Xinhua Agency, Beijing, December 9Title: Looking at new trends in economic work in 2025 from the meeting of the Political Bureau of the CPC Central Committee

Reporter of Xinhua Viewpoint of Xinhua Agency

On December 9, the Political Bureau of the CPC Central Committee held a meeting to analyze and study economic work in 2025.

The meeting summarized and analyzed this year's economic work, comprehensively and objectively judged the current economic development situation, and made a series of arrangements for economic work next year. It will surely further strengthen the confidence of all parties in development, proactively respond to difficulties and challenges, consolidate and enhance the positive trend of economic recovery, and lay a solid foundation for achieving a good start to the 15th Five-Year Plan.

The main goals and tasks of economic and social development this year will be successfully completed

2024 is a critical year for achieving the goals and tasks of the "14th Five-Year Plan".

Since the beginning of this year, in the face of a more complex international and domestic environment, the Party Central Committee with Comrade Xi Jinping as the core has united and led the entire Party and the people of all ethnic groups in the country to respond calmly and implement comprehensive policies. The economic operation is generally stable and steady and progress. The meeting believed that my country's economic strength, scientific and technological strength, and comprehensive national strength continue to increase. New-quality productivity is developing steadily, reform and opening up continues to deepen, risks in key areas are resolved in an orderly and effective manner, and people's livelihood protection is solid and powerful. The main goals and tasks of economic and social development throughout the year will be successfully completed.

"Under the complex and severe situation, this year's economic and social development achievements have been hard-won, which fully confirms the correctness and predictability of the Party Central Committee's judgment and decision-making and deployment of the situation." Guo Liyan, deputy director of the Institute of Economics of China Academy of Macroeconomics, said that the meeting made a series of important judgments on this year's economic situation will help further strengthen development confidence and better stabilize development expectations.

At present, my country's development faces many uncertainties and challenges. To do a good job in economic work next year, we must strengthen our confidence in victory.

"Further comprehensively deepen reforms","expand high-level opening up to the outside world","implement more proactive and promising macro policies","expand domestic demand","stabilize the property market and stock market"... In response to next year's economic work, the Political Bureau of the Central Committee made a series of important arrangements.

"The series of work arrangements made at the meeting adhere to the general tone of the work of seeking progress while maintaining stability, with clear directions, pragmatic and powerful, better coordinate development and security, take into account the current and long-term, and release a strong signal to unswervingly promote high-quality development." Guo Liyan said that it is necessary to effectively enhance the sense of responsibility and urgency to do a good job in economic work, accelerate the implementation of a package of incremental policies, continuously consolidate the positive trend of economic recovery, and complete the goals and tasks of the "14th Five-Year Plan" with high quality.

Implement more proactive macro policies

Implement more proactive fiscal policies and moderately loose monetary policies, enrich and improve the policy toolbox, strengthen extraordinary counter-cyclical adjustment, and strike a good policy "combination punch"... In response to next year's macro policy orientation, the meeting released a "more proactive and promising" Clear signal.

"Implementing more active and promising macro policies is not only based on previous successful experience in macro control, but also scientific arrangements based on domestic and foreign situations." Xu Guangjian, a professor at the School of Public Administration at Renmin University of China, said that in response to the more complex domestic and international situation next year, the meeting proposed "strengthening extraordinary counter-cyclical adjustment", which will help further improve the forward-looking nature of macro policies and better guide and boost expectations.

The meeting proposed the implementation of a more proactive fiscal policy. In this regard, Xu Guangjian believes that fiscal policy will be more proactive next year, using necessary expenditures to expand aggregate demand and boosting domestic demand to hedge external uncertainties.

"Moderately loose monetary policy", this expression at the meeting attracted attention.

"The expression of monetary policy has changed from the previous 'stable' to 'moderately loose', which means that my country will continue to adhere to a supportive monetary policy stance, maintain reasonable and abundant liquidity, further reduce the comprehensive financing costs of enterprises and residents, and promote the continued economy. Recovery will create a good monetary and financial environment." Wen Bin, chief economist of China Minsheng Bank, said that this is more than 10 years after my country's monetary policy has resumed "moderate easing." Judging from the actual operation, monetary policy is flexible and appropriate in implementation. Since the beginning of this year, the market has generally felt that my country's monetary policy has been in a stable and slightly loose state.

Expand domestic demand in all aspects

It is connected with economic development and social people's livelihood. Domestic demand composed of consumption and investment is an important engine of economic growth.

The meeting proposed that "we must vigorously boost consumption, improve investment efficiency, and expand domestic demand in all aspects", which not only reflects the consistent requirements, but also further demonstrates the clear direction of expanding domestic demand.

Since the beginning of this year, with the further implementation of policies to expand domestic demand and promote consumption such as replacing old consumer goods with new ones, my country's residents 'consumption demand has continued to be released. The total retail sales of consumer goods in October increased by 4.8% year-on-year, 1.6 percentage points faster than the previous month, the highest monthly growth rate since March.

"At present, we must continue to consolidate the momentum of consumption recovery, promote the recovery of consumption of automobiles, home appliances, etc., promote the expansion and quality improvement of digital consumption, experience consumption, cultural tourism consumption, etc., continuously release the potential of domestic demand, and better meet the people's needs for a better life." said Chen Lifen, a researcher at the Institute of Market Economy of the Development Research Center of the State Council.

Investment, the short term is demand, and the medium and long term is supply. Improving investment efficiency will help better expand domestic demand and benefit people's livelihood.

"To improve investment efficiency, we must not only maintain reasonable government investment, but also further optimize the investment structure." Xu Guangjian said that it is necessary to give full play to the driving role of government investment in the whole society, further improve various systems and regulations, and promote the improvement of investment efficiency through refined management.

Shaping new advantages in industrial development through scientific and technological innovation

The meeting proposed that scientific and technological innovation should lead the development of new productive forces and build a modern industrial system.

Since the beginning of this year, my country's new productive forces have developed steadily and the industrial structure has continued to be optimized: in the first three quarters, the added value of high-tech manufacturing above designated size nationwide increased by 9.1% year-on-year, and investment in high-tech industries increased by 10% year-on-year. optoelectronic devices, virtual reality equipment, etc. Product output maintained double-digit growth...

Li Wei, associate researcher at the Institute of Industrial Economics of China Academy of Social Sciences, said that scientific and technological innovation is the core element in developing new productive forces. The series of deployments of the conference will further promote the in-depth implementation of the innovation-driven development strategy, promote the integrated development of the real economy and the digital economy, advanced manufacturing and modern service industries, cultivate new quality productivity to form more new growth points, and continue to promote the accelerated transformation of old and new driving forces.

The Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed to strengthen the coordination and organization of innovation resources and promote the integrated development of scientific and technological innovation and industrial innovation. This meeting once again emphasized "promoting the integrated development of scientific and technological innovation and industrial innovation."

"Scientific and technological innovation is the endogenous driving force of industrial innovation, and industrial innovation is the value realization of scientific and technological innovation. The two guide each other and promote each other." Li Wei said that promoting the deep integration of scientific and technological innovation and industrial innovation is a systematic project. On the one hand, we must achieve breakthroughs in key core technologies and promote the improvement of original innovation capabilities. On the other hand, we must work hard to improve systems and mechanisms to strengthen the dominant position of enterprises in scientific and technological innovation., open up channels for the industrialization of science and technology, and vigorously promote the industrialization of scientific and technological achievements.

Relying on reform and opening up to enhance endogenous driving force for development

The meeting emphasized "further comprehensively deepening reforms and expanding high-level opening up to the outside world" and sent a strong signal to insist on relying on reform and opening up to enhance the endogenous driving force of development.

"The Third Plenary Session of the 20th CPC Central Committee made comprehensive arrangements for further comprehensively deepening reforms and identified more than 300 major reform measures. Accelerating the implementation of reform measures is not only an important part of economic work next year, but will also inject strong impetus into economic and social development next year." said Dong Yu, executive vice president of the China Development Planning Institute of Tsinghua University.

The meeting proposed that we should give full play to the guiding role of economic system reform and promote the implementation and effectiveness of landmark reform measures.

From opinions on accelerating the comprehensive green transformation of economic and social development to opinions on improving the market access system, reform documents at the central level have been issued one after another around the relevant arrangements of the Third Plenary Session of the 20th Central Committee of the Communist Party of China. "In accordance with the division of labor plan for relevant departments of the central and state agencies to implement the important reform measures of the Decision of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, some major reform measures will be accelerated next year." Dong Yu said.

Promoting reform and development through openness is a successful practice of my country's reform and development. The meeting proposed to expand high-level opening up to the outside world and stabilize foreign trade and foreign investment.

Recently, a series of policy measures have been introduced on the reform, innovative development of digital trade and promoting stable growth of foreign trade. Dong Yu said that it is necessary to strengthen corporate service guarantees, promote the solution of practical difficulties faced by enterprises, and further consolidate the fundamentals of foreign trade and foreign investment by expanding new paths, new models, and new business formats.

The meeting proposed to increase the implementation of regional strategies and enhance the vitality of regional development. Guo Liyan said that it is necessary to thoroughly implement major regional strategies, steadily promote institutional opening up through the construction of pilot free trade zones, and promote the formation of a new pattern of higher-level reform and opening up.

Increase efforts to protect and improve people's livelihood

People's happiness and well-being is the ultimate goal of promoting high-quality development. The meeting pointed out that we must increase efforts to protect and improve people's livelihood and enhance the people's sense of gain, happiness, and security.

"The more complex and severe the economic situation becomes, the more we must focus on people's livelihood concerns and secure the bottom line of people's livelihood. At present, we must not only take more pragmatic measures to build a tight social protection network, but also create more effective demands by continuously protecting and improving people's livelihood and inject new momentum into the sustained and healthy development of the economy and society." said Long Haibo, a researcher at the Development Research Center of the State Council.

The meeting made important arrangements for continuously consolidating and expanding the results of poverty alleviation, emphasizing the need to "coordinate the promotion of new urbanization and comprehensive rural revitalization, and promote the integrated development of urban and rural areas."

"The key to implementing the meeting arrangements is to do everything possible to promote agricultural efficiency, farmers 'income increase, and rural vitality, and further improve the system and mechanism for integrated urban and rural development." Long Haibo said.

Lucid waters and green mountains are natural wealth, economic wealth, and social wealth. The meeting emphasized the need to coordinate efforts to promote carbon reduction, pollution reduction and green growth, and accelerate the comprehensive green transformation of economic and social development. Xu Guangjian said that at present, the focus is to actively cultivate green and low-carbon industries, vigorously develop advanced manufacturing industries, advocate green and healthy consumption concepts, and accelerate the formation of green production methods and lifestyles.

The more critical the moment is, the more we must gather our joint forces and move forward in unison. The meeting emphasized the need to strengthen the party's leadership over economic work and ensure that all decisions and arrangements of the Party Central Committee are implemented.

Experts said that under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, we have implemented various decisions and arrangements in detail and fully mobilized the enthusiasm of all parties. We are fully qualified and capable to achieve next year's economic and social development goals and create a new development situation.