Central Finance Office provides detailed analysis of the spirit of the 2023 Central Economic Work Conference
The Central Economic Work Conference, held in Beijing from December 11th to 12th, was a significant event attended by General Secretary Xi Jinping. During the meeting, he delivered an important speech summarizing the economic work in 2023, analyzing the current economic situation, and outlining the economic work for 2024.
Following the conference, relevant comrades from the Central Finance Office immediately engaged in interviews with major central media outlets to provide a comprehensive interpretation of the spirit of the meeting and address current economic concerns and issues. Among the key points addressed were this year’s main expected goals, the outlook for China’s economic future, and initiatives to promote economic recovery.
The economic performance this year was characterized by high growth, stable employment, low prices, and a basic balance of international payments. Economic growth is expected to reach about 5.2%, contributing significantly to global economic growth. While there are challenges such as insufficient demand, overcapacity, and various risks, China’s economic development is expected to face more opportunities than challenges in the next year.
The Central Finance Office also outlined the strategic policies to intensify macro-control, advocating for progress, stability, and advancement. It was emphasized that proactive fiscal policy needs to be strengthened and improved in quality and efficiency, while prudent monetary policy must maintain flexibility, appropriateness, and effectiveness.
Regarding the attraction and utilization of foreign investment, the Office pointed out that despite fluctuations, there are still favorable conditions for foreign investment in China, including the largest potential large-scale market, support of a complete industrial system, and the country’s fostering of new development patterns. Measures to facilitate foreign investment include institutional opening up, support for foreign-invested enterprises, and efforts to increase the exchange of personnel between China and foreign countries.
Another critical aspect discussed was the promotion of new quality productivity, emphasizing the need to accelerate innovation, deep integration of the digital economy, and implementation of supportive policies. The Central Finance Office highlighted six policy initiatives to accelerate the cultivation of new productive forces, including education, technology, and talent development, improvements in the national system, and innovation system optimization.
In addition, the Office underscored the importance of scientific and technological innovation in leading the construction of a modern industrial system. To achieve this, the focus will be on developing core technologies, promoting new industrialization, and optimizing the innovation system.
One of the major achievements of this year’s central government policies has been the significant support for the private sector, with landmark measures introduced to promote private enterprise growth. The effective implementation of these policies has led to a positive development trend in the private economy.
Furthermore, addressing risks in key areas, such as real estate, local debt, and small and medium-sized financial institutions, was a key concern. The Central Finance Office emphasized the need to prevent systemic risks and maintain the bottom line, stressing the importance of strengthening supervision and adhering to the system concept.
In conclusion, the detailed analysis provided by the Central Finance Office post-conference serves as a roadmap for China’s economic development in 2024. With strategic policies in place to promote economic recovery, attract foreign investment, and manage risks, the Chinese economy is poised to continue its stable and healthy growth trajectory.