China holds Central Economic Work Conference to make plans for 2025

Xinhua 11:14, December 13, 2024

Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivers an important speech at the annual Central Economic Work Conference in Beijing, capital of China. The conference was held from Wednesday to Thursday in Beijing. (Xinhua/Xie Huanchi)

BEIJING, Dec. 12 (Xinhua) -- The annual Central Economic Work Conference was held in Beijing from Wednesday to Thursday as Chinese leaders decided priorities for the economic work in 2025.

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president and chairman of the Central Military Commission, delivered an important speech at the conference.

In his speech, Xi reviewed the country's economic work in 2024, analyzed the current economic situation and arranged next year's economic work.

It was noted at the meeting that the Chinese economy has posted generally stable performance while making progress in 2024, with solid advances made in high-quality development and major annual goals and tasks of economic and social development to be successfully accomplished.

The development journey over the past year has been extraordinary and the achievements have been encouraging, according to the meeting. It noted that a raft of incremental policies deployed by the CPC leadership in late September have effectively boosted social confidence and driven a remarkable rebound in the economy.

While acknowledging the deepened adverse impact brought about by changes in the external environment and many difficulties and challenges still facing the domestic economic operation at present, the meeting pointed out that the supporting conditions and fundamental trend for the Chinese economy's long-term sound development remain unchanged.

"We must face up to the difficulties, strengthen our confidence, and strive to transform all positive factors into actual achievements in development," the meeting said.

More proactive and impactful macro policies should be implemented to sustain the upward trend of the economy, so as to fulfill the goals and tasks in the 14th Five-Year Plan (2021-2025) with high quality and lay a solid foundation for a good start to the 15th Five-Year Plan (2026-2030), the meeting said.

For next year, the meeting emphasized the need 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 country should adopt a more proactive fiscal policy and set a higher deficit-to-GDP ratio, and it should ensure that its fiscal policy is continuously forceful and more impactful, according to the meeting.

It pledged to increase the issuance of ultra-long special treasury bonds and local government special-purpose bonds, and optimize the structure of fiscal expenditure.

A moderately loose monetary policy should be implemented, with reductions in the reserve requirement ratio and interest rates at an appropriate timing to ensure ample liquidity, according to the meeting.

The meeting called for better coordination between fiscal, monetary, employment, industrial, regional, trade, environmental and regulatory policies and the country's reform and opening up measures.

Outlining a number of key tasks for 2025, the meeting urged efforts to vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts.

A special campaign dedicated to stimulating consumption should be implemented, and efforts should be made to increase the incomes and alleviate the burdens of low- and middle-income groups, the meeting noted.

The large-scale equipment upgrades and consumer goods trade-in programs should be promoted with greater intensity and scope, and active efforts should be made to develop debut economy, ice and snow economy and silver economy, according to the meeting.

It called for stronger support for implementing major national strategies and building security capacity in key areas, and appropriately increased investment from the central government budget.

China should take steps to make scientific and technological innovation drive the development of new quality productive forces and build a modernized industrial system, the meeting said.

Efforts should be made to adopt forward-thinking arrangements for major technological projects, conduct large-scale demonstration for the application of new technologies, products, and scenarios, launch an AI Plus initiative, nurture industries of the future and boost China's strategic scientific and technological strength, according to the meeting.

China should nurture patient capital and attract greater social capital participation in venture capital, the meeting said, while urging addressing rat-race irrational competition and regulating behaviors of local governments and enterprises.

It called for giving full play to the leading role of economic system reform and ensuring that landmark reform measures are effectively implemented.

The government should enhance regulation and promote the healthy development of the platform economy, and improve the capital market system's inclusiveness and adaptability, the meeting noted.

It said China should expand its high-standard opening up and keep foreign trade and foreign investment stable.

Efforts should also be made to expand the pilot programs in opening up such fields as telecom, healthcare and education, according to the meeting.

It demanded effectively preventing and mitigating risks in key areas to ensure that no systemic risks occur.

Efforts should be continuously ratcheted up to further reverse the downturn of and stabilize the real estate market, the meeting said, calling for reasonably controlling the supply of newly added real estate land, and promoting the establishment of a new model for real estate development.

Risks in local small and medium-sized financial institutions should be addressed in a prudent manner, the meeting noted.

The meeting also called for efforts to pursue coordinated progress in new urbanization and all-around rural revitalization and promote integrated urban-rural development.

Stable production and supply of grain and other key farm produce should be ensured, while the governance of super-large and mega cities should be more modernized, according to the meeting.

Implementation of regional strategies must be strengthened to boost regional development vitality, the meeting said, calling for actively fostering new growth poles, as well as enhancing the innovation capabilities of areas with economic development advantages and giving better play to their role of leading development.

Efforts should be made to ramp up the green transition in all areas of economic and social development, with faster construction of new energy bases in sandy areas, rocky areas and deserts and the establishment of a group of zero-carbon parks, according to the meeting.

It urged intensified efforts to secure and improve people's wellbeing, demanding implementation of employment support plans for key sectors and industries, urban and rural communities, and micro, small and medium-sized enterprises.

The country should formulate pro-childbirth policies, develop community-supported at-home elderly care, and expand universally beneficial elderly care services, according to the meeting.

For next year's economic work, an optimized mix of stable growth, stable employment and reasonable price rebounds should be achieved, it said, urging all work to be done in a prompt and effective manner with sufficient intensity.

More endeavors should be focused on the accomplishment of major tasks for next year in key links, the meeting noted, stressing boosting domestic demand, especially consumer demand. It also called for improving management of expectations and coordinating policy implementation with expectation guidance to strengthen the guidance and influence of policies.

The meeting also demanded making sound proposals for the 15th Five-Year Plan.

Work should be done to ensure people's wellbeing and security at the turn of the year and maintain overall social stability, according to the meeting.

The meeting was attended by Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi, who are all members of the Standing Committee of the Political Bureau of the CPC Central Committee.

Li Qiang made a concluding speech, putting forward requirements for implementing the guiding principles of Xi's important speech and doing a good job in the economic work next year.

Li Qiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, speaks during the annual Central Economic Work Conference in Beijing, capital of China. The conference was held from Wednesday to Thursday in Beijing. (Xinhua/Xie Huanchi)