At the Central Economic Work Conference, General Secretary Jinping Xi comprehensively summarized China's economic work this year, deeply analyzed and judged the current economic situation, and made a comprehensive deployment of the overall requirements, development goals, macro policies and key tasks of economic work next year. General Secretary Jinping Xi's important speech summarized the overall situation, incisive and profound, and provided fundamental guidelines for next year's economic work and action. We must earnestly study and implement the spirit of the important speech of General Secretary Jinping Xi, fully implement the key work defined by the meeting, adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking, strengthen confidence, forge ahead, work hard and dare to do good deeds, ensure results, and strive to make new and greater contributions to the building of a strong country and the great cause of national rejuvenation.

Improve the political position, and deeply understand the regularity of doing economic work in the new era

The General secretary of Jinping Xi systematically summarized the important experience of our Party in doing economic work well, constantly deepened the Party's scientific understanding of the law of economic development, clearly put forward the "five must", and further enriched the Jinping Xi thought on socialism with Chinese Characteristics in the new era, especially the Jinping Xi economic thought. It fully embodies the outstanding political wisdom and superb leadership of the Party Central Committee with Comrade Jinping Xi as the core to guide China's economy through the waves and carry out steady and long-term development, and further strengthens our determination and confidence to do a good job in economic work and comprehensively promote the Chinese-style modernization with high-quality development.

We must take high-quality development as the fundamental principle of the new era. General Secretary of the Jinping Xi pointed out that the complete, accurate and comprehensive implementation of the new development concept to promote the effective improvement of the quality of the economy and reasonable growth in quantity. Development is our Party's top priority in governing and rejuvenating the country, and development in the new era must be high-quality development. We are keenly aware that international competition in today's era is increasingly reflected in competition for overall national strength. Only by pursuing high-quality development and expanding our economic, scientific and technological strength and overall national strength can we meet the people's ever-growing needs for a better life, fully demonstrate the advantages of the socialist system with Chinese characteristics, and effectively respond to complex changes in the external environment. We have firmly grasped the strategic initiative in the accelerating evolution of the century-old world changes. Since the 18th National Congress of the CPC, China's economy has maintained steady and rapid growth, and the quality and efficiency of development have been continuously improved, becoming an important power source and stabilizer for world economic growth. In the past decade, the world economic aggregate grew by 24.9 trillion US dollars, of which China contributed 9.4 trillion US dollars, accounting for nearly 38 percent, making it the largest contributor to world economic growth. This year, China has contributed more than one third of the real growth of the world economy and remains the largest engine of global growth. At the same time, the economic structure is more optimized, the three industrial structure has been adjusted from 9.1:45.4:45.5 in 2012 to 5.1:38.9:56.0 in 2022; Innovation is gaining momentum, becoming the highest ranking emerging economy in the global Innovation Index. On the new journey, we need to focus on promoting high-quality development, focus on priorities and grasp key issues, make positive efforts to transform the growth model, adjust the structure, improve quality and increase efficiency, and build new advantages of high-quality development while consolidating costs and fostering the yuan, so as to promote upward growth and sound development of the Chinese economy.

We must continue to deepen supply-side structural reform and strive to expand the synergy of effective demand. General Secretary Jinping Xi pointed out that giving play to the advantages of a large scale market and strong production capacity, making the domestic cycle based on the main driving force of domestic demand, and improving the quality and level of the international cycle. We are deeply aware that supply and demand are the two basic aspects of the internal relationship between a market economy. To promote high-quality development and build a new development pattern, we must organically integrate the strategy of expanding domestic demand with deepening supply-side structural reform, promote positive interaction between supply and demand, and strive to form a dynamic balance at a higher level, in which demand pulls supply and supply creates demand. Since the 18th National Congress of the Communist Party of China, China has adhered to the strategic basis of expanding domestic demand, focused on promoting the optimization and upgrading of the industrial structure, and strived to meet the personalized, diversified and constantly upgrading needs of the people. In the past decade, the expansion of household consumption and the upgrading of its structure have given a strong impetus to the formation of a very large market in China. Total retail sales of consumer goods have grown from 23.8 trillion yuan to 44 trillion yuan, with an average annual growth rate of 6.3%. Service consumption grew faster and public services continued to improve, driving final consumption up from 27.5 trillion yuan to 64.2 trillion yuan. The added value of high-tech manufacturing and equipment manufacturing grew at an average annual rate of 11.2% and 8.8% respectively, 4.7 percentage points and 2.3 percentage points higher than the added value of industrial enterprises above designated size. The dual upgrading of demand and supply has strongly driven investment growth and effectively enhanced the role of domestic demand in supporting economic growth. Over the past decade, fixed-asset investment grew at an average annual rate of 7.8 percent, and domestic demand contributed more than 90 percent to economic growth on average, with three years exceeding 100 percent. The smooth circulation of domestic demand also led to the steady growth of China's import and export, utilization of foreign capital, and foreign direct investment. On the new journey, we must strive to open up the card points that restrict the economic cycle, constantly enhance the vitality, momentum and reliability of the domestic cycle, further improve the quality and level of the international cycle, and accelerate the creation of new advantages in China's participation in international cooperation and competition under the new situation.

We must continue to rely on reform and opening up to enhance the internal driving force for development. General Secretary of the Jinping Xi pointed out that the overall promotion of deep-level reform and high-level opening up, and constantly liberate and develop social productive forces, stimulate and enhance social vitality. We are deeply aware that reform and opening up is a key move that determines the future and destiny of contemporary China, and an important magic weapon for China to catch up with The Times in great strides. Since the 18th CPC National Congress, the Party Central Committee with Comrade Jinping Xi at its core has promoted comprehensively deepening reform and expanding opening-up with great political courage, and comprehensively deepening reform in both breadth and depth, and the basic institutional framework in all fields has been basically established. Reform of the economic system has been carried out in an all-round and systematic manner. Reforms in key areas and key links have continued to deepen, market vitality has been continuously stimulated, the development of the market system has continued to improve, new achievements have been made in macroeconomic governance reform, and the socialist market economy has further matured and taken shape. The vision of a community with a shared future for mankind has gained popularity, a new pattern of all-round opening up is taking shape, and the Belt and Road Initiative has become an important global public good. More and more countries are deepening economic cooperation with China and actively sharing China's development opportunities. China has become the world's largest trading country in goods, more than 140 countries and regions of the main trading partner, in the context of this year's global trade contracted by about 5%, the total import and export volume is basically flat, exports increased slightly, accounting for the share of the international market is still maintained at more than 14%, in the world economic cycle position has been consolidated and improved. On the new journey, we need to advance reform and opening up with greater determination and intensity, advance deep-level reform and high-level opening up in a coordinated way, give full play to the decisive role of the market in resource allocation, better leverage the role of the government, create new growth drivers through reform and invigorate opening-up, and strengthen the fundamental driving force behind Chinese-style modernization.

We must adhere to high-quality development and a high level of security. The General Secretary of the Jinping Xi pointed out that high-quality development promotes high-level security, and high-quality development is guaranteed by high-level security, and development and security should be dynamically balanced and complement each other. We have a deep understanding that development is the foundation of security and security is the prerequisite for development. We need to strengthen the material and technological foundation and enhance national security strength through high-quality development. At the same time, we need to create a favorable environment for high-quality development through high-quality security. Since the 18th National Congress of the Communist Party of China, we have implemented the overall concept of national security, focused on national security capacity building, and continuously strengthened our capacity to ensure the security of food, energy, resources, industrial chain and supply chain. China's total grain output has remained stable for nine consecutive years at over 1.3 trillion jin, and this year it will reach 1.39 trillion jin, making China basically self-sufficient in grain and absolutely secure in food rations. The total amount of energy increased steadily, the structure of energy was continuously improved, and the energy production, supply, storage and marketing system was established and improved at a faster pace. Our capacity for independent innovation in science and technology has been continuously enhanced, and our position as a major manufacturing country has become more solid. At present, the game and development competition among global powers are becoming more intense. It is necessary to continuously enhance the overall national strength and international competitiveness by maintaining rapid economic and social development, and then continuously improve the national security strength. On the new journey, we must be proactive, pioneering and innovative, make good use of the conditions and means available for development, accelerate the construction of a modern industrial system, and push China's economic and social development to a new level; At the same time, we should be more aware of potential dangers, keep in mind the bottom line of safety, strive to improve our regulatory capacity and level, and prevent and defuse major risks and challenges.

We must take the promotion of Chinese-style modernization as our greatest political priority. General Secretary Jinping Xi pointed out that under the unified leadership of the Party, unite the vast majority of the people, focus on the central work of economic construction and the primary task of high-quality development, and turn the grand blueprint of Chinese-style modernization step by step into a beautiful reality. We are deeply aware that comprehensively promoting the building of China into a strong country and the great cause of national rejuvenation with Chinese-style modernization is the central task of the whole Party and the people of all ethnic groups in China and the greatest political task of all. Since the 18th National Congress of the Party, the Party Central Committee with Comrade Jinping Xi as the core has coordinated the domestic and international two overall situations, focused on the two major issues of development and security, solved many problems that have long been wanted to solve but have not been solved, accomplished many major things that were wanted to do in the past but have not been accomplished, and made historic achievements and historic changes in the cause of the Party and the country. Today, we are closer to, more confident and capable of realizing the goal of the great rejuvenation of the Chinese nation than at any time in history. Looking back on the past, the great achievements of our Party in its centennial struggle were all made by uniting and leading the people of all ethnic groups in China. Looking ahead, to advance this pioneering cause, which has never been done before, we still need the whole Party and the people of all ethnic groups in China to work together. On the new journey, we must closely unite around the Party Central Committee with Comrade Jinping Xi as the core, firmly grasp the goals and tasks of advancing the Chinese-style modernization drive, strive to seek the greatest common dials, draw the greatest concentric circles, gather the great power of realizing the great rejuvenation of the Chinese nation, insist on the green mountains and do not relax, roll up our sleeves and work harder, and constantly create new historical undertakings.

We will implement it with the spirit of hammering nails and achieve new results in promoting high-quality development

The year 2024 marks the 75th anniversary of the founding of the People's Republic of China and is a key year for achieving the goals and tasks of the 14th Five-Year Plan. The world economy still faces the challenges of high inflation, high debt, high interest rates and low growth. China's economic growth will continue to be significantly faster than that of other major economies. The economy has strong resilience, full potential and wide room for maneuver. The National Development and Reform Commission will, in accordance with the major policy guidelines set by General Secretary Jinping Xi at the Central Economic Work Conference, focus on the main expected goals of economic and social development in 2024, and effectively perform five major functions: policy and analysis, planning and planning, investment and projects, reform and innovation, comprehensive coordination and comprehensive balance. We will earnestly implement the nine key tasks identified by the Central Economic Work Conference, and continue to improve the economic structure, strengthen growth drivers, and maintain a sound development momentum.

We will accelerate the development of a modern industrial system. Give full play to China's advantages of having the world's most complete industrial system and a large scale and most potential domestic demand market, and comprehensively upgrade the level of modernization of the industrial system. We will strengthen the national strategic scientific and technological strength, adhere to the integration of the innovation chain, industrial chain, capital chain, and human resources chain, promote industrial innovation through scientific and technological innovation, and develop new quality productivity. We will improve the new nationwide system, carry out high-quality development actions for key industrial chains, and improve the resilience and safety of industrial and supply chains. We will vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. We will build a number of strategic emerging industries and open up a new track for future industries. We will make extensive use of digital intelligence and green technologies to accelerate the transformation and upgrading of traditional industries. We will improve the basic system for supporting scientific and technological innovation, strengthen applied basic research and cutting-edge research, and strengthen the leading role of enterprises in scientific and technological innovation.

We will unswervingly expand effective domestic demand. We will better meet the people's needs for a better life, actively expand effective investment, and create a virtuous cycle in which consumption and investment reinforce each other. Actively cultivate new consumption growth points such as smart home, entertainment and tourism, sports events, and domestic "fashionable goods" to drive investment in related fields. We will stabilize and expand traditional consumption, and boost consumption of large items such as new-energy vehicles and electronic products. We will further improve consumer facilities and create a safe consumption environment. We will vigorously and orderly advance the construction of 102 major projects in the 14th Five-Year Plan and other major economic and social projects, and accelerate the construction of post-disaster recovery and reconstruction projects and projects to improve disaster prevention, mitigation and relief capabilities. We will give full play to the driving and amplifying effect of government investment, increase efforts to promote projects to private capital, and encourage and attract more private capital to participate in major national projects and projects to strengthen weak links in accordance with market principles.

We will comprehensively deepen reform in key areas. We will accelerate the development of a large unified national market, strive to eliminate all forms of local protection and market segmentation, and promote the standardized and healthy development of the bidding and bidding market. We will create a market-oriented and law-based international business environment, and conduct timely assessments of the business environment. We will further improve the government procurement system and the basic system of social credit. We will continue to improve the implementation of the "two unwavering" systems and mechanisms, and fully stimulate the internal driving force and innovative vitality of various business entities. We will deepen the reform and upgrade of soes and improve their modern corporate governance with Chinese characteristics. We will promote the development and growth of private enterprises, smooth the channels for private enterprises to reflect their demands and solve their problems, and support the specialized and innovative development of small and medium-sized enterprises.

We will open wider to the outside world at a high level. We will promote reform and development through opening up, consolidate the fundamentals of foreign trade, accelerate the cultivation of new growth drivers for foreign trade, maintain a steady scale and an excellent structure of foreign trade, and expand trade in intermediate goods, services, digital trade, and cross-border e-commerce exports. We will expand diversified sources of imports and ensure the supply of grain, important agricultural products, energy resources, and raw materials for important industries. We will fully implement the strategy of upgrading pilot free trade zones, and promote the granting of more autonomy to pilot free trade zones and the Hainan Free Trade Port. We will keep and increase the use of foreign investment, make good use of all types of foreign debt, and continue to raise the quality and level of overseas investment. We will support the implementation of the eight initiatives for high-quality Belt and Road cooperation, and coordinate the progress of major landmark projects and "small but beautiful" livelihood projects.

Forestall and defuse risks in key areas. We will coordinate efforts to defuse risks in real estate, local debt, and small and medium-sized financial institutions, crack down on illegal financial activities, prevent cross-regional, cross-market, and cross-border risk transmission and resonance, and resolutely hold the bottom line that systemic risks will not occur. The city has made full use of the policy toolbox to support rigid and improved housing demand. We will effectively strengthen and optimize oversight of pre-sale funds for commercial housing, and do a good job in ensuring the delivery of housing. We will accelerate the construction of low-income housing, the construction of dual-use public infrastructure, and the renovation of villages in urban areas, and promote related investment and consumption. We will establish a long-term mechanism for preventing and defusing local debt risks, establish a government debt management mechanism that is compatible with high-quality development, optimize the debt structure, and strengthen monitoring and oversight of the debt of financing platforms.

We will modernize agriculture and rural areas. We will make unremitting efforts to improve the work of agriculture, rural areas and farmers, and improve the production of grain and important agricultural products to ensure national food security. We will make solid progress in a new round of efforts to increase grain production capacity by 50 million metric tons, keep grain sown area stable, carry out projects to increase grain yield per unit area, raise investment standards for developing high-standard farmland, effectively ensure the production and supply of fertilizers, pesticides and other agricultural resources, and improve the mechanism for ensuring grain farmers' income and the mechanism for compensating major producing areas for benefits. We will explore ways to establish a cross-provincial benefit compensation mechanism for grain-producing and marketing areas, increase support for major grain-producing counties, and support them in improving their public service capabilities. We will accelerate the upgrading of rural industries and develop industries that enrich the rural people. We will continue to consolidate and expand our achievements in poverty alleviation, and implement the monitoring and assistance mechanism to prevent the return to poverty, so as to achieve early detection, intervention, and assistance. Learn and apply the experience of "ten million projects" to build a livable and pleasant countryside.

We will promote urban and rural integration and balanced development among regions. We will promote the construction of a new type of urbanization with county towns as an important carrier, encourage rural migrants to find stable employment in urban areas, and ensure that people without permanent urban residency enjoy equal access to basic urban public services. We will steadily implement urban renewal actions, speed up efforts to improve the safety and resilience of cities, and build livable, resilient and smart cities. We will thoroughly implement major regional strategies to promote coordinated development of the Beijing-Tianjin-Hebei Region, high-quality development of the Yangtze River Economic Belt, development of the Guangdong-Hong Kong-Macao Greater Bay Area, integrated development of the Yangtze River Delta, ecological protection and high-quality development of the Yellow River Basin, and the development of the Xiongan New Area with high standards and high quality. We will promote the large-scale development of the western region to form a new pattern and continue to undertake industrial transfer at home and abroad. We will further promote new breakthroughs in the comprehensive revitalization of Northeast China in the new era, and accelerate the construction of a modern industrial system with unique advantages of Northeast China. We will accelerate the rise of the central region and deepen and strengthen inter-provincial cooperation in the central region. We will consolidate the leading position of the eastern coastal region in opening up and push the eastern region to take the lead in achieving modernization.

We will deepen green and low-carbon development. We will coordinate the integrated protection and systematic treatment of mountains, rivers, forests, fields, lakes, grass, and sand, continue to fight hard to prevent and control pollution, strengthen oversight of protected natural areas and red lines for ecological protection, strengthen legal safeguards for building a beautiful China, and speed up efforts to improve weak areas in environmental infrastructure. We will improve the mechanism for realizing the value of ecological products and the compensation system for ecological protection. We will make solid progress in the "Ten actions to Peak carbon emissions", accelerate the construction of a new energy system, and improve our capacity to ensure energy and resources security. We will strengthen the clean and efficient use of coal, continue to promote the upgrading of coal-fired power units, accelerate the construction of large-scale wind power photovoltaic bases, strengthen the consumption and utilization of renewable energy, and improve the mechanism for the formation of on-grid tariffs for new energy. We will speed up energy conservation and carbon reduction in key industries and enterprises, and vigorously develop a circular economy.

We will do a good job in ensuring people's wellbeing. We will ensure that the bottom line of people's well-being is met, and that the people's urgent and difficult problems are addressed. We will strengthen the top-level design for promoting common prosperity, and study and formulate measures to expand the middle-income group and increase the income of low-income groups. We will do a good job in finding jobs for key groups, increase support for those who have difficulty finding jobs, implement a three-year campaign to promote youth employment, and provide platforms for rural migrant workers to return to their hometowns and start businesses. We will implement the National Standards for Basic Public Services (2023 version), promote the provision of basic public services in regular areas step by step, and promote the convenient sharing of public services. We will promote the high-quality and balanced development of compulsory education and the integration of urban and rural areas, improve the quality of vocational education, vigorously develop the integration of production and education, and study the expansion of high-quality higher education resources and optimize regional distribution. We will carry out the Healthy China campaign to promote the expansion and sinking of high-quality medical resources and the balanced distribution of medical resources among different regions. We will promote high-quality population development, improve the policy system for supporting childbirth, and develop the silver economy. We will strengthen coordination in ensuring the transportation of coal, electricity, and oil and gas, and ensure the supply and price of important commodities.

Source: National Development and Reform Commission