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Maintain stability and seek progress while maintaining stability

The Central Economic Work Conference stressed that "Next year, we will uphold stability and seek progress while maintaining stability". The tone of stability is more clear, the requirements of progress are more positive, and the message is very rich.


 The current economic recovery is not yet a solid foundation. Three pressures of demand contraction, supply shock and weak expectation are still great. The external environment is turbulent, which brings a deeper influence to our economy. The optimization of epidemic prevention and control measures will have a significant positive impact on economic recovery, but there is still a lot of work to be done to coordinate epidemic prevention and control with economic and social development. The more complex the situation is, the more important it is to put stability first and seek progress while maintaining stability. This is an important experience that has been repeatedly proved by the successful practice of our Party in steering the economy.


To ensure stability and seek progress while maintaining stability, we must give priority to ensuring steady growth, employment, and prices. For an economy as big as ours, it is vital to keep the economy running smoothly. Only by maintaining reasonable economic growth and fully guaranteeing employment and people's livelihood can we calmly defuse risks and challenges, overcome the middle-income trap and gain an edge in international competition. We have the conditions for reasonable economic growth, and we can work hard to improve the overall economic performance and bring economic growth to a level of potential growth on the basis of improving quality and efficiency. Employment is fundamental to people's livelihood. Next year, we will coexist with total employment pressure and structural contradiction. We must implement a policy of prioritiing employment. China has sufficient aggregate supply, strong food and energy security, and a solid foundation for price stability. We will not be hampered in our macro policies, but we will promptly and effectively mitigate the impact of structural price rises on some people in need.


We must uphold stability and seek progress while maintaining stability. We must take active steps to comprehensively deepen reform and opening up and boost confidence in development. We should continue to deepen supply-side structural reform throughout the whole process of economic work, and make greater strides in optimizing the allocation of factors of production and promoting structural adjustment. We will plan a new round of deepening reform of soes, focusing on improving their core competitiveness and enhancing their core functions. We will deepen reform of the fiscal, taxation and financial systems and help defuse financial and local debt risks. In order to enhance the vitality of all types of enterprises and boost the confidence of enterprises, private enterprises in particular, we must make our attitude clear and unequivocal in response to incorrect public opinions on whether we are committed to the "two unswerving principles". A credible property rights protection system is the cornerstone of stable expectations. We must protect property rights and intellectual property rights in accordance with the law and abide by the spirit of contracts. We need to ensure that soes and private enterprises are treated equally both institutionally and legally, expand market access for foreign investment, and create a dynamic situation in which soes, private enterprises and foreign companies dare to do business.


We must maintain stability and seek progress while maintaining stability. We must follow the policy direction for next year's economic work. We will intensify macro-policy regulation, strengthen policy coordination and coordination, and form synergy for high-quality development. We will increase the effectiveness of our proactive fiscal policy. We will improve the combination of deficit, special bonds, discount interest and other tools, appropriately increase fiscal policy expansion, and redouble efforts to optimize government spending to effectively support high-quality economic development. Prudent monetary policy should be precise and effective. We should maintain reasonable and sufficient liquidity, guide financial institutions to increase support for small and micro businesses, scientific and technological innovation, and green development, and the financial sector should provide sufficient and low-cost financial support for the development of the real economy. Industrial policy should focus on both development and security. Development is the basis of security, security is the premise of development, industrial policy is an important combination of development and security. We will work hard to transform and upgrade traditional industries and foster and strengthen strategic emerging industries, and strengthen weak links in the industrial chain. Science and technology policies should focus on self-reliance and self-improvement. We need to accurately grasp and implement in one body the strategy of rejuvenating the country through science and education, the strategy of strengthening human resources, and the strategy of innovation-driven development, and strengthen the basic and strategic support for education, science and technology, and human resources. Social policies should ensure the bottom line of people's wellbeing. Next year, the number of college graduates is expected to exceed 11.5 million, reaching a new high. We will support the development of industries and enterprises that are capable of creating jobs, and give greater priority to promoting employment for young people, especially college graduates. We will promote the expansion and distribution of high-quality medical resources and balanced distribution among regions, and increase medical resources in rural and less developed areas. We should actively respond to the shrinking number of children in the aging population, improve the policy system for supporting childbirth, develop old-age services and the elderly care industry, and support and guide the increase of diverse supply of social forces.


To ensure stability and make progress while maintaining stability, we must firmly safeguard the bottom line of avoiding systemic risks. Once risks break out in clusters, economic and social development will stall or even reverse, and stability will be out of the question. The long real estate chain has a systemic impact on economic growth, financial conditions and risk prevention. We should ensure the steady development of the real estate market, do a solid job in ensuring the delivery of buildings, people's livelihood and stability, effectively prevent and defuse risks of high-quality housing enterprises, and improve the balance sheet. We should stick to the position that houses are for living in, not speculation, and promote the smooth transition of the real estate industry to a new development model. This is the fundamental solution to getting out of the real estate bubble cycle. We need to guard against and defuse financial risks, consolidate the responsibilities of all parties, and prevent regional and systemic financial risks.


The tide is flat and the wind is wide. 


Source: State-owned Assets Supervision and Administration Commission of the State Council