CHINA-INTERNAL ECONOMY: XI JINPING CHAIRS CCFEA MEETING

On April 22, Chinese President Xi Jinping chaired a meeting of the the CCP’s most important economic policymaking body, the Central Commission for Financial and Economic Affairs (CCFEA). The agenda was to discuss ensuring that China achieves the goal of becoming a “moderately prosperous society” by 2021. The top item on the agenda was to: eradicate poverty. It also decided that over the next two years, the Party also needs to: Address prominent environmental problems; Improve compulsory education; Improve basic healthcare; Ensure clean drinking water; and Improve early education and elderly care. The CCFEA meeting also discussed economic policy for rest of the year. The government’s most important economic agencies gave reports on the implementation for key policies laid out at the Central Economic Work Conference (CEWC) in December. These agencies were the (i) National Development and Reform Commission; (ii) Ministry of Industry and Information Technology; (iii) Ministry of Finance; and (iv)  the People’s Bank of China. The CCFEA meeting decided that the top officials must: Improve counter-cyclical adjustments to macro policy; Increase the impact and effectiveness of fiscal policy; Enact tax and fee cuts as soon as possible; Ensure that monetary policy reflects changes in economic growth and prices; and Strengthen support for financing the real economy.





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