On December 8th, the Political Bureau of the CPC Central Committee held a meeting to discuss the economic work for the year 2024 and conveyed new trends in China’s economic work for the upcoming year. The general tone of “adhering to stability while seeking progress” was emphasized, along with the importance of “consolidating and enhancing the positive trend of economic recovery, and continuing to promote the qualitative and effective improvement of the economy” and ensuring reasonable growth in quantity.
The meeting identified 2024 as a critical year for the implementation of the “14th Five-Year Plan” and emphasized the need to intensify macro-control efforts, coordinate the expansion of domestic demand, deepen supply-side structural reform, and combine new urbanization and comprehensive rural revitalization.
During the symposium of non-party persons held on December 6, General Secretary Xi Jinping highlighted that the country’s economic recovery is still at a critical stage. With various challenges in the international political and economic environment and domestic cyclical and structural contradictions, it is essential to withstand external pressure, overcome internal difficulties, and consolidate and enhance the positive economic recovery trend.
A series of arrangements were made at the meeting to ensure that economic work in 2024 aligns with the goals set out in the 14th Five-Year Plan. The focus will be on promoting high-quality development, improving quality and efficiency of fiscal and monetary policies, and enhancing the consistency of macro policy orientation.
The meeting also emphasized the need to accelerate the construction of a new development pattern, focusing on ensuring an unimpeded economic cycle by strengthening both the supply and demand sides of the economy. This includes leading technological innovation to build a modern industrial system and improving the resilience and safety level of the industrial and supply chains.
In efforts to expand domestic demand and form a virtuous cycle in which consumption and investment promote each other, it is necessary to continuously improve effective supply capacity and quality.
Overall, the meeting of the Political Bureau of the CPC Central Committee provided a clear direction for China’s economic work in 2024, with a focus on maintaining stability while seeking progress, promoting high-quality development, and ensuring the new development pattern continues to inject strong impetus into the economy.