The Central Economic Work Conference will be held in Beijing from December 11th to 12th. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, 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.
Li Qiang made a concluding speech and put 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 believes that this year is a crucial year for achieving the goals and tasks of the 14th Five Year Plan. New quality productivity has developed steadily, reform and opening up have continued to deepen, risks in key areas have been resolved orderly and effectively, people's livelihood has been ensured solidly and effectively, and Chinese path to modernization has taken new and solid steps. The development process over the past year has been extraordinary, and the achievements are encouraging, especially the decisive deployment of a package of incremental policies at the Central Politburo meeting on September 26, which effectively boosted social confidence and led to a significant economic recovery.
The meeting pointed out that the adverse effects brought by the current external environmental changes have deepened, and China's economic operation still faces many difficulties and challenges, mainly due to insufficient domestic demand, difficulties in production and operation of some enterprises, pressure on employment and income growth of the masses, and still many risks and hidden dangers. At the same time, it must be noted that China's economic foundation is stable, with many advantages, strong resilience, and great potential. The supporting conditions and basic trends for long-term improvement have not changed. We must face difficulties squarely, strengthen our confidence, and strive to transform all positive factors into development achievements.
The meeting believes that in practice, we continuously deepen our understanding of the regularity of economic work. The centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing a good job in economic work. At critical moments and important nodes, the Party Central Committee timely assesses the situation, makes decisions and deployments, and ensures that China's economic ship sails steadily and steadily. It is necessary to coordinate the relationship between an efficient market and a capable government, and form an economic order that is both "flexible" and "manageable". We must coordinate the relationship between total supply and total demand, and smooth the circulation of the national economy. We must coordinate the relationship between cultivating new driving forces and updating old ones, and develop new quality productive forces according to local conditions. We must coordinate the relationship between optimizing increment and revitalizing stock, and comprehensively improve the efficiency of resource allocation. We must balance the relationship between improving quality and increasing the total amount, and consolidate the material foundation of Chinese path to modernization.
Completing the goals and tasks of the 14th Five Year Plan with high quality lays a solid foundation for achieving a good start to the 15th Five Year Plan.
The meeting pointed out that next year we need to maintain stable economic growth, overall stability in employment and prices, basic balance of international payments, and promote synchronous growth of residents' income and economic growth.
The meeting requires that next year we must adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, upholding integrity and innovation, establishing first and then breaking through, integrating systems, coordinating and cooperating, enriching and improving policy toolboxes, and enhancing the forward-looking, targeted and effective macroeconomic regulation.
We need to implement more proactive fiscal policies. We will increase the rate of fiscal deficits and ensure that fiscal policies continue to be stronger and more awesome. Intensify fiscal expenditure and strengthen support in key areas. We will increase the issuance of ultra long term special treasury bond, and continue to support the implementation of "dual" projects and "new" policies. Increase the issuance and use of local government special bonds, expand the scope of investment and use as project capital. Optimize the structure of fiscal expenditure, improve the efficiency of fund utilization, pay more attention to benefiting people's livelihoods, promoting consumption, and increasing momentum, and firmly grasp the bottom line of grassroots "three guarantees". Party and government organs must adhere to a tight schedule.
We need to implement a moderately loose monetary policy. Give full play to the dual functions of the total amount and structure of monetary policy tools, timely reduce reserve requirement ratios and interest rates, maintain sufficient liquidity, and match the expected targets of economic growth and overall price levels with the growth of social financing scale and money supply. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the macro prudential and financial stability functions of central banks, innovate financial tools, and maintain financial market stability.
We need to strike a good combination of policies. Strengthen the coordination and cooperation of fiscal, monetary, employment, industrial, regional, trade, environmental protection, regulatory policies and reform and opening-up measures, improve effective communication, consultation and feedback mechanisms between departments, and enhance policy synergy. Integrate economic and non economic policies into the macro policy orientation consistency evaluation, coordinate the entire process of policy formulation and implementation, and improve the overall effectiveness of policies.
The meeting confirmed that the following key tasks will be focused on next year.
One is to vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand. Implement a special action to boost consumption, promote income growth and burden reduction for low - and middle-income groups, and enhance their consumption capacity, willingness, and hierarchy. Appropriately increase the basic pension for retirees, increase the basic pension for urban and rural residents, and raise the financial subsidy standards for urban and rural residents' medical insurance. Strengthen the implementation of the "two new" policies, innovate diversified consumption scenarios, expand service consumption, and promote the development of cultural tourism industry. Actively develop the primary economy, ice and snow economy, and silver economy. Strengthen top-down organizational coordination and provide greater support for "dual" projects. Moderately increase investment within the central budget. Strengthen the coordination between finance and administration, and effectively drive social investment through government investment. Early planning for major projects during the 15th Five Year Plan period. Vigorously implement urban renewal. Implement a special action to reduce logistics costs for the entire society.
The second is to lead the development of new quality productivity with technological innovation and build a modern industrial system. Strengthen basic research and key core technology breakthroughs, advance the layout of major scientific and technological projects, and carry out large-scale application demonstration actions for new technologies, new products, and new scenarios. Launch the 'Artificial Intelligence+' initiative to cultivate future industries. Strengthen the construction of national strategic scientific and technological capabilities. Establish a sound multi-level financial service system, strengthen patient capital, make greater efforts to attract social capital to participate in entrepreneurial investment, and cultivate innovative enterprises in a gradient manner. Comprehensively rectify the "internal competition" and standardize the behavior of local governments and enterprises. Actively utilizing digital and green technologies to transform and enhance traditional industries.
The third is to leverage the driving force of economic system reform and promote the implementation and effectiveness of landmark reform measures. High quality completion of the deepening and upgrading action of state-owned enterprise reform, and the introduction of the Private Economy Promotion Law. Carry out a special action to standardize law enforcement related to enterprises. Develop guidelines for the construction of a unified national market. Strengthen supervision and promote the healthy development of platform economy. Coordinate and promote the reform of the fiscal and taxation system, and increase local independent financial resources. Deepen the comprehensive reform of capital market investment and financing, break through the bottlenecks of medium and long-term capital entering the market, and enhance the inclusiveness and adaptability of the capital market system.
The fourth is to expand high-level opening up to the outside world, stabilize foreign trade and foreign investment. We will orderly expand independent and unilateral opening up, steadily expand institutional opening up, promote the improvement and efficiency of the pilot free trade zone, expand reform tasks, and accelerate the implementation of core policies for Hainan Free Trade Port. Actively develop service trade, green trade, and digital trade. Deepen the reform of the system and mechanism for promoting foreign investment. Steadily promote the opening up of the service industry, expand pilot projects for opening up in telecommunications, healthcare, education and other fields, and continue to build the "Invest in China" brand. Promote the high-quality joint construction of the "the Belt and Road" to go deep and practical, and improve the overseas comprehensive service system.
The fifth is to effectively prevent and resolve risks in key areas, firmly holding the bottom line of preventing systemic risks from occurring. We will continue to vigorously promote the stabilization of the real estate market, strengthen the implementation of urban village and dilapidated house renovation, and fully unleash the potential for rigid and improved housing demand. Reasonably control the supply of new real estate land, activate existing land and commercial housing, and promote the disposal of existing commercial housing. Promote the construction of a new model for real estate development and orderly establish relevant basic systems. Safely manage the risks of local small and medium-sized financial institutions. Central and local governments work together to crack down on illegal financial activities.
Sixth, we will coordinate the promotion of new urbanization and comprehensive rural revitalization, and promote the integrated development of urban and rural areas. Strictly abide by the red line of cultivated land and implement balanced management of cultivated land occupation and compensation. Ensure stable production and supply of grain and important agricultural products, and improve the comprehensive efficiency and competitiveness of agriculture. Protect the enthusiasm of grain farmers and major grain producing areas, and improve the mechanism for forming grain prices. We will promote the integrated development of developing industries, strengthening counties, and enriching the people according to local conditions, and make every effort to broaden channels for increasing farmers' income. Develop modern urban agglomerations, enhance the modern governance level of mega cities, and vigorously develop county-level economies.
Seventh, we will increase the implementation of regional strategies and enhance the vitality of regional development. Give full play to the synergistic effect of regional coordinated development strategy, regional major strategy, and main functional zone strategy, and actively cultivate new growth poles. Enhance the innovation capability and radiation driving effect of economically advantageous regions. Support economically prosperous provinces to shoulder the heavy burden, and encourage other regions to adapt to local conditions and showcase their strengths. Deepen industrial cooperation in the eastern, central, western, and northeastern regions, and vigorously develop the marine economy and bay area economy.
Eighth, we will work together to promote carbon reduction, pollution reduction, and green growth, and accelerate the comprehensive green transformation of economic and social development. Further deepen the reform of the ecological civilization system. Create a healthy development ecosystem for green and low-carbon industries, and cultivate new growth points such as green buildings. Significant achievements have been made in promoting the landmark campaign of the "Three North" project and accelerating the construction of the "Shage Desert" new energy base. Establish a batch of zero carbon parks, promote the construction of the national carbon market, establish a product carbon footprint management system and a carbon labeling certification system. Continuously advancing the defense of blue skies, clear waters, and pristine lands. Develop a comprehensive action plan for solid waste management. Implement major projects for biodiversity conservation. Strengthen the construction of natural disaster prevention and control system.
Ninth, we will increase efforts to ensure and improve people's livelihoods, enhance their sense of gain, happiness, and security. Implement employment support plans for key areas, key industries, urban and rural grassroots, and small and medium-sized enterprises to promote employment for key groups. Strengthen the protection of the rights and interests of workers in flexible employment and new forms of employment. Implement policies to support industries, employment, and other areas, ensuring that there is no large-scale return to poverty and guaranteeing the basic livelihood of disadvantaged groups. Promote the high-quality and balanced development of compulsory education, and solidly promote the expansion of high-quality undergraduate programs. Implement the healthcare infrastructure project and formulate policies to promote childbirth. Develop community supported home-based elderly care and expand inclusive elderly care services. Adhere to and develop the "Fengqiao Experience" of the new era, and strengthen the governance of the public safety system.
The meeting pointed out that we should consciously use the scientific judgment of the Party Central Committee on the situation to unify our thoughts, wills, and actions, grasp the general trend, strengthen our confidence, and face difficulties squarely and maintain clarity. We must fully implement the overall requirements and policy orientation of next year's economic work, focus on goal guidance, and strive to achieve an optimized combination of stable growth, stable employment, and reasonable price recovery; Grasp the policy orientation, emphasize timing and intensity, and ensure that all work can be carried out as early as possible and implemented promptly to ensure sufficient intensity; Strengthen systematic thinking, pay attention to the coordination and cooperation of various policies and reform and opening up measures, and amplify policy effects. Focus on key links to complete the key tasks of next year's economic work, address the prominent problem of insufficient demand, and strive to boost domestic demand, especially household consumption demand; We will resolutely deepen reform and expand opening up in response to the deep-seated obstacles and external challenges that constrain development; To address the bottleneck constraints of industrial transformation and upgrading, promote the smooth transition of new and old driving forces; Strengthen policy support and optimize regulatory services to address concerns and demands in business operations; We will continue to vigorously promote risk management in key areas to address potential risks and hazards. We must vigorously enhance the effectiveness of implementation, fully mobilize the enthusiasm, initiative, and creativity of grassroots, continuously optimize the business environment, and better unite the forces to promote high-quality development.
The meeting emphasized the need to strengthen the Party's leadership over economic work, adhere to the principle of putting work first, enhance confidence, face difficulties head-on, and work hard to ensure that the decisions and deployments of the Party Central Committee are implemented in practice. We need to strengthen positive incentives and stimulate the endogenous motivation of employees and entrepreneurs. Efforts should be made to loosen restrictions and reduce burdens at the grassroots level, so that cadres who want to work and know how to work can work and achieve success. We will resolutely punish corruption, maintain a fair and just market environment, and a clean and upright business environment. Adhere to seeking truth and being pragmatic, resolutely oppose formalism and bureaucracy that are enthusiastic about showing responsibility to superiors, not taking responsibility to subordinates, and not considering practical results. Coordinate development and safety, ensure safe production, effectively prevent and respond to social security incidents in a timely manner. Enhance collaborative linkage, oppose individualism, and form a joint force to ensure implementation. Strengthen expectation management, coordinate policy implementation and expectation guidance, and enhance policy guidance and influence. At the same time, we must accurately grasp the world, national conditions, party and social situations, strengthen strategic planning, and formulate the central "15th Five Year Plan" proposals.
The meeting requires that we should do a good job in ensuring people's livelihood and maintaining safety and stability at the end of the year and the beginning of the year, thoroughly investigate and resolve various conflicts, disputes, and hidden risks, and ensure the overall stability of society.
The conference called for the whole party, country, and society to unite more closely around the Party Central Committee with Comrade Xi Jinping as the core, conscientiously implement the various deployments of the conference, comprehensively complete the goals and tasks of economic and social development, and comprehensively promote the great cause of building a strong country and national rejuvenation with the actual results of high-quality development.
