Xinhua News Agency, Peking, December 12 – The Central Economic Work Conference was held in Peking from December 11 to 12. ****, General Secretary of the CPC Central Committee, President, and Chairman of the Central Military Commission, attended the meeting and delivered an important speech. Members of the Standing Committee of the Political Bureau of the CPC Central Committee, including Li Qiang, ****, ****, Cai Qi, ****, and Li Xi, attended the meeting.

In his important speech, **** summarized the economic work for 2024, analyzed the current economic situation, and deployed the economic work for 2025. Li Qiang delivered a concluding speech, setting requirements on implementing the spirit of General Secretary ****'s important speech and preparing for next year's economic work.

The conference noted that this year has been a critical year for achieving the goals and tasks of the 14th Five-Year Plan. In the face of increased external pressures and growing internal difficulties, the CPC Central Committee, with **** at its core, unites and leads the entire Party and the people of all ethnic groups in the country, responding calmly, comprehensively implementing measures, ensuring the overall stability and steady progress of economic running, solidly pushing forward high-quality development, and nearly completing the main goals and tasks of economic and social development. New productive forces are developping steadily, reform and opening up continue to deepen, risks in key areas are resolved in an orderly and effective manner, social welfare is robust, and Chinese-style modernization is making new solid strides. The development journey over the past year has been remarkable, and the achievements are encouraging, especially the decisive deployment of a package of incremental policies at the Politburo meeting on September 26, which effectively boosted social confidence and led to a noticeable economic recovery.

The meeting pointed out that the adverse effects brought about by changes in the external environment are deepening, and China's economic operation still faces many difficulties and challenges, mainly due to insufficient domestic demand, some enterprises struggling in production and operation, pressure on the public's employment and income increase, and many risk hidden dangers still existing. At the same time, it must be noted that China's economic foundation is stable, has many advantages, is resilient, and has great potential. The supportive conditions and basic trends for long-term improvement have not changed. There is a need to face difficulties, build confidence, and strive to transform all positive factors into development achievements.

The meeting emphasized that in practice, we constantly deepen our understanding of the laws of economic work. The centralized and unified leadership of the CPC Central Committee is the fundamental guarantee for doing a good job in economic work. At crucial moments and important junctures, the CPC Central Committee timely assesses the situation and makes decisions, ensuring that China's economic ship sails steadily and far. It is necessary to coordinate the relationship between an effective market and a proactive government, forming an economic order that is both "flexible" and "manageable." It is vital to coordinate the relationship between total supply and total demand, ensuring smooth circulation of the national economy. The relationship between cultivating new driving forces and updating old driving forces must be balanced, developing new productive forces according to local conditions. It is necessary to coordinate the relationship between optimizing increment and revitalizing stock, comprehensively improving resource allocation efficiency. Finally, balance must be maintained between improving quality and enlarging total volume, solidifying the material foundation for Chinese-style modernization.

The meeting called for next year's economic work to be guided by ****'s Thought on Socialism with Chinese Characteristics for a New Era, fully implementing the spirit of the Party's 20th National Congress and the second and third plenary sessions of the 20th Central Committee. The focus should be on maintaining stability while seeking progress, comprehensively and accurately implementing the new development philosophy, accelerating the construction of a new development pattern, solidly promoting high-quality development, further deepening reforms comprehensively, expanding high-level opening up, building a modern industrial system, better coordinating development and security, implementing more proactive macro policies, expanding domestic demand, promoting the integration of technological innovation and industrial innovation, stabilizing the real estate and stock markets, preventing and mitigating key areas of risk and external shocks, stabilizing expectations, enhancing vitality, promoting the continuous recovery and improvement of the economy, continuously improving people’s living standards, maintaining social harmony and stability, and achieving high-quality completion of the tasks of the 14th Five-Year Plan to lay a solid foundation for a good start to the 15th Five-Year Plan.

The meeting indicated that next year, economic stability growth should be maintained, with overall stability in employment and prices, as well as a basic balance in international payments, promoting synchronization between residents' income growth and economic growth.

The meeting required that next year, stability while seeking progress should be adhered to, progress should promote stability, integrity and innovation should be preserved, setting the foundation before breaking new ground, systematic integration and collaborative cooperation should be emphasized, enriching and perfecting the policy toolbox to enhance the foresight, targeting, and effectiveness of macro-control.

Implement a more proactive fiscal policy. Increase the fiscal deficit rate to ensure that fiscal policy continues to exert strength and is more effective. Intensify fiscal expenditure and strengthen guarantees in key areas. Increase the issuance of ultra-long special government bonds to continuously support the implementation of "two重" projects and "two新" policies. Increase the issuance and use of local government special bonds, expand the fields of investment, and use them as project capital. Optimize the fiscal expenditure structure, improve the efficiency of fund use, focus more on benefiting people's livelihoods, promoting consumption, enhancing momentum, and ensuring the bottom line of the grassroots "three保". Party and government organs should adhere to frugal living.

Implement moderately loose monetary policy. Effectively utilize the dual functions of the total amount and structure of monetary policy tools, timely reduce the reserve requirement ratio and interest rates, maintain abundant liquidity, ensuring that the scale of social financing and the money supply growth matches the economic growth and price level expectations. Maintain the RMB exchange rate's basic stability at a reasonable and balanced level. Explore and expand the central bank's macro-prudential and financial stability functions, innovate financial tools, and maintain financial market stability.

A well-coordinated policy "combination punch" should be struck. Strengthen the coordination of fiscal, monetary, employment, industry, regional, trade, Eco-friendly Concept, regulation, and other policies and reform measures, improve effective communication and consultation feedback mechanisms between departments, and enhance policy cooperation. Integrate economic policies and non-economic policies into a unified macro policy consistency assessment, coordinating the entire process of policy formulation and execution to improve overall policy effectiveness.

The meeting determined that the following key tasks should be effectively managed next year.

Firstly, vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand. Implement special actions to stimulate consumption, promote income increases and reduce burdens for the middle and low-income groups, and enhance their consumption capacity, willingness, and levels. Appropriately increase the basic pension for retirees, raise the basic pension for urban and rural residents, and increase the financial subsidy standards for urban and rural residents' medical insurance. Intensify the expansion of the "two新" policies, innovate diversified consumption scenarios, expand service consumption, and promote the development of the cultural tourism industry. Actively develop the inaugural economy, ice and snow economy, and silver-haired economy. Strengthen top-down organizational coordination and provide greater support for "two重" projects. Moderately increase central budgetary investments. Enhance the cooperation between fiscal and financial sectors to effectively drive social investment through government investments. Plan major projects under the "15th Five-Year Plan" early. Vigorously implement urban renewal. Implement actions to reduce overall logistics costs in society.

Secondly, lead the development of new quality productivity through technological innovation, and build a modern industrial system. Strengthen fundamental research and tackle key core technologies, proactively layout major technological projects, and carry out large-scale application demonstrations of new technologies, new products, and new scenarios. Launch the "AI+" initiative to cultivate future industries. Strengthen the construction of national strategic scientific and technological forces. Improve multi-level financial service systems, bolster patient capital, attract social capital to participate in venture investments more effectively, and gradually cultivate innovative enterprises. Rectify 'involution-type' competition and regulate behavior of local governments and enterprises. Actively utilize digital and green technologies to transform and upgrade traditional industries.

Thirdly, leverage the guiding role of economic system reforms to ensure landmark reform measures are implemented effectively. Successfully complete the deep reform actions of state-owned enterprises and issue the private economy promotion law. Carry out special actions to standardize enterprise-related law enforcement. Formulate guidelines for constructing a unified national market. Strengthen regulation to promote the healthy development of the platform economy. Advance fiscal and tax system reforms to increase local autonomous financial resources. Deepen integrated reforms of capital market investment and financing, break through bottlenecks for mid- to long-term capital market entry, and enhance the inclusiveness and adaptability of capital market systems.

Fourthly, expand high-level openness to stabilize foreign trade and foreign investment. Gradually expand autonomous opening-up and unilateral opening, steadily expand institutional opening, promote the quality and efficiency of free trade pilot zones, and accelerate the implementation of core policies in Hainan Free Trade Port. Actively develop service trade, green trade, and digital trade. Deepen reforms of foreign investment promotion systems and mechanisms. Steadily advance the opening of the service sector, expand pilot programs in telecommunication, medical, education, and other fields, and continue to build the "Invest in China" brand. Promote high-quality co-construction of the Belt and Road Initiative Concept and improve the overseas integrated service system.

Five is to effectively prevent and resolve risks in key areas, firmly adhering to the bottom line of no systemic risks occurring. Continuously promote the stabilization of the real estate market and accelerate the renovation of urban villages and dilapidated houses, fully releasing the potential of rigid and improved housing demand. Reasonably control the supply of new real estate land, activate existing land and commercial office space, and advance the disposal of inventory of commercial housing. Promote the construction of a new model for real estate development, orderly build related foundational systems. Steadily handle the risks of local small and medium financial institutions. Central and local cooperation to jointly combat illegal financial activities.

Six is to coordinate the promotion of new-type urbanization and comprehensive rural revitalization, fostering urban-rural integration development. Strictly adhere to the red line of arable land and carefully manage the balance of occupied and compensated arable land. Ensure stable production and supply of grain and important agricultural products, enhancing the comprehensive benefits and competitiveness of agriculture. Protect the enthusiasm of grain farmers and major grain-producing areas, and improve the mechanism for forming grain prices. Promote the integrated development of industries, strengthen counties, and enrich people in a way suitable for local conditions, tirelessly broadening channels for farmers' income increases. Develop modern urban circles, enhance the governance levels of mega and super cities, and vigorously develop county economies.

Seven is to increase the implementation strength of regional strategies and enhance regional development vitality. Leverage the synergistic effects of regional coordinated development strategies, significant regional strategies, and the main functional area strategy to actively cultivate new growth poles. Enhance the innovative capability and radiation effect of economically advantageous regions. Support major economic provinces in taking the lead and encourage other regions to develop according to local conditions and showcase their strengths. Deepen industrial collaboration in the East, Central, West, and Northeast regions, and vigorously develop the Marine Economy and Bay Area economy.

Eight is to advance jointly in reducing carbon emissions, reducing pollution, and expanding green growth, hastening the comprehensive green transformation of economic and social development. Further deepen ecological civilization system reforms. Create an ecosystem conducive to the healthy development of green and low-carbon industries, and cultivate new growth points such as green buildings. Promote significant achievements in the "Three Norths" project and accelerate the construction of the 'Shagehuang' New Energy base. Establish a number of zero-carbon parks, promote the construction of a national carbon market, and establish a product carbon footprint management system and carbon certification system. Continue to advance the defense battle for blue skies, clear waters, and clean lands. Develop a comprehensive solid waste management action plan. Implement major projects for biodiversity conservation. Strengthen the construction of natural disaster prevention systems.

Nine is to increase the effort to guarantee and improve people's livelihoods, enhancing the sense of gain, happiness, and security among the people. Implement employment support plans for key areas, key industries, urban-rural grassroots, and small and micro enterprises, promoting employment among key groups. Strengthen the protection of rights for flexible employment and new employment forms. Effectively implement support policies for industries, employment, etc., ensuring no large-scale return to poverty occurs, and safeguard the basic lives of those in difficulty. Promote the quality and balanced development of compulsory education, rigorously advancing the expansion of quality undergraduate education. Implement strong foundation projects in medical and health sectors, and devise policies to encourage childbirth. Develop community-supported home-based retirement and expand inclusive elderly care services. Adhere to and develop the 'Fengqiao Experience' of the new era, strengthening public safety systems.

The meeting pointed out that one must consciously unify thought, will, and action with the scientific judgment of the Central Committee on the situation, grasp the trends, strengthen confidence, face difficulties squarely, and maintain clarity. All should comprehensively implement the overall requirements and policy orientations for next year's economic work, focus on target guidance, and strive to achieve a stable growth, job stability, and a reasonable rebound in prices as an optimized combination; grasp the policy orientations, emphasize timing and strength, expedite all tasks wherever possible, and ensure sufficient intensity; strengthen systematic thinking, focus on the coordination of various policies and reform measures, and enlarge policy effects. Grasp key links to successfully complete key tasks for next year's economic work, addressing the prominent issues of insufficient demand and focusing on boosting domestic demand, particularly in resident consumption; steadfastly promote reforms and expand openness against deep-seated barriers and external challenges; address the bottleneck constraints of industrial transformation and upgrading, promoting a smooth transition between new and old driving forces; enhance policy support and optimize supervision services in response to companies’ concerns and demands; continue to push forward the handling of risks in key areas diligently.

The meeting emphasized the need to strengthen the Party's leadership over economic work, adhere to proactively taking charge, strengthening confidence, confronting difficulties, and being proactive, ensuring that the various decisions and deployments of the Central Committee are implemented. Strengthen positive incentives to stimulate endogenous power for entrepreneurship and innovation. Effectively relieve burdens from grass-roots levels, allowing those who are willing to act, can act, to carry out their work successfully. Firmly combat corruption, maintain a fair and just market environment and a clean business atmosphere. Adhere to truth-seeking and pragmatism, resolutely oppose the formality and bureaucracy that focuses on showing off to superiors, neglecting duties to subordinates, and does not consider effectiveness. Coordinate development and security, ensure safety in production, and effectively prevent and respond to social security incidents in a timely manner. Enhance collaborative linkage, oppose localism, and form a cohesive force for implementation. Strengthen expectation management, collaborate to promote policy implementation and expectation guidance, and enhance policy guidance and influence. At the same time, accurately grasping the international, national, Party, and social conditions strengthens strategic planning, and formulates solid central '15th Five-Year' planning suggestions.

The meeting required that all work related to guaranteeing livelihoods and safety stability at the end of the year and the beginning of the new year must be done well, with thorough investigations and resolutions of various conflicts, disputes, and risk hazards to ensure the stability of the social environment.

The conference calls for the entire Party, the country, and society to unite more closely around the Party Central Committee with Comrade **** at its core, to earnestly implement the various deployments of the conference, and to fully accomplish the economic and social development goals and tasks, thereby advancing the construction of a strong country and the great rejuvenation of the nation through actual achievements in high-quality development.

Members of the Politburo of the Communist Party of China, secretaries of the Central Secretariat, relevant leaders from the Standing Committee of the National People's Congress, State Council members, the president of the Supreme People's Court, the chief procurator of the Supreme People's Procuratorate, relevant leaders from the National Committee of the Chinese People's Political Consultative Conference, and members of the Central Military Commission also attended the meeting.

The main responsible comrades from the Party and government of each province, autonomous region, municipality directly under the central government, and separately planned cities, as well as the Xinjiang Production and Construction Corps, relevant departments of the central and national organs, relevant people's organizations, some financial institutions and enterprises managed by the central government, and the main responsible comrades from various departments of the Central Military Commission also participated in the meeting.

Editor/lambor