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New trends in China’s economic work in 2024 from the Political Bureau meeting of the CPC Central Committee

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New trends in China’s economic work in 2024 from the Political Bureau meeting of the CPC Central Committee

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New trends in China’s economic work in 2024 from the Political Bureau meeting of the CPC Central Committee

Xinhua News Agency – Beijing, December 8

The Political Bureau of the CPC Central Committee convened a meeting on December 8 to discuss and deliberate upon the economic work in 2024. Emphasizing the general tone of “adhering to stability while seeking progress,” the meeting highlighted the significance of “consolidating and enhancing the positive trend of economic recovery and continuing to promote the qualitative and effective improvement of the economy” and rational growth in quantity.”

The economic recovery has demonstrated significant improvements this year and the upcoming year, 2024, is expected to be a crucial year for the implementation of the “14th Five-Year Plan”. Notably, the country faces complex and increasing unfavorable factors in the international political and economic environment along with domestic cyclical and structural contradictions.

As the country’s economy continues to recover and improve, General Secretary Xi Jinping emphasized that the economic recovery is still at a critical stage. The year 2024 being the 75th anniversary of the founding of the People’s Republic of China, is significant for the implementation of the “14th Five-Year Plan”, requiring a meticulous and efficient approach to economic work.

The key aspects of the development of economic work in 2024 were emphasized at the meeting, including the need to “coordinate the expansion of domestic demand and deepen supply-side structural reform,” “accelerate the construction of a new development pattern,” and to “enhance the consistency of macro policy orientation and strengthen economic propaganda and public opinion guidance.”

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The meeting also pointed out the significance of persisting in seeking progress while maintaining stability, promoting stability through advancement, and establishing before breaking to strengthen counter-cyclical and inter-cyclical macro policy adjustment.

Regarding fiscal policies, the meeting emphasized the need to appropriately strengthen proactive fiscal policies and improve their quality and efficiency, while ensuring flexibility, appropriateness, precision, and effectiveness of the prudent monetary policies.

The technological innovation leading the construction of a modern industrial system and improving the resilience and safety level of the industrial and supply chains were also highlighted as key priorities in the meeting. The importance of domestic demand expansion and formation of a virtuous cycle between consumption and investment was also underscored.

The meeting asserted that economic work in 2024 will require a meticulous and well-coordinated approach to strengthen the country’s economic recovery and development.

The series of key arrangements made at the Political Bureau meeting of the CPC Central Committee is expected to set new trends in the economic work in 2024.

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