The Central Economic Work Conference was held in Beijing from Dec. 11 to 12. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president and chairman of the Central Military Commission (CMC), attended the conference and delivered an important speech. Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi, all members of the Standing Committee of the Political Bureau of the CPC Central Committee, also attended the conference.
In his speech, Xi summarized the economic work in 2024, analyzed the current economic situation and arranged the economic work for 2025. Li Qiang delivered a summary speech, in which he laid out requirements for implementing the guiding principles of Xi’s speech and doing a good job in economic work next year.
This year marks a crucial year for achieving the objectives and tasks laid down in the 14th Five-Year Plan (2021-2025), said the conference. In the face of a complicated and challenging environment of increasing external pressure and growing internal difficulties, the CPC Central Committee with Comrade Xi Jinping at its core has united and led the entire Party and the Chinese people of all ethnic groups to respond calmly and implement comprehensive measures. As a result, the economy has maintained overall stability and made steady progress, the high-quality development has been solidly promoted, and the main goals and tasks of economic and social development are expected to be successfully completed.
The country has steadily developed new quality productive forces, continued to deepen reform and opening up, orderly and effectively defused risks in key areas, safeguarded people’s livelihood in a solid and vigorous manner, and made new solid strides forward in advancing Chinese modernization. The development journey over the past year has been extraordinary, with encouraging achievements. Notably, the decisive deployment of a package of incremental policies at the meeting held by the Political Bureau of the CPC Central Committee on Sept. 26 has effectively boosted social confidence and led to a remarkable economic recovery.
It was pointed out at the meeting that the adverse impacts brought about by changes in the external environment have deepened, and the country’s economy still faces many difficulties and challenges, primarily including the insufficient domestic demand, operational difficulties in some enterprises, pressures on people’s employment and income growth, and many hidden risks.
At the same time, it must be recognized that Chinese economy is underpinned by a stable foundation, multiple advantages, strong resilience, and great potential, and the supporting conditions and fundamental trends for long-term sound economic development have not changed. We must face up to the difficulties, strengthen our confidence, and strive to transform all positive factors into actual achievements in development.
The meeting pointed out that, through practice, we have continuously deepened our understanding of the laws governing economic work. The centralized and unified leadership of the CPC Central Committee is the fundamental guarantee for carrying out economic work well.
At critical moments and important junctures, the CPC Central Committee promptly assesses the situation and makes decisions and arrangements to ensure that China’s economy braves the wind and the waves and sails steadily into the future. It is necessary to coordinate the relationship between an efficient market and an effective government to form an economic order that is both dynamic and well-regulated. The relationship between aggregate supply and demand must be properly managed to ensure the smooth circulation of the national economy.
It is necessary to coordinate the relationship between fostering new drivers and upgrading old ones, and promote the development of new quality productive forces in light of local conditions. It is imperative to coordinate the relationship between optimizing incremental resources and making good use of existing resources to comprehensively improve the efficiency of resource allocation. The relationship between enhancing quality and expanding total output must be coordinated to lay a solid material foundation for Chinese modernization.
It was emphasized at the meeting that to do a good job in the economic work next year, it is necessary to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guiding principles of the 20th CPC National Congress and the second and third plenary sessions of the 20th CPC Central Committee, adhere to the general principle of pursuing progress while maintaining stability, as well as fully and accurately implement the new development philosophy on all fronts.
It is also essential to accelerate the forging of a new development paradigm, solidly promote high-quality development, further deepen reform comprehensively, expand high-standard opening up, build a modern industrial system, better coordinate development and security, implement more proactive and impactful macro policies, expand domestic demand, promote the integrated development of scientific and technological innovation and industrial innovation, stabilize the real estate and stock markets, prevent and resolve risks in key areas and external shocks, stabilize expectations and stimulate vitality, promote sustained economic recovery, continuously improve people’s living standards, maintain social harmony and stability, and fulfill the goals and tasks in the 14th Five-Year Plan with high quality and lay a solid foundation for a good start to the 15th Five-Year Plan (2026-2030).
For next year, it is a must to maintain steady economic growth, keep employment and prices generally stable, ensure a basic equilibrium in the balance of payments, and increase residents’ income in step with economic growth, the meeting noted.
It was required at the meeting that next year, the country should continue to seek progress while maintaining stability, promote stability through progress, uphold fundamental principles and break new ground, establish the new before abolishing the old, pay attention to integrated reforms, and strengthen coordination. The policy toolkit should be enriched and improved, and macro regulation should be more forward-looking, targeted and effective.
The country should adopt a more proactive fiscal policy. It should set a higher deficit-to-GDP ratio and ensure that its fiscal policy is continuously forceful and more impactful. Efforts will be made to increase the intensity of fiscal spending and strengthen support for key areas.
SOURCE: Xinhua News