■ The Central Economic Work Conference was held on December 11-12 in Beijing.The meeting emphasized that next year, we should focus on promoting high-quality development, highlight the key, grasp the key, and do a solid job of economic work. These include.We should promote industrial innovation with scientific and technological innovation, especially with disruptive and cutting-edge technologies to give rise to new industries, new modes and new dynamics, and develop new quality productivity.Improve the new lifting system, implement actions for the high-quality development of key manufacturing industry chains, strengthen quality support and standards leadership, and enhance the resilience and security of the industry chain supply chain. It is necessary to vigorously promote new industrialization, develop the digital economy and accelerate the development of artificial intelligence.Creating a number of strategic emerging industries, such as biomanufacturing, commercial spaceflight and low-altitude economy.It will open up new tracks for future industries such as quantum and life sciences, widely apply digital and green technologies, and accelerate the transformation and upgrading of traditional industries. Strengthen applied basic research and frontier research, and reinforce the status of enterprises as the main body of scientific and technological innovation. Encourage the development of venture capital and equity investment. The full text is reproduced below by Xinhua News Agency.
Central Economic Work Conference held in Beijing
BEIJING, Dec. 12 (Xinhua) -- The Central Economic Work Conference was held Dec. 11-12 in Beijing. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, President of the People's Republic of China (PRC) and Chairman of the Central Military Commission (CMC), attended the meeting and delivered an important speech. Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi, members of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting.
In his important speech, Xi Jinping comprehensively summarized the economic work in 2023, profoundly analyzed the current economic situation and systematically deployed the economic work in 2024. Li Qiang made a concluding speech, putting forward requirements for implementing the spirit of General Secretary Xi Jinping's important speech and doing a good job in next year's economic work.
The meeting concluded that this year is the opening year of the comprehensive implementation of the spirit of the twentieth CPC National Congress, and a year of economic recovery and development after three years of new crown epidemic prevention and control of the turn of the year. Comrade Xi Jinping as the core of the CPC Central Committee united and led the whole party of all ethnic groups, resisting external pressure, overcoming internal difficulties, comprehensively deepening reform and opening up, increasing macro-control efforts, focusing on expanding domestic demand, optimizing the structure, boosting confidence, and preventing and resolving risks, China's economy rebounded to a positive trend, and the development of high quality is advancing in a solid manner. Important progress has been made in the construction of a modernized industrial system, new breakthroughs have been achieved in scientific and technological innovation, reform and opening-up have been pushed forward in a deeper and deeper direction, the foundation for secure development has been consolidated and strengthened, people's livelihoods have been strongly and effectively safeguarded, and solid steps have been taken towards building a modern socialist country in all respects.
The meeting pointed out that there are some difficulties and challenges to be overcome to further promote the economic recovery, mainly the lack of effective demand, overcapacity in some industries, weak social expectations, still more risks and hidden dangers, the existence of blockages in the domestic macro-circulation, and the rise of the complexity, severity and uncertainty of the external environment. It is necessary to enhance the sense of worry and effectively respond to and solve these problems. Taken together, the favorable conditions facing China's development are stronger than the unfavorable factors, and the basic trend of economic recovery and long-term improvement has not changed, so we should enhance our confidence and confidence.
The Conference is of the view that in recent years, under the strong leadership of the CPC Central Committee, we have effectively integrated the two major domestic and international situations, the prevention and control of epidemics and economic and social development, as well as development and security, and have deepened our understanding of the regularities of doing good economic work in the new era. We must insist on high-quality development as the hard truth of the new era, implement the new development concept completely, accurately and comprehensively, and push the economy to realize effective improvement in quality and reasonable growth in quantity. It must insist on deepening supply-side structural reform and focusing on expanding effective demand in a concerted manner, giving full play to the advantages of a mega-market and strong production capacity, so that the domestic macro-cycle is built on the basis of the main force of domestic demand, and the quality and level of the international cycle is upgraded. We must insist on relying on reform and opening-up to strengthen the endogenous impetus for development, and promote in-depth reform and high-level opening-up in an integrated manner, so as to continuously liberate and develop social productive forces and stimulate and enhance social vitality. We must insist on the positive interaction between high-quality development and high-level security, promote high-level security with high-quality development, and guarantee high-quality development with high-level security; development and security should be dynamically balanced and mutually complementary. It is necessary to take the promotion of Chinese-style modernization as the greatest politics, and under the unified leadership of the Party, unite the broadest number of people, focus on the central task of economic construction and the primary task of high-quality development, and turn the grand blueprint of Chinese-style modernization into a beautiful reality step by step.
The meeting emphasized that to do a good job in next year's economic work, it is necessary to be guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, comprehensively implement the spirit of the 20th CPC National Congress and the 2nd Plenary Session of the 20th CPC Central Committee, adhere to the overall keynote of seeking progress while maintaining a stable development, fully, accurately and comprehensively carry out the new development concept, accelerate the construction of a new development pattern, make efforts to promote high-quality development, comprehensively deepen the reform and opening up, promote a high level of scientific and technological self-support and self-reliance, increase macroeconomic regulation and control, integrating the expansion of domestic demand and the deepening of supply-side structural reform, integrating new urbanization and the comprehensive revitalization of the countryside, integrating high-quality development and high-level security, effectively enhancing economic vitality, preventing and resolving risks, improving social expectations, consolidating and enhancing the uptrend of economic recovery, continuing to push the economy to achieve effective qualitative improvement and reasonable quantitative growth, enhancing people's well-being, maintaining social stability, and building a strong nation with a Chinese-style modernization. Chinese-style modernization to comprehensively promote the construction of a strong nation and the national renaissance.
The meeting requested that next year, we should adhere to the principle of seeking progress while maintaining stability, promoting stability with progress, and establishing before breaking, and make more policies conducive to stabilizing expectations, growth and employment, and actively make progress in transforming the mode of operation, adjusting the structure, improving the quality and increasing the efficiency, so as to continuously consolidate the foundation of stabilization and upward adjustment. It is necessary to strengthen the counter-cyclical and cross-cyclical regulation of macroeconomic policy, continue to implement proactive fiscal policy and prudent monetary policy, and strengthen the innovation and coordination of policy tools.
Positive fiscal policy should be moderately strengthened and improved in quality and efficiency. Fiscal policy space should be used to improve the efficiency of funds and the effectiveness of policies. Optimize the structure of fiscal expenditures and strengthen financial security for major national strategic tasks. Reasonably expand the scope of local government special bonds to be used as capital funds. Implement structural tax cuts and fee reduction policies, focusing on supporting scientific and technological innovation and the development of the manufacturing industry. Strictly supervise the transfer and payment funds, and seriously enforce financial discipline. Enhance fiscal sustainability and ensure the bottom line of the "three guarantees" at the grassroots level. Strictly control general expenditures. Party and government organizations should get used to living a tight life.
Stable monetary policy should be flexible, moderate, precise and effective. It should maintain a reasonable abundance of liquidity, and match the scale of social financing and money supply with the expected targets for economic growth and price levels. Give full play to the dual functions of total and structural monetary policy tools, revitalize the stock and enhance its effectiveness, and guide financial institutions to increase support for scientific and technological innovation, green transformation, inclusive small and micro-enterprises, and the digital economy. Promote a steady decline in comprehensive social financing costs. Maintain the basic stability of the RMB exchange rate at a reasonably balanced level.
The consistency of macroeconomic policy orientation should be enhanced. We will strengthen the coordination of fiscal, monetary, employment, industrial, regional, scientific and technological, environmental protection and other policies, incorporate non-economic policies into the assessment of the consistency of macroeconomic policy orientation, and strengthen policy coordination to ensure that the same force is exerted in the same direction and that synergies are formed. Strengthen economic publicity and public opinion guidance, and sing the bright theory of China's economy.
The meeting emphasized that next year, we should focus on promoting high-quality development, highlight the key, grasp the key, and do a solid job in the economy.
First, to lead the construction of a modernized industrial system with scientific and technological innovation. It is necessary to promote industrial innovation with scientific and technological innovation, especially with disruptive and cutting-edge technologies to give rise to new industries, new modes and new kinetic energy, and to develop new quality productivity. We will improve the new lifting system, implement actions for the high-quality development of key industrial chains in the manufacturing industry, strengthen quality support and standards leadership, and enhance the resilience and security level of the industrial chain supply chain. It is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. We will create a number of strategic emerging industries such as bio-manufacturing, commercial spaceflight and low-altitude economy, open up new tracks for future industries such as quantum and life sciences, and widely apply digital and green technologies to accelerate the transformation and upgrading of traditional industries. Strengthen applied basic research and frontier research, and reinforce the status of enterprises as the main body of scientific and technological innovation. Encourage the development of venture capital and equity investment.
Secondly, efforts should be made to expand domestic demand. It is necessary to stimulate consumption with potential, expand investment with benefits, and form a virtuous cycle in which consumption and investment promote each other. We will push consumption from post-epidemic recovery to sustained expansion, cultivate and grow new types of consumption, vigorously develop digital consumption, green consumption and healthy consumption, and actively cultivate new consumption growth points such as smart homes, cultural and recreational tourism, sports events, and "trendy" national products. Stabilize and expand traditional consumption, and boost bulk consumption of new energy vehicles and electronic products. Increase the income of urban and rural residents, expand the size of the middle-income group, and optimize the consumption environment. We should take the improvement of technology, energy consumption and emission standards as a pull to promote large-scale equipment renewal and consumer goods trade-in. Give full play to the driving and amplifying effect of government investment, focusing on supporting key core technology research and development, new infrastructure, energy conservation, emission reduction and carbon reduction, and fostering new kinetic energy for development. It will improve investment and financing mechanisms, implement a new mechanism for cooperation between the government and social capital, and support the participation of social capital in the construction of new infrastructure and other areas.
Third, deepen reform in key areas. We should plan to further deepen the reform of major initiatives, to promote high-quality development, accelerate the construction of Chinese-style modernization continue to inject strong impetus. Continuously improve the implementation of the "two unwavering" system and mechanism, fully stimulate the internal dynamics of various types of business entities and innovative vitality. We will implement in-depth reform and deepening and upgrading of state-owned enterprises to enhance their core functions and improve their core competitiveness. Promote the development and growth of private enterprises, and implement a number of initiatives in market access, access to factors, fair law enforcement, and protection of rights and interests. Promote the development of small and medium-sized enterprises that specialize in specialized fields. Accelerating the construction of a unified national market and striving to eliminate all forms of local protection and market segmentation. To effectively reduce logistics costs for the whole society. It is necessary to plan a new round of reform of the fiscal and taxation system and implement reforms of the financial system.
Fourth, expanding high-level opening up to the outside world. It is necessary to accelerate the cultivation of new dynamics in foreign trade, consolidate foreign trade and foreign investment, and expand trade in intermediate goods, trade in services, digital trade and cross-border e-commerce exports. We will liberalize market access for telecommunications, medical services and other services, benchmark against international high-standard economic and trade rules, seriously address issues such as cross-border flow of data and equal participation in government procurement, and continue to build a first-class business environment that is market-oriented, rule of law-oriented and internationalized, and create the "Invest in China" brand. We will also effectively solve the obstacles faced by foreigners coming to China for business, study and tourism. We will also work to support the implementation of the eight actions to build a high-quality "One Belt, One Road", and coordinate the promotion of major landmark projects and "small but beautiful" people's livelihood projects.
Fifthly, we must continue to effectively prevent and resolve risks in key areas. It is necessary to address risks in real estate, local debt and small and medium-sized financial institutions in a coordinated manner, crack down on illegal financial activities, and resolutely hold the line against systemic risks. We will actively and steadily resolve real estate risks, meet the reasonable financing needs of real estate enterprises of different ownership systems without discrimination, and promote the stable and healthy development of the real estate market. Accelerating the three major projects, namely, the construction of protected housing, the construction of "flat and urgent" public infrastructure, and the renovation of urban villages. Improve the relevant basic system and accelerate the construction of a new model of real estate development. Coordinating the resolution of local debt risks and the stabilization of development, large economic provinces should really take up the mantle and make a greater contribution to the stabilization of the national economy.
Sixth, we must work tirelessly to improve the work of the "three rural areas". We should anchor the goal of building a strong agricultural country, study and apply the experience of the "Ten Million Project", vigorously and effectively promote the comprehensive revitalization of the countryside, ensure national food security, ensure that there is no large-scale return to poverty as the bottom line, enhance the level of industrial development in the countryside, enhance the level of construction in the countryside, enhance the level of rural governance as the focus, strengthen the dual drive of science and technology and reform, strengthen the farmers' income-generating initiatives, focus on a number of practical things that the masses can feel and do, and build livable and beautiful villages. In addition, we will strengthen the initiative to increase farmers' income, focus on a number of practical matters that are palpable to the public, and build a livable, workable and beautiful countryside. We will not let up on the stable and safe supply of grain and other important agricultural products, explore the establishment of inter-provincial horizontal benefit compensation mechanisms in grain production and marketing areas, reform and improve the system of arable land occupation and compensation balance, and raise the input standards for the construction of high-standard farmland. Establishing the concept of big agriculture and big food, and building agriculture into a modernized big industry.
Seventh, promoting urban-rural integration and coordinated regional development. It is necessary to organically combine the promotion of new urbanization and the comprehensive revitalization of the countryside, promote the two-way flow of various types of factors, promote the construction of new urbanization with the county town as an important carrier, and form a new pattern of urban-rural integration and development. Implement urban renewal actions to create livable, resilient and smart cities. Give full play to the comparative advantages of various regions, and actively integrate into and serve the construction of a new development pattern in accordance with the positioning of the main functions. Optimize the layout of major productive forces and strengthen the construction of the national strategic hinterland. Vigorously develop the marine economy and build a strong maritime nation.
Eight is to further promote the construction of ecological civilization and green low-carbon development. We will build an advanced zone for a beautiful China and create a green and low-carbon development highland. We will actively and steadily push forward carbon peaking and carbon neutralization, and accelerate the creation of a green and low-carbon supply chain. We will continue to fight a good battle to defend the blue sky, blue water and clean soil. Improve the mechanism for realizing the value of ecological products. Implement the reform of the collective forest rights system. Accelerate the construction of a new type of energy system, strengthen resource conservation, intensive recycling and efficient utilization, and improve the ability to guarantee the security of energy resources.
Nine is to effectively protect and improve people's livelihoods. To adhere to the best efforts, within the limits of their capabilities, to cover, cover accurate, cover the bottom line of people's livelihood. More prominent employment priority-oriented, to ensure stable employment of key groups. Weave a dense and solid social security net, and improve the social assistance system of stratification and categorization. It will accelerate the improvement of the fertility support policy system, develop the silver-hair economy, and promote high-quality development of the population.
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 to do a good job in the economic work, seize all favorable opportunities, make use of all favorable conditions, see the right to grasp the work, can do more to do more, and strive to respond to the uncertainty of the situation with the certainty of their own work. To fully implement the overall requirements of next year's economic work, pay attention to grasp and deal with the speed and quality, macro data and micro feelings, economic development and improve people's livelihood, development and security of the relationship, and constantly consolidate and enhance the economic upturn to the good trend. To accurately grasp the policy orientation of next year's economic work, in the implementation of policies to strengthen the synergy and magnify the combined effect, in the policy reserves to play a good amount of time in advance, leaving redundancy, in the evaluation of the effectiveness of the policy focus on the effectiveness of the sense of access, and strive to enhance the effect of macroeconomic policy to support high-quality development. To seek ways and means to promote work, seize the main contradictions, break through bottlenecks and constraints, focusing on forward-looking layout, to ensure that next year's economic work focus on the implementation of the task. We must always maintain the spirit of vigorously enterprising, "the country's big", take the initiative to play a role, strengthen coordination, and actively plan to use the traction, prying strong work grasp, and solidly promote high-quality development.
The meeting emphasized the need to adhere to and strengthen the overall leadership of the Party and to thoroughly implement the decision-making and deployment of the Party Central Committee on economic work. To grasp the implementation without compromise, to ensure that the final effect in line with the intentions of the CPC Central Committee's decision-making. To grasp the implementation of the thunder and lightning, and to grasp the time and effect in an integrated manner. To grasp the implementation of truthfulness and pragmatism, and resolutely rectify formalism and bureaucracy. To dare to do a good job to grasp the implementation, adhere to the correct employment orientation, give full play to the enthusiasm and initiative of leading cadres at all levels of creativity. To consolidate and expand the results of thematic education, and transformed into the effectiveness of promoting high-quality development.
The meeting asked to do a good job at the end of the year and early important livelihood commodities to ensure stable prices, to ensure that the wages of migrant workers are paid on time and in full, care for the production and life of the people in need, in-depth implementation of the production safety responsibility system, to guard the people's lives and property safety and physical health.
The meeting called on the whole party to closely unite around the CPC Central Committee with Comrade Xi Jinping at its core, to be firm in confidence, to forge ahead, to strive to achieve the goals and tasks of economic and social development, and to make new and greater contributions to the comprehensive promotion of the construction of a strong nation and the national rejuvenation of the country with Chinese-style modernization by means of practical actions and results of high-quality development.
Members of the Political Bureau of the CPC Central Committee and the Secretariat of the Central Committee, relevant leading comrades of the Standing Committee of the National People's Congress, State Councillors, the President of the Supreme People's Court, the Procurator-General of the Supreme People's Procuratorate, relevant leading comrades of the National Committee of the Chinese People's Political Consultative Conference, as well as members of the Central Military Commission were present.
Mainly responsible comrades of the Party and government of provinces, autonomous regions, municipalities directly under the central government and municipalities separately listed in the plan, Xinjiang Production and Construction Corps, relevant departments of the Central Government and State organs, relevant people's organizations, some financial institutions and enterprises managed by the central government, and the departments of the organs of the Central Military Commission attended the meeting.
Reprinted from Xinhua News Agency, with some sources reprinted from Low Altitude Economy Watch.
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