Xi presides over meeting on economic work

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Friday presided over a meeting of the Political Bureau of the CPC Central Committee to analyze current economic situation and economic work.

It was noted at the meeting that since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all localities and departments have better balanced domestic and international imperatives, responded to COVID-19 and pursued economic and social development in a well-coordinated way, and ensured both development and security. As a result, China has secured a major, decisive victory in the country's COVID-19 response efforts, and economic and social activities have fully returned to normal. With macro policies well in place, the triple pressure of shrinking demand, supply shocks, and weakening expectations has been alleviated. The economic growth has exceeded expectations, market demand is picking up, economic growth is rebounding, and China's economy is off to a good start.

It was pointed out at the meeting that the current upturn in China's economy is mainly in the process of recovering, with endogenous driving force still weak and demand insufficient. Economic transition and upgrading face new headwinds, and hardships and challenges are still to be overcome to promote high-quality development.

It was stressed at the meeting that it is imperative to carry out the theoretical study program on the study and implementation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, earnestly implement the guiding principles of the Central Economic Work Conference, adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, accelerate the forging of a new development pattern, and comprehensively deepen reform and opening up. It is also important to give full play to the effectiveness of policies while boosting the vitality of business entities, so as to create a strong driving force for high-quality development. Work should be coordinated to ensure sustained economic growth, boost the dynamism of the economy, improve social expectations, and prevent and defuse risks and hidden dangers, so that we can ride the crest of what has been achieved to effectively upgrade and appropriately expand China's economic output.

It was noted at the meeting that efforts must be made to accelerate modernizing the industrial system supported by the real economy. It is not just necessary to speed up achieving breakthroughs in inadequate areas, but also important to make strong areas stronger and bigger. Efforts must be made to consolidate the foundation of self-reliance and strength in science and technology and cultivate new drivers for growth. The strengths in developing new energy vehicles must be consolidated and expanded with efforts to build more charging piles and energy storage facilities and to renovate power grids. Importance must be attached to the development of artificial general intelligence, fostering an enabling environment for innovation and remaining on high alert against risks.

It was noted at the meeting that currently the key for the economy to steadily recover and pick up relies on the recovery and expansion of demand. It is necessary to step up efforts in making proactive fiscal policy more effectual and prudent monetary policy more targeted and effective so as to create synergy for expanding demand. The incomes of urban and rural residents should be increased through multiple channels, the consumption environment should be improved, and the consumption of services in sectors such as culture and tourism should be boosted. The guiding role of government investment and policy incentives should be well leveraged to effectively stimulate private investment.

It was noted at the meeting that the principle must be firmly maintained to unswervingly consolidate and develop the public sector and unswervingly encourage, support and guide the development of the non-public sector. Efforts must be made to remove the obstacles and barriers in terms of laws and rules as well as hidden ones that hinder enterprises under all forms of ownership from competing and growing on a level playing field. Efforts must also be made to continuously boost the confidence of business entities and help enterprises regain strength. All enterprises must operate in compliance with law and regulations. Work must be done to ultimately address the issue of overdue payments to enterprises. Work should be done to promote the well-regulated and healthy development of platform companies, and encourage leading platform companies to explore and innovate.

It was stressed at the meeting that reform should be comprehensively deepened and high-level opening up expanded. The reform plan of the Party and state institutions should be conscientiously implemented to promote the modernization of the state governance system and capacity. It is imperative to put attracting foreign investment in an even more important position and stabilize the basic situation of foreign trade and investment. Free trade pilot zones and free trade ports with conditions should be supported to dovetail their rules with high-standard international economic and trade rules, and play a pioneering role in reform and opening up.

It was pointed out at the meeting that work should be done to effectively prevent and defuse risks in key areas and coordinate the reform of small and medium-sized banks, insurance and trust institutions and help them prevent and defuse risks. The principle must be adhered to that housing is for living in, not for speculation. With this in mind, city-specific policies should be implemented to support people in buying their first homes or improving their housing conditions. Work must be done to secure timely deliveries of presold homes, ensure people's wellbeing and social stability, so as to promote the steady and healthy development of the real estate market and boost the establishment of a new development pattern for the real estate industry. In megacities, renovation of "villages" in cities should be steadily promoted and so should the construction of public infrastructure for both normal and emergency use. More affordable housing should be planned and constructed. It is of importance to strengthen the management of local government debts and strictly control the increase of implicit debt. The prevention and control of COVID-19 should remain in place.

It was noted at the meeting that solid efforts must be made to safeguard and improve people's livelihoods, priority must be given to employment to expand employment channels for college graduates and stabilize employment for key groups such as migrant workers. With a particular strong sense of responsibility, efforts must continuously be made to ensure workplace safety. Adequate electric power supply should be guaranteed during the peak summer season. What has been achieved in poverty alleviation must be consolidated and further expanded, and efforts made to ensure grain production and supply of essential agro-products to comprehensively promote rural revitalization. Ecological conservation and environmental protection must be strengthened. Officials at all levels must take the lead in conducting investigations and research, targeting problems and helping enterprises and grassroots solve problems in a practical manner.