Xinhua (December 10) reported that at the annual Central Economic Work Conference held in Beijing from
December 8-10, Chinese leaders mapped out priorities for the economic work in 2022. In a speech at the
conference, Xi Jinping, described 2021 as a milestone for the Party and the nation. The meeting noted that
China maintained a leading position in the world in economic development and epidemic control, with
progress made in scientific strength, industrial chain resilience, reform and opening-up, people's livelihood
and ecological civilization. However, it cautioned that China's economic development is facing pressure from
demand contraction, supply shocks and weakening expectations, and the "external environment is becoming
increasingly complicated, grim and uncertain". The statement released after the meeting said: "We must face
the difficulties squarely while staying confident," and called "for remaining committed to China's own cause".
It also urged making proactive efforts to align with the highest international economic and trade rules,
deepening reform via high-level opening-up, and boosting high-quality development. Xinhua reported that
the meeting "stressed the necessity to adhere to the centralized, unified leadership of the CPC Central
Committee, promote high-quality development and pursue progress while ensuring stability". The meeting,
it said, stressed the need "to safeguard macroeconomic stability, keep major economic indicators within an
appropriate range and maintain social stability to prepare for the Party's 20th National Congress".
The Global Times (December 12) highlighted that top Chinese policymakers placed heavy emphasis on
economic "stability" at the 2-day Central Economic Work Conference. It said the Conference referred to the
term economic "stability" 25 times and explained that this was to address various challenges over the next
year ranging from shrinking demand and supply crunch to downward pressure on economic growth. Ning
Jizhe, Deputy Head of the National Development and Reform Commission also pointed out that the
conference put "stable economic growth" at its core. He added "The huge potential of China's development
lies in the vast rural areas and the central and western regions. We should tap into this potential and transform
the potential into effective demand".
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