CHINA-LEADERSHIP: CHINESE PRESIDENT XI JINPING CHAIRED CENTRAL ECONOMIC WORK CONFERENCE (DECEMBER 11-12)

People's Daily (December 13) reported that Chinese President Xi Jinping attended the Central
Economic Work Conference and delivered an "important" speech. It reported Xi Jinping saying
that the 'Chinese economy has posted generally stable performance while making progress in
2024, with solid advances made in high-quality development and major annual goals and tasks
of economic and social development to be successfully accomplished. The development
journey over the past year has been extraordinary and the achievements have been encouraging'.
It said while acknowledging the deepened adverse impact brought about by changes in the
external environment and many difficulties and challenges still facing the domestic economic
operation at present, the meeting pointed out that the supporting conditions and fundamental
trend for the Chinese economy's long-term sound development remain unchanged. The meeting
said, "We must face up to the difficulties, strengthen our confidence, and strive to transform
all positive factors into actual achievements in development." More proactive and impactful
macro policies should be implemented to sustain the upward trend of the economy, so as to
fulfil the goals and tasks in the 14th Five-Year Plan (2021-2025) with high quality and lay a
solid foundation for a good start to the 15th Five-Year Plan (2026-2030), the meeting said. The
meeting emphasized the need to maintain steady economic growth, keep employment and
prices generally stable, ensure a basic equilibrium in the balance of payments, and increase
residents' income in step with economic growth, next year. It pledged to increase the issuance
of ultra-long special treasury bonds and local government special-purpose bonds, and optimize
the structure of fiscal expenditure. The meeting called for better coordination between fiscal,
monetary, employment, industrial, regional, trade, environmental and regulatory policies and
the country's reform and opening up measures. Outlining a number of key tasks for 2025, the
meeting urged efforts to vigorously boost consumption, improve investment efficiency, and
expand domestic demand on all fronts. It said a special campaign dedicated to stimulating
consumption should be implemented, and efforts should be made to increase the incomes and
alleviate the burdens of low- and middle-income groups. Large-scale equipment upgrades and
consumer goods trade-in programs should be promoted with greater intensity and scope, and
active efforts should be made to develop debut economy, ice and snow economy and silver
economy. It called for stronger support for implementing major national strategies and building
security capacity in key areas, and appropriately increased investment from the central
government budget. It called for China to take steps to make scientific and technological
innovation drive the development of new quality productive forces and build a modernized
industrial system and adopt forward-thinking arrangements for major technological projects,
conduct large-scale demonstration for the application of new technologies, products, and
scenarios, launch an AI Plus initiative, nurture industries of the future and boost China's
strategic scientific and technological strength, according to the meeting. Saying the government
should enhance regulation and promote the healthy development of the platform economy, and
improve the capital market system's inclusiveness and adaptability, the meeting added that
China should expand its high-standard opening up and keep foreign trade and foreign
investment stable. Among the tasks for next year, it listed expanding pilot programs in fields
such as telecom, healthcare and education, reversing the downturn of and stabilising the real
estate market, addressing risks in local small and medium-sized financial institutions prudently
and ensuring stable production and supply of grain and other key farm produce. The meeting
also demanded making sound proposals for the 15th Five-Year Plan and said work should be
done to ensure people's wellbeing and security at the turn of the year and maintain overall social
stability. Chinese Premier Li Qiang made a concluding speech, putting forward requirements
for implementing the guiding principles of Xi's important speech and doing a good job in the
economic work next year. The state-owned CCTV (December 12) reported that Politburo
Standing Committee members Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang,
and Li Xi attended.






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