In a pivotal meeting on Monday, members of the Political Bureau of the Communist Party of China (CPC) Central Committee convened to formulate the nation’s economic strategies for 2025. The meeting was chaired by President Xi Jinping, who is also the General Secretary of the CPC Central Committee.
Expressing strong confidence in achieving China’s economic and social development goals for 2024, the leaders assessed the current economic landscape and outlined plans to sustain and enhance growth in the coming year.
Commitment to Proactive Macro Policies
The meeting underscored the necessity of implementing more proactive and impactful macroeconomic policies. Emphasizing the importance of bolstering confidence, President Xi stressed the need to adopt a more proactive fiscal policy and a moderately loose monetary policy—marking the first easing stance since 2010.
“China’s economy has a solid foundation with many advantages, strong resilience, and great potential,” President Xi stated during a symposium with non-CPC personages earlier. “The supporting conditions and fundamental trend for its long-term sound development remain unchanged.”
The leaders called for enriching the policy toolkit, strengthening unconventional countercyclical adjustments, and enhancing the coordination of various policies to make macro-regulation more forward-looking, targeted, and effective.
Boosting Domestic Demand and Global Contribution
Amid global economic uncertainties, China aims to vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts. The meeting emphasized expanding high-standard opening-up, stabilizing foreign trade and investment, and effectively preventing and defusing risks in key sectors to ensure no systemic risks arise.
The International Monetary Fund (IMF) has predicted that global economic growth will rely more heavily on BRICS nations over the next five years, with China expected to be the top contributor at 22 percent—exceeding the combined contribution of all G7 countries.
In October, positive economic indicators such as the Purchasing Managers’ Index (PMI) rising to 50.1 percent signaled an expansion for the first time in five months. The Non-Manufacturing Business Activity Index also increased, reflecting gradual recovery momentum.
Strengthening Confidence Amid Challenges
President Xi acknowledged the difficulties and challenges ahead but emphasized that China has always developed by overcoming challenges and growing stronger through tests. “We have always developed by overcoming challenges, grown up in the baptism of wind and rain, and become stronger in the face of tests,” he noted.
He highlighted the importance of taking the initiative to create a favorable external environment and transforming positive factors into tangible developmental achievements.
The meeting concluded with a call for unity and concerted efforts to achieve the set economic and social development goals for the upcoming year, laying a solid foundation for sustained long-term growth.
Reference(s):
cgtn.com
