New trends in China’s economic work in 2024 from the Political Bureau meeting of the CPC Central Committee

Xinhua News Agency, Beijing, December 8 Title: New trends in China’s economic work in 2024 from the Political Bureau meeting of the CPC Central Committee

Reporter of Xinhua News Agency’s “Xinhua Viewpoint”

The Political Bureau of the CPC Central Committee held a meeting on December 8 to analyze and study the economic work in 2024, and clearly stated the general tone of “adhering to stability and seeking progress”, emphasizing “consolidating and enhancing the positive trend of economic recovery, and continuing to promote the qualitative and effective improvement of the economy” and reasonable growth in quantity”, a series of important deployments conveyed new trends in economic work in 2024.

　　This year’s economic recovery is improving, and next year will usher in a critical year for the implementation of the “14th Five-Year Plan”

This year is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China, and it is also the year to resume economic development after three years of COVID-19 prevention and control.

At present, my country’s development situation is complex, with increasing unfavorable factors in the international political and economic environment, and domestic cyclical and structural contradictions.

“Withstanding external pressure and overcoming internal difficulties”, “my country’s economy is recovering and improving” and “taking solid steps to comprehensively build a modern socialist country”… This is how the Political Bureau meeting of the Central Committee summarized this year’s economic performance.

Under the complex and severe situation, this year’s hard-won economic performance and economic work achievements have fully confirmed the correctness and foresight of the Party Central Committee in its judgment of the situation and related decisions. Looking forward to the new year, General Secretary Xi Jinping also made a judgment at a symposium of non-party persons held on December 6: “my country’s economic recovery is still at a critical stage.”

2024 is the 75th anniversary of the founding of the People’s Republic of China. It is a critical year for the implementation of the “14th Five-Year Plan” and it is crucial to do a good job in economic work.

“Intensify macro-control efforts”, “effectively enhance economic vitality, prevent and resolve risks, and improve social expectations”, “consolidate and enhance the positive economic recovery trend”, and “continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth”… for next year Regarding economic work, the Political Bureau of the CPC Central Committee made a series of arrangements at its meetings.

The person in charge of the National Economic Comprehensive Department of the National Development and Reform Commission said that the “three coordinations” proposed at the meeting are important principles that need to be grasped in next year’s economic work. Coordinate the expansion of domestic demand and deepen supply-side structural reform, and organically combine the two to enhance the endogenous power and reliability of the domestic cycle and improve the quality and level of the international cycle. We will coordinate new urbanization and comprehensive rural revitalization, continue to do a good job in “agriculture, rural areas and farmers”, put the urbanization of agricultural migrant workers in a more prominent position, and promote the integrated development of urban and rural areas. We must coordinate high-quality development and high-level security, ensure high-quality development unswervingly, continue to effectively prevent and resolve risks in key areas, strengthen national security capacity building, and safeguard the new development pattern with a new security pattern.

　　We must persist in seeking progress while maintaining stability, promoting stability through advancement, and establishing first and then breaking.

The meeting of the Political Bureau of the Central Committee of the Communist Party of China pointed out that next year we must persist in seeking progress while maintaining stability, promoting stability through advancement, establishing before breaking, strengthen counter-cyclical and inter-cyclical adjustment of macro policies, and continue to implement proactive fiscal policies and prudent monetary policies.

“The key to adhering to the principle of seeking progress while maintaining stability, promoting stability through advancement, and establishing first and then breaking, is to grasp the dialectical relationship contained therein.” The head of the National Economic Comprehensive Department of the National Development and Reform Commission said that promoting all work requires respecting laws. Promote “progress” on the basis of “stability” and achieve “stability” through “progress” in economic structure, development quality, and major reforms. It is also necessary to grasp the order of “establishment” and “destruction”, otherwise it will affect the overall economic development. This is also an important methodology for economic work.

Dong Yu, executive vice president of the China Development Planning Institute of Tsinghua University, believes that the current problems in economic operation include both short-term and long-term problems. Judging from the deployment of the meeting, macroeconomic policies next year will be more precise, make more additions, adopt more proactive support policies, use development methods to solve problems, and further boost confidence.

In addition, the meeting emphasized that the proactive fiscal policy must be appropriately strengthened, improved in quality and efficiency, and the prudent monetary policy must be flexible, appropriate, precise and effective.

Since the beginning of this year, our country has continued to implement proactive fiscal policies and prudent monetary policies, intensified macroeconomic policy control, strengthened coordination and cooperation of various policies, strived to promote the overall recovery of the economy, and solidly promoted high-quality development.

“While clarifying ‘appropriate increase’, the meeting also emphasized ‘improving quality and efficiency’, which will help strengthen the pertinence of fiscal policies.” Yang Zhiyong, director of the Fiscal and Taxation Research Center of the Chinese Academy of Social Sciences, said that in recent years, my country has continued to implement active measures Against the background of fiscal policy, next year’s fiscal policy will continue to be vigorous, remain active, improve quality and efficiency, and play a more precise and targeted role.

Zeng Gang, director of the Shanghai Finance and Development Laboratory, believes that through prudent monetary policy, we should make counter-cyclical and inter-cyclical adjustments, maintain reasonable growth in the total amount of money and credit and the scale of social financing, and make good use of structural monetary policy tools to achieve “flexibility, moderation, Accurate and effective”, effectively supporting the stable growth of the real economy.

The meeting of the Political Bureau of the Central Committee proposed to enhance the consistency of macro policy orientation and strengthen economic propaganda and public opinion guidance.

“Enhancing the consistency of macro policy orientations can not only improve policy effects, but also help stabilize market expectations.” Zeng Gang said that on the one hand, we must achieve the continuation of old and new policies, and on the other hand, we must do a good job in finance, currency, industry, supervision, etc. The coordination and cooperation of policies form a joint force to jointly promote high-quality development.

　　Accelerate the construction of a new development pattern and continue to inject strong impetus into high-quality development

The key to building a new development pattern is to achieve an unimpeded economic cycle, which mainly depends on whether the supply and demand ends are strong, overall matched, dynamically balanced, and benign interactions. In this regard, the Political Bureau meeting of the Central Committee proposed to “coordinate the expansion of domestic demand and deepen supply-side structural reform” and made a series of important arrangements.

Focusing on the supply side, the meeting proposed that technological innovation should lead the construction of a modern industrial system and improve the resilience and safety level of the industrial and supply chains.

“Currently, a new round of scientific and technological revolution and industrial transformation are developing in depth, with an unprecedented scope of radiation and an unprecedented degree of influence. We must persist in taking technological innovation as the main driving force, use technological innovation to lead industrial transformation, enhance industrial levels, make up for shortcomings, and Forging long plates, vigorously cultivating new pillar industries, constantly opening up new fields and new tracks for development, and creating new momentum and new advantages for development.” Dong Yu said.

Focusing on the demand side, the meeting proposed that efforts should be made to expand domestic demand and form a virtuous cycle in which consumption and investment promote each other.

The person in charge of the National Economic Comprehensive Department of the National Development and Reform Commission said that on the one hand, to meet consumer demand, especially the people’s growing needs for a better life, it is necessary to continuously improve the effective supply capacity and quality, and improving supply requires effective investment; on the other hand, in the transformation of investment In the process of doing physical work, it will also be transmitted through chains such as the purchase of goods or services, effectively driving an increase in income and an expansion of consumption, thus forming a virtuous cycle.

Achieving a virtuous cycle of the national economy is inseparable from further deepening reform and opening up. The meeting proposed that we should deepen reforms in key areas and continue to inject strong impetus into high-quality development. It is necessary to expand high-level opening up to the outside world and consolidate the fundamentals of foreign trade and foreign investment.

　　Secure the bottom line of people’s livelihood and ensure that wages of migrant workers are paid on time and in full

The happiness and well-being of the people is the ultimate goal of promoting high-quality development. The more complex and severe the economic situation becomes, the more we must focus on people’s livelihood concerns and secure the bottom line of people’s livelihood.

The meeting of the Political Bureau of the Central Committee pointed out that we must do our best and within our capabilities to effectively protect and improve people’s livelihood.

“Currently, our country is at a critical stage of economic recovery. Effectively ensuring and improving people’s livelihood is the general direction, and adhering to the necessary principle of doing our best and within our capabilities. We must continue to pay attention to key industries and key groups, and work together to create a better life. ” said Feng Wenmeng, a researcher at the Development Research Center of the State Council.

The meeting also emphasized that it is necessary to ensure the supply and stable price of important livelihood commodities during the “Two Festivals” period, ensure that the wages of migrant workers are paid in full and on time, care about the production and life of people in need, thoroughly implement the production safety responsibility system, and protect the safety of people’s lives and property. In good health.

Feng Wenmeng said that a series of arrangements at this meeting are related to the people’s livelihood and well-being, especially ensuring the supply of “rice bags” and “vegetable baskets” during the “Two Festivals” is related to whether the people can have a good New Year, and the work of ensuring supply and stable prices must be implemented In place, the bottom line of various people’s livelihood guarantees is firmly secured.

The end of the year and the beginning of the year are the periods when wage arrears are most likely to occur. Su Hainan, a special researcher at the China Labor Society, said that the meeting of the Political Bureau of the Central Committee put forward clear requirements for ensuring the wages of migrant workers, reflecting a high degree of concern for people’s livelihood issues. In the next step, the key is to implement the meeting’s arrangements, carry out the winter special campaign to eradicate wage arrears, promote the settlement of verified cases of wage arrears to migrant workers as soon as possible, and at the same time severely punish illegal activities such as malicious wage arrears, and effectively safeguard the legitimate rights and interests of migrant workers. .

One point is deployment and nine points is implementation. The meeting emphasized the need to uphold and strengthen the party’s overall leadership and implement the Party Central Committee’s major decisions and arrangements on economic work with high quality.

Experts say that our country is currently in a critical period of economic recovery and industrial transformation and upgrading. Under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, all decisions and arrangements are implemented with high quality and full use of its own advantages. Our country is fully qualified and capable to overcome difficulties and challenges and promote sustained and healthy economic development. (Reporters Chen Weiwei, Pan Dexin, Zhao Wenjun, Pan Jie)