality development and high-level security. We will effectively enhance economic vitality, guard against and defuse risks, improve social expectations, and consolidate and strengthen the positive momentum of economic recovery. We will continue to promote qualitative and effective economic growth and reasonable quantitative growth, improve people’s wellbeing, maintain social stability, and comprehensively advance the great cause of building China into a powerful country and national rejuvenation through Chinese-style modernization.

Next year, we will continue to seek progress while maintaining stability, promote stability through progress, make breakthroughs before making breakthroughs, introduce more policies that will help stabilize expectations, growth and employment, and make proactive efforts to change the economic model, adjust the structure, improve the quality and increase efficiency, so as to consolidate the foundation for improvement while maintaining stability, the meeting called for. We will strengthen counter-cyclical and cross-cyclical adjustment of macro policies, continue to implement a proactive fiscal policy and a prudent monetary policy, and strengthen innovation and coordination of policy tools.

We will appropriately step up our proactive fiscal policy, improve its quality and effectiveness. We need to make good use of the space in fiscal policy to improve the efficiency of funds and the effectiveness of policies. We will improve the structure of government spending and strengthen financial support for major national strategic tasks. We will appropriately expand the use of special local government bonds as capital. We will implement structural tax and fee cuts and focus on supporting scientific and technological innovation and the development of the manufacturing sector. We will strictly supervise transfer payments and tighten financial discipline. We will improve fiscal sustainability and meet the bottom line of ensuring social security, social security, and social security at the community level. We will strictly control general expenditures. Party and government organs should get used to tightening their belts.

The prudent monetary policy should be flexible, appropriate, targeted and effective. We will maintain reasonable and adequate liquidity, and ensure that aggregate financing and the money supply are in line with economic growth and price targets. We will make good use of both the aggregate and structural functions of monetary policy tools, make good use of existing tools and improve their effectiveness, and guide financial institutions to increase support for scientific and technological innovation, green transformation, inclusive use of small and micro businesses, and the digital economy. We will ensure that overall financing costs remain steady and fall. We will keep the RMB exchange rate basically stable at an appropriate and balanced level.

We need to make our macro policies more consistent. We will strengthen coordination and cooperation on fiscal, monetary, employment, industrial, regional, science and technology, and environmental protection policies, include non-economic policies in the assessment of consistency of macro policy orientation, strengthen policy coordination, and ensure that we work in the same direction and create synergy. We will strengthen economic publicity and public opinion guidance, and advocate the bright view of the Chinese economy.

From December 11 to 12, the Central Economic Work Conference was held in Beijing. Xi Jinping, General Secretary of the CPC Central Committee, President and Chairman of the Central Military Commission, attended the meeting and delivered an important speech.  Photo by Yao Dawei/Xinhua News Agency

The meeting stressed the need to focus on promoting high-quality development next year, highlight key areas, grasp the key points and do solid economic work.

First, we will use scientific and technological innovation to lead the development of a modern industrial system. We need to promote industrial innovation through scientific and technological innovation. In particular, we need to use disruptive and cutting-edge technologies to foster new industries, new models and new drivers of growth, and develop new quality productive forces. We will improve the new nation-wide system, implement a campaign to develop key manufacturing chains with high quality, strengthen quality support and standard-oriented guidance, and improve the resilience and safety of industrial and supply chains. We will vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. We will develop a number of strategic emerging industries such as bio-manufacturing, commercial aerospace and low-altitude economy, open up new tracks for future industries such as quantum and life sciences, make extensive use of digital-intelligence and green technologies, and accelerate the transformation and upgrading of traditional industries. We will strengthen applied basic and cutting-edge research, and strengthen the dominant role of enterprises in scientific and technological innovation. We will encourage development of venture capital and equity investment.

Second, we will focus on expanding domestic demand. We need to stimulate consumption with potential and expand productive investment so as to create a virtuous cycle in which consumption and investment reinforce each other. We need to shift consumption from post-pandemic recovery to sustained expansion, foster new types of consumption, vigorously develop digital consumption, green consumption and healthy consumption, and foster new growth points of consumption, such as smart home, entertainment and tourism, sports events and trendy domestic products. We will stabilize and expand traditional consumption and boost consumption of new-energy vehicles, electronic products and other bulk goods. We will increase the incomes of urban and rural residents, expand the middle-income group, and improve the consumption environment. We should promote large-scale upgrading of equipment and the trade-in of old consumer goods for new ones, driven by higher standards on technology, energy consumption and emissions. We will leverage the amplifying effect of government investment, focus on supporting breakthroughs in key and core technologies, new types of infrastructure, energy conservation, emission reduction and carbon reduction, and foster new drivers of development. We will improve investment and financing mechanisms, implement a new mechanism for cooperation between the government and private capital, and support private capital in developing new infrastructure and other areas.

Third, we will deepen reform in key areas. We need to plan major measures to further comprehensively deepen reform and continue to inject strong impetus into high-quality development and accelerate Chinese-style modernization. We will continue to improve and implement the “two unwavering” systems and mechanisms, and fully stimulate the internal driving force and innovation vitality of all business entities. We will deepen and improve the reform of soes to enhance their core functions and competitiveness. We will promote the development and expansion of private enterprises, and implement a number of measures in market access, access to factors of production, fair law enforcement, and protection of rights and interests. We will promote specialized and innovative development of small and medium-sized enterprises. We will accelerate the development of a unified national market, and strive to eliminate all forms of local protection and market segmentation. We will effectively reduce logistics costs across society. We will plan a new round of reform of the fiscal and taxation systems and implement reform of the financial system.

Fourth, we will open wider to the outside world at a high level. We need to accelerate the cultivation of new drivers of foreign trade, consolidate the fundamentals of foreign trade and foreign investment, and expand trade in intermediate goods, services, digital trade, and cross-border e-commerce exports. We will relax market access for telecommunications, medical services and other services, conform to high-standard international economic and trade rules, earnestly address issues such as cross-border data flow and equal participation in government procurement, continue to build a market-oriented, law-based and first-class international business environment, and build an “Invest in China” brand. We will effectively remove barriers for foreign nationals to come to China for business, study and tourism. We will work hard to implement the eight initiatives to support high-quality Belt and Road cooperation, and promote major landmark projects and “small but beautiful” projects to improve people’s lives in a coordinated manner.

Fifth, we will continue to effectively guard against and defuse risks in key areas. We need to defuse risks in real estate, local government debt, and small and medium-sized financial institutions in a coordinated manner, crack down on illegal financial activities, and ensure that no systemic risks arise. We will actively yet prudently defuse real estate risks, meet the reasonable financing needs of real estate enterprises of different ownages on an equal basis, and promote the steady and sound development of the real estate market. We will accelerate the development of government-subsidized housing, public infrastructure for both public and emergency use, and the renovation of urban villages. We will improve relevant basic systems and accelerate the establishment of a new model for real estate development. We will coordinate efforts to defuse local government debt risks and ensure steady development. Major economic provinces should take the lead and make greater contributions to stabilizing the national economy.

Sixth, we will do a good job in our work on agriculture, rural areas and farmers. We need to anchor the goal of building China into an agricultural power, learn from and apply the experience of the “Ten Million Project”, vigorously and effectively promote comprehensive rural revitalization, take ensuring national food security and preventing a large-scale return to poverty as the bottom line, focus on improving the level of rural industrial development, rural construction and rural governance, strengthen the two-wheel drive of science and technology and reform, and strengthen measures to increase farmers’ incomes. We will focus our efforts on delivering practical results that can be felt by the people, and building a beautiful countryside that is livable, employable and beautiful. We will ensure the stable and safe supply of grain and other important agricultural products, explore the establishment of a mechanism for compensating provincial interests in grain production and marketing areas, reform and improve the system for compensating for the use of cultivated land, and raise the standard of investment in the development of high-standard farmland. We will foster a vision of large-scale agriculture and large-scale food, and build agriculture into a major modern industry.

Seventh, we will promote urban-rural integration and coordinated development among regions. We need to integrate the new type of urbanization with comprehensive rural revitalization, promote the two-way flow of various factors of development, promote the new type of urbanization with county towns as the main carriers, and form a new pattern of integrated urban and rural development. We will carry out urban renewal initiatives to build livable, resilient and smart cities. We will make full use of the comparative advantages of different regions and actively integrate themselves into and serve the new development pattern in line with their main functions. We will improve the distribution of major productive forces and strengthen the development of national strategic hinterland. We will vigorously develop the Marine economy and build China into a maritime power.

Eighth, we will further promote ecological progress and green and low-carbon development. We will build a Beautiful China pilot zone and foster green and low-carbon development. We will work actively yet prudently to achieve peak carbon neutrality and accelerate the development of green and low-carbon supply chains. We will continue to fight hard to ensure blue skies, clear water and pure land. We will improve the mechanism for realizing the value of ecological products. We will carry out reform of the system of collective forest rights. We will accelerate the development of a new type of energy system, strengthen the conservation, intensive, circular and efficient use of resources, and improve our ability to ensure energy and resources security.

Ninth, we will ensure and improve people’s wellbeing. We need to do our best and do what we can to meet the bottom line of people’s wellbeing. We will give greater priority to employment and ensure stable employment for key groups. We will tighten the social safety net and improve the tiered and classified social assistance system. We will accelerate the improvement of the policy system for supporting children, develop a gray-haired economy, and promote high-quality population development.

The meeting pointed out that we should deeply understand the scientific judgment of the CPC Central Committee on the economic situation, effectively enhance the sense of responsibility and mission of doing economic work well, seize all favorable opportunities and take advantage of all favorable conditions, and work hard to do as much as we can, and strive to respond to the uncertainties of the changing situation with the certainty of our own work. We will fully implement the overall requirements for economic work next year, pay attention to the relationship between speed and quality, between macro data and micro perception, between economic development and improvement of people’s livelihood, and between development and security, and constantly consolidate and strengthen the momentum of economic recovery. We need to accurately grasp the policy orientation for next year’s economic work. We need to strengthen synergy and synergy in policy implementation and amplify the combined effect. We need to make policy reserves more forward-looking and redundant, and focus on effectiveness and a greater sense of gain in policy evaluation, so as to improve the effectiveness of macro policies in supporting high-quality development. We need to focus on the ways and means of carrying out our work, address major problems, break through bottlenecks and constraints, and make a forward-looking plan to ensure that key tasks for next year’s economic work are implemented. We must always maintain the spirit of hard work, bear in mind that “the country is the biggest”, take the initiative to take action, strengthen coordination and cooperation, and actively plan to make good use of the driving and leveraging levers of work, so as to steadily promote high-quality development.

The meeting stressed the need to uphold and strengthen the Party’s overall leadership and thoroughly implement the decisions and plans of the CPC Central Committee on economic work. We should fully implement them to ensure that the final results are in line with the intentions of the CPC Central Committee’s decisions. We need to implement them in a vigorous manner and make overall plans to ensure their timeliness and effectiveness. We need to be pragmatic and implement it, and resolutely correct formalism and bureaucracy. We must dare to do good and implement it, adhere to the correct orientation in the employment of personnel, and give full play to the enthusiasm, initiative and creativity of leading officials at all levels. We need to consolidate and expand the achievements of thematic education and translate them into results in promoting high-quality development.

The meeting called for ensuring the supply and price of important commodities for people’s livelihood at the end of the year and the beginning of the year, ensuring that migrant workers’ salaries are paid on time and in full, caring about the work and life of people in need, fully implementing the responsibility system for work safety, and protecting people’s lives, property, and health.

Members of the Political Bureau of the CPC Central Committee, secretaries of the Secretariat of the CPC Central Committee, relevant leading comrades of the Standing Committee of the NPC, State Councilors, President of the Supreme People’s Court, Procurator of the Supreme People’s Procuratorate, relevant leading comrades of the CPPCC National Committee and members of the Central Military Commission attended the meeting.

Major responsible members of the Party and government of all provinces, autonomous regions, municipalities directly under the Central Government and municipalities separately listed in the State Plan, and the Xinjiang Production and Construction Corps, as well as major responsible members of relevant departments of the Central government and state organs, relevant people’s organizations, some financial institutions and enterprises under the administration of the Central Government, and departments of the Central Military Commission attended the meeting.