People’s Daily recently reported that The Central Economic Work Conference was held in Beijing from December 8th to 10th. Xi Jinping, General Secretary of the Chinese Communist Party (CCP), and the rest of the members of the Standing Committee of the Political Bureau of the CCP Central Committee, attended the conference. The conference focused on summarizing the economic work in 2021, analyzing the current economic situation, and planning the economic work for 2022. The conference identified that the Chinese economy is facing the triple pressures of shrinking demand, supply shocks, and weakening expectations. The conference also recognized that, with the impact of the pandemic, the external environment has become more complex, severe and uncertain. The Party leadership asked for the people to adhere to the general tone of seeking progress while maintaining stability. The conference demanded that next year’s economic work should be steady and focus on stability. All regions should take responsibility for stabilizing the macro economy, and all branches of the government should actively introduce policies conducive to economic stability. The official report of the conference used the word “stability” 25 times. The conference also laid out seven key policies: First, macroeconomic policies must be stable and effective; second, micro-economic policies must continue to stimulate the vitality of the market; third, structural policy should focus on smoothing the national economic cycle; fourth, science and technology policies must be firmly implemented; fifth, the reform and open-up policy must activate the growth momentum; sixth, regional policies should enhance the balance and coordination of development plans; lastly, social policies must hold the bottom line of people’s livelihood.
Source: People’s Daily, December 11, 2021