According to the Central Economic Work Conference, all regions and departments should shoulder the responsibility of stabilizing the macro economy, and all sectors should actively introduce policies conducive to economic stability, with policy action taking an appropriate priority. Keeping stability as our top priority and making progress while maintaining stability has charted the course for us to further build consensus, strengthen confidence, and take solid steps to do a good job in our economic work next year, and injected strong impetus into our progress towards the second Centenary Goal.

Seeking progress while maintaining stability is the methodology for doing economic work well. To seek progress while maintaining stability requires both stability and progress, and the two reinforce each other. Since the 18th NATIONAL Congress of the CPC, the CPC Central Committee with Comrade Xi Jinping at its core has put forward the general principle of seeking progress while ensuring stability, which has become the methodology for doing economic work well in the new era. Reviewing the central Economic Work Conferences of the past few years, we can see that seeking progress while maintaining stability emphasizes both stability and progress. In terms of stabilizing employment and market entities, the central Economic Work Conference in 2018 called for efforts to stabilize employment, the financial sector, foreign trade, foreign investment, investment and expectations. In 2019, the Central Economic Work Conference further called for ensuring stability in all aspects. The central Economic Work Conference in 2020 continued to emphasize the importance of ensuring stability in the six areas and comprehensively implementing the tasks of ensuring stability in the six areas. From the perspective of "progress", it is mainly reflected in the following three aspects: first, China's economy is shifting from a stage of rapid growth to a stage of high-quality development, in which high-quality development becomes the primary driving force for innovation, coordination becomes an endogenous feature, green development becomes the common pattern, openness becomes the only way, and sharing becomes the fundamental goal of development. Second, the reform of the "progress" to build a high-level socialist market economic system, the focus is to improve the property rights system and market-oriented allocation of factors; Third, when it comes to improving people's livelihood, we need to make sure that the "cake" is divided on the basis of making it bigger so as to achieve common prosperity for all.

The premise of seeking progress in stability is "stability first". To grasp the economic work next year "stabilizing surrounding" the request, and "stability" in "into" based on the dialectical relations, highlighting the importance of "stability" is the emergence of a new current our country economy downward pressure, will continue to run smoothly, on base of high line for China's economic and social development steady nature of the important strategic arrangement. "Stability first" is based on the realistic consideration of the systemic risk of the economy. The driving force of housing price rise has reached the weakening stage. With the cooling of the real estate industry, the way of promoting economic development based on the triangle cycle of real estate, finance and local government infrastructure investment is no longer sustainable. "Stability first" is also based on the orderly progress of the "dual carbon" work, the pain period is not completely over the reality of the "side effects" of the lack of coal and electricity in the optimization of energy and industrial structure, resulting in the decline of some manufacturing industry; Economic work in 2022 should seek further economic development on the premise of maintaining basic political, economic and social stability. The principle of ensuring stability is also based on the realistic consideration of balancing epidemic prevention and control with economic and social development. The risk of epidemic prevention and control in China is still high, and the task of normalizing epidemic prevention and control is still a long way to go. Reducing the number of people suspended and the scale of economic activities has become an important part of economic work.

Pursuing progress while maintaining stability requires a combination of policies. Economic operation is a dynamic process of orderly evolution. In adjusting policies and carrying out reform, we need to make sure that both policies are timely and effective, take a slow and steady approach, and avoid rushing for results. First, we will adopt a combination of measures to stabilize the economic fundamentals and introduce policies conducive to economic stability. We will ensure that the proactive fiscal policy is more effective and the prudent monetary policy is flexible and appropriate, and that policy action is appropriately advanced. We will ensure the intensity of government spending, accelerate the pace of spending, implement new policies to cut taxes and fees, and further invest in infrastructure to keep it moderately ahead of its time. We will continue to ensure stability in the six areas, especially employment, people's wellbeing, and market entities. Second, we will actively respond to people's concerns and ensure that housing is for people to live in, not for speculation. We will adopt policies tailored to local conditions to promote a virtuous cycle and healthy development of the real estate industry. We will implement the policy of giving top priority to employment, promote national pooling of basic old-age insurance, ensure that the new family planning policy is implemented and takes effect, and actively respond to an aging population. Third, we need to prevent and defuse major risks, be more mindful of potential dangers, adopt a bottom-line thinking, tread on thin ice, recognize the subtle, take coordinated and categorized measures, and handle risks well. Consolidate the responsibilities of all parties such as local financial supervision industry supervisors, consolidate the responsibilities of self-rescue subjects of enterprises, and promote the resolution of risks according to their respective responsibilities.

Source: State-owned Assets And Administration Commission of The State Council