China’s Central Economic Work Conference (CEWC) concluded on December 21, in Beijing.  The CEWC, is an annual gathering of the Party leadership that takes place in December and discusses China’s economic outcomes from the past year and outlines economic policies that should be implemented over the next twelve months. It has an elevated role in setting the direction of economic policy since Xi Jinping came to office. The CEWC meeting agreed "We responded effectively to profound changes in the external environment in accordance with the requirements of high-quality development, worked hard to meet difficulties, and accomplished the objectives of macro-control well." It also said"We steadily dealt with Sino-US economic and trade frictions…[and] took new steps towards the goal of building a well-off society in an all-round way." It stated too that "The external environment is complex and severe, and the economy is facing downward pressure…[So] we should strengthen our awareness of hardships, seize the principle contradiction, and focus our resolve." It gave an indication that economic support measures are set to intensify in 2019, with a clear emphasis on fiscal policy over monetary policy. But there is no suggestion of any large-scale stimulus on the cards. The CEWC  specified seven specific tasks for 2019. These are: (i) promoting high-quality development in the manufacturing industry -- moving up the value chain, increasing efforts to push under-performing companies out of the market, and focussing on technological innovation. (ii) promoting the formation of a strong market --- improve product quality, accelerate the development of education, medical care and other services, and enhance consumption capacity. (iii) promote the strategy of rural revitalization -- invest in rural areas, improve technology in agriculture and increasingly focus on rural land reform. (iv) promote coordinated regional development -- build out key geographical clusters in the Jingjinji area, Greater Bay Area, and the Yangtze River Delta, focus on creating economies of scale and network effects to drive growth. (v) speed up reform of the economic system -- better manage state capital, focus on mixed-ownership reform of SOEs, support development of the private sector, improve the financial system and deepen capital markets. (vi) promote all-round opening-up -- fully implement a negative list system, protect the legitimate rights and interests of foreign investors, especially the intellectual property rights, and allow more areas to be operated solely by foreign investors. And (viii) strengthen the protection and improvement of people's livelihoods -- prioritise employment, invest in education, continue to build the social security system and develop a long-term solution for development of the property market.