China to successfully accomplish main goals, tasks in 2024: top meeting

The Political Bureau of the Communist Party of China (CPC) Central Committee on Monday held a meeting to analyze and study the economic work of 2025 and arrange Party conduct and anti-corruption work, according to the Xinhua News Agency.

The meeting was chaired by Xi Jinping, general secretary of the CPC Central Committee.

The meeting noted that the main goals and tasks for economic and social development in 2024 will be successfully accomplished, and urged implementing a more proactive fiscal policy and a moderately loose monetary policy next year.

It is necessary to enrich and improve the policy toolkit, strengthen unconventional counter-cyclical adjustments, intensify the coordination of various policies, and make the macro regulation more forward-looking, targeted, and effective, the meeting noted.

The country should vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts, it said.

Meanwhile, the CPC Central Committee has held a symposium with non-CPC personages to solicit opinions and suggestions on this year's economic situation and the economic work of 2025, the Xinhua News Agency reported on Monday. Xi presided over the symposium on December 6 and delivered an important speech, according to Xinhua.

Strong signal

Cong Yi, a professor at the Tianjin School of Administration, said that the meeting sent strong signals for economic policy for next year, including the call for enriching and improving the policy toolkit and strengthening unconventional counter-cyclical adjustments, which greatly helps boost market confidence.

"In terms of increasing policy support to help stabilize growth and unleash the full potential of the domestic market, there is a very strong signal. This will be very effective in boosting market confidence," Cong told the Global Times on Monday, noting that recent policy measures have already improved market confidence and expectations and shown positive effects on boosting economic development.

The Political Bureau meeting on Monday noted that this year marks a crucial year in achieving the goals and tasks under the 14th Five-Year Plan (2021-2025), and under the leadership of the CPC Central Committee with Xi at its core, the entire Party and the people of different ethnic groups steadily responded to changes and implemented comprehensive measures.

Economic operation remains generally stable and has made progress while maintaining stability, and China's economic, technological, and comprehensive national strength have continuously strengthened. New quality productive forces have developed steadily, reform and opening-up have continuously deepened, risks in key areas have been resolved in an orderly and effective manner, and people's livelihoods have been solidly and effectively guaranteed, according to the meeting.

In the first three quarters of 2024, China's GDP expanded by 4.8 percent year-on-year. China has set a GDP growth target of around 5 percent for 2024, and officials have consistently expressed confidence in meeting this target, supported by a range of recently implemented economic measures.

The Political Bureau meeting on Monday is very important in terms of setting the policy tone ahead of the upcoming Central Economic Work Conference, according to Wang Yiwei, a professor at the School of International Relations at Renmin University of China.

"Overall, it is clear that more proactive and effective macro policies will be implemented next year," Wang told the Global Times on Monday, adding that under the guidance of "moderately loose monetary policy," China's economy will be able to tackle challenges such as a worsening international environment, and boost new quality productive forces and high-quality development next year.

The Political Bureau meeting on Monday noted that it is necessary to leverage scientific and technological innovation to lead the development of new quality productive forces and build a modern industrial system. It also called for implementing landmark reform measures to achieve results, expanding high-level opening-up and stabilizing foreign trade and foreign investment.

Moreover, the meeting also urged to prevent and resolve risks in key areas and firmly maintain the bottom line of averting systemic risks. The meeting stressed the need to strengthen the Party's leadership over economic work and ensure that the decisions and arrangements of the CPC Central Committee are implemented, according to Xinhua.

The signals for strong policy support, along with the solid fundamentals, mean China's economy will remain stable next year, according to Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine under the China Association for Science and Technology.

Boosting expectations

"There is a solid foundation for China's economy next year, the overall trend will be relatively sound, and various sectors will remain stable," Bian told the Global Times on Monday. "As a super large economy, China's consumption plays a critical role in the economy. Boosting consumption will bring more development opportunities. I expect the economy will maintain a sound and stable development trend next year."

Boosting domestic consumption will likely remain a top priority next year. The Political Bureau meeting on Monday also called for the implementation of more proactive macro policies and for domestic demand to be expanded.

"Two very important points came from the meeting: expanding domestic demand and boosting consumption," Cong said, adding that an important focus of macro policies next year will likely be the expansion of domestic demand. "Domestic demand is a massive potential in our market. As policy measures take effect in this regard, it will be among the most effective ways to counter external challenges."

The Political Bureau meeting also noted that it is necessary to stabilize the property and stock markets, prevent and resolve risks in key areas and external impact, stabilize expectations, boost vitality, and promote sustained economic recovery and improvement.