The Central Economic Work Conference pointed out that we should better balance the effective improvement of the quality of the economy with the reasonable growth of the quantity, adhere to the quality of the accumulation of quantitative change to achieve qualitative change. This requirement points out the direction for the economy in 2023.

Economic development is the organic unity of quality and quantity. Quality usually refers to the structure and benefits of economic development, while quantity usually refers to the scale and speed of economic development. Qualitative improvement provides continuous driving force for quantitative growth, and quantitative growth provides an important foundation for qualitative improvement. Economic development is a spiraling upward process, which is not linear. When quantity accumulates to a certain stage, it must turn to qualitative improvement. China's economic development also follows this law.

High-quality development is the primary task of building a modern socialist country in an all-round way. Development in the new era and at the new stage must be guided by a new vision of development and be of high quality. Our country has built a moderately prosperous society in an all-round way. The problem of "whether or not" in most fields is basically solved, and the problem of "whether or not" becomes more prominent. The contradictions and problems in development are concentrated on the quality of development. This requires that we must give greater priority to the quality of development and strive to improve the quality and efficiency of development.

Development is the underpinning and the key for solving all our country's problems. Since reform and opening up, we have been able to complete in a few decades the industrialization journey that took developed countries hundreds of years and become the world's second largest economy because of our unwavering commitment to development as the Paramount principle and economic development as the central task. For an economy as big as ours, it is vital to keep the economy running smoothly. In the medium and long term, per capita GDP should reach the level of moderately developed countries by 2035. To achieve this goal, China needs to maintain reasonable economic growth on the basis of improving quality and efficiency. At present, the Chinese economy is still under considerable pressure. We must give priority to stability, seek progress while maintaining stability, keep the economy operating within a proper range, and maintain overall social stability. Judging from the ability and conditions of economic development, our economy has hope and potential to maintain steady growth in the long run. With unremitting efforts, we will be able to improve the overall economic performance on the basis of improving quality and performance.

We should better balance the effective improvement of the quality of the economy with the rational growth of the quantity, and do our best to break through the bottlenecks that constrain high-quality development. We will work hard to raise total factor productivity, improve the resilience and safety of industrial chains and supply chains, promote urban-rural integration and coordinated development among regions, build a high-quality socialist market economy, and open up to the outside world at a high level.

We should better balance the effective improvement of the quality of the economy with the proper growth of its quantity, and give priority to ensuring steady growth, employment, and prices. We will continue to implement a proactive fiscal policy and a prudent monetary policy, intensify macro-policy regulation, and strengthen coordination and coordination of various policies. We will align the implementation of the strategy of expanding domestic demand and deepening supply-side structural reform with the requirement of high-quality development, and work to create a dynamic balance at a higher level in which demand pulls supply and supply creates demand. We will prudently handle and defuse major risks and hidden dangers to achieve a long-term balance between maintaining steady growth and preventing risks.

We need to better balance the effective improvement of the quality of the economy with the reasonable growth of the quantity. We need to boost confidence in development, stimulate the entrepreneurial vitality of the whole society, and build synergy for high-quality development. Expectations are particularly important to the market economy. When expectations are stable and confidence is maintained, enterprises will have the courage to expand investment and expand markets, and consumer demand will continue to be released. We need to earnestly implement the "two unswervingly" policy, and foster a market-oriented, law-based, and world-class business environment so that officials, local governments, enterprises, and the people can take initiative. We all want to work in the same direction, and work together to ensure steady and long-term growth of the Chinese economy.

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