BEIJING: Solid steps will be taken to effectively enhance economic vitality, prevent and defuse risks and improve social expectations as part of the nation’s efforts to promote reasonable economic growth in 2024, according to a key Party meeting on Friday.
The meeting of the Political Bureau of the Communist Party of China Central Committee, which was chaired by Xi Jinping, general secretary of the CPC Central Committee, set the tone for China’s economic work in the next year as the 24-member CPC central leadership outlined the principles to stabilize and improve the Chinese economy amid a complicated internal and external environment.
Seeking progress while ensuring stability remains the overarching principle that must be upheld for the country’s economic work in the next year, according to a statement released after the meeting.
Highlights of the measures to effectively stabilize and improve the Chinese economy include comprehensively deepening reform and opening-up, promoting high-level self-reliance and self-improvement in science and technology, increasing macroeconomic regulation and making coordinated efforts to expand domestic demand and intensify supply-side structural reforms, the statement said.
The meeting’s participants emphasized the need to consolidate and enhance the momentum of economic recovery and strive to promote overall improvement in economic operations to achieve both qualitative and quantitative growth.
It was noted at the meeting that countercyclical and cross-cyclical adjustment of macroeconomic policies will be strengthened, and a proactive fiscal policy and prudent monetary policy will continue to be implemented.
The proactive fiscal policy should be appropriately intensified and improved in quality and efficiency, while the prudent monetary policy should be flexible, appropriate, targeted and effective, the statement said.
Further efforts will be made to expand domestic demand to form a virtuous cycle of mutual promotion between consumption and investment, it said.
The meeting’s participants underlined the role of technological innovation in boosting the construction of a modern industrial system, and urged efforts to enhance the resilience and security of industrial and supply chains.
It was emphasized at the meeting that reforms in key areas will be deepened to continuously inject strong impetus into high-quality development, and that high-level opening-up will be expanded to consolidate the fundamentals of foreign trade and foreign investment. –The Daily Mail-China Daily news exchange item
