A major meeting devoted to planning for China’s economic performance next year prioritized boosting domestic demand by boosting consumption to promote economic growth amid pressure from “contracting demand, supply shocks and weakening expectations”.
The two-day annual Central Economic Work Conference, which ended on December 16, also made it clear that efforts must be made to raise social expectations and build market confidence, better coordinate the response to the COVID-19 pandemic and socio-economic development, while better coordinating support for supply-side structural reform and increasing domestic demand.
Speaking at the meeting, President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, reviewed China’s economic work in 2022, analyzed the economic situation current state of the country and makes proposals for the economic work of next year.
According to a statement issued after the meeting, conference participants also underlined the need for next year’s economic work to adhere to the fundamental principle of seeking progress while maintaining stability. They also called for full and faithful implementation of the new development philosophy and to intensify the construction of the new development paradigm with emphasis on promoting high-quality growth and better coordination of development and security, noting that the focus will be on stabilizing growth, employment and prices in order to revive the economy.
The statement also said that the implementation of a proactive fiscal policy and a prudent monetary policy will continue in 2023. At the same time, the text added, the coordination and synergy between the different policies will have to be reinforced. , and prevention and control measures will need to be optimized so that they jointly drive high-quality growth.
Participants at the meeting also said that industrial policy should take into account development and security, while social policy should ensure people’s basic livelihoods. At the same time, the employment of young people, in particular those with university degrees, will have to be given special attention.
To increase domestic demand, the meeting participants called for several measures to be taken to increase citizens’ incomes and support the consumption of housing, new energy vehicles and elderly care services.
They further underscored the need to effectively stimulate social capital through public investment and policy incentives, and encourage and incentivize private capital to participate in major projects, stressing that exports must of their side continue to support economic growth.
Meeting participants called for accelerating the construction of a modern industrial system, achieving breakthroughs in core technologies in key areas and improving the global competitiveness of traditional Chinese industries, recalling the need to accelerate the research, development and application of cutting-edge technologies in the fields of new energy, artificial intelligence, biotechnology, green and low-carbon development and quantum computing, and to increase efforts to develop the digital economy.
They also underscored the importance of treating public enterprises and private enterprises equally through legal or institutional support, urging to protect the property of private enterprises and the rights and interests of private entrepreneurs in accordance with the law. .
Finally, while emphasizing the need to redouble efforts to attract and use foreign capital, participants in the meeting called for expanding market access and openness in the modern service sector and deploying active efforts to join high-level economic and trade agreements, in particular the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.
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China outlines 2023 growth plans at annual meeting
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