In a decisive move to steer China’s economic trajectory, General Secretary Xi Jinping led a crucial meeting of the Communist Party of China (CPC) Central Committee’s Political Bureau on Thursday. The meeting aimed to analyze the current economic landscape and lay out strategic plans for future economic work, reflecting the CPC’s commitment to sustaining growth and addressing emerging challenges.
The meeting acknowledged that the Chinese economy has maintained general stability this year, progressing while ensuring stability. New quality productive forces have shown steady development, and solid efforts have been made to guarantee people’s livelihood. Positive progress has also been achieved in preventing and defusing risks in major areas.
Despite challenges, the fundamentals of the Chinese economy remain robust, with favorable conditions such as a vast market, strong economic resilience, and great potential unchanged. The meeting emphasized the necessity to take a comprehensive, objective, and calm view of the current economic situation, face difficulties squarely, and maintain confidence.
The CPC leadership called for the effective implementation of existing policies and the introduction of additional targeted and effective measures to accomplish this year’s economic and social development goals. Notably, the meeting stressed the need to issue and utilize ultra-long special treasury bonds and local government special-purpose bonds to better leverage the driving role of government investment.
Monetary policy adjustments were also on the agenda. The meeting highlighted the imperative to lower the reserve requirement ratio and implement impactful interest rate cuts. Efforts to stabilize the property market were underlined, including adjusting housing purchase restrictions, lowering interest rates on existing mortgage loans, and improving land, fiscal, tax, and financial policies to promote a new model for real estate development.
The leadership urged efforts to boost the capital market by guiding medium- and long-term funds to invest in it and clearing obstacles for social security, insurance, and wealth management funds. Support for mergers, acquisitions, and restructuring of listed firms was emphasized, along with advancing the reform of publicly offered funds and introducing measures to protect small and medium-sized investors.
Earlier in the week, China’s central bank and financial regulators announced a series of measures to stimulate monetary policy, support the property market, and strengthen the capital market, aiming to boost the country’s high-quality economic development.
The meeting also underlined the necessity to enact a private economy promotion law to foster a favorable environment for the development of the non-public sector. Efforts to increase incomes for middle- and low-income groups and improve the consumption structure were highlighted.
In addressing demographic challenges, the CPC leadership called for supporting and standardizing social efforts in developing elderly care and childcare industries and refining pro-childbirth policies. The meeting stressed the importance of advancing reforms to improve market access for foreign capital in the manufacturing sector and optimizing a first-rate business environment that is market-oriented, law-based, and internationalized.
Employment support was prioritized, with a focus on key groups such as fresh college graduates, rural migrant workers, individuals recently lifted out of poverty, and zero-employment households. Assistance will be enhanced for those facing difficulties in securing jobs, including older individuals, people with disabilities, and the long-term unemployed. Additional support will be provided to the low-income population.
The meeting also emphasized the significance of agricultural production in autumn and winter to ensure national grain security, highlighting the need to bolster food production efforts.
Reference(s):
Xi Jinping chairs CPC leadership meeting to arrange for economic work
cgtn.com
