2021 is the first year of the 14th Five-Year Plan. It is also the first year for China's economy to enter a new stage of development, implement a new development concept and build a new pattern of development. The Central Economic Work Conference said the 14th and 5th five-year plans should be well carried out to celebrate the 100th anniversary of the Founding of the Party with excellent results. We will follow through on the guiding principles of the Central Economic Work Conference, continue to consolidate the results of short-term steady growth, implement precise and effective macro policies, and keep the economy operating within an appropriate range to provide a solid macro foundation for building a new pattern of development. We need to stay firmly on the supply-side structural reform. We need to focus on demand-side management, break through the bottlenecks in production, distribution, distribution and consumption, and achieve a higher level of dynamic balance between demand pulling supply and supply creating demand, so as to improve the overall performance of the national economic system.

Macroeconomic policies should be timely and effective so as to significantly improve the quality of economic operation

The "timing" and "degree" of macroeconomic policies are to make a choice in a timely but not excessive manner, to avoid sharp turns, and to strive to be precise and effective. That is to say, we need to maintain continuity, stability and sustainability in our macro policies, so that the market can anticipate and adapt to them, and macro policies can better play their guiding role. We will continue to implement a proactive fiscal policy and a prudent monetary policy, maintain necessary support for economic recovery, and properly control the pace and intensity of macro-control. We will increase the quality, efficiency, and sustainability of proactive fiscal policies, maintain an appropriate intensity of spending, increase financial support for major strategic tasks of the state, take the initiative in promoting scientific and technological innovation, speeding up economic restructuring, and adjusting income distribution, effectively defuse hidden debt risks of local governments, and keep party and government bodies on a tight budget. We will adopt a prudent monetary policy that is flexible, precise, reasonable, and appropriate. We will keep the growth of the money supply and social financing basically in line with nominal economic growth, and keep the macro leverage ratio basically stable.

The "effectiveness" of macroeconomic policies is reflected in two aspects. On the one hand, macroeconomic policies should be precise and effective to give full play to "high efficiency", which is really urgent for the market society. We will continue to stimulate the vitality of market players, improve policies to reduce taxes and fees, strengthen inclusive financial services, and continue to deepen the reform to strengthen regulation, regulation, and services, so as to increase the vitality of market players, especially small, medium-sized and micro businesses and individual businesses. We will rely on innovation to improve the development of the real economy and promote high-quality development of the manufacturing sector. We will fully tap the potential of the domestic market, expand consumption and effective investment on the basis of improving people's well-being, improve mechanisms and policies to support the participation of nongovernmental capital, pay more attention to improving people's livelihood infrastructure to strengthen areas of weakness, and promote a new type of urbanization and coordinated development among regions. We will comprehensively promote rural revitalization, focus on agricultural production, and advance rural reform and rural development. We will strengthen prevention and control of pollution and constantly improve the quality of the ecological environment. We will ensure basic living standards, encourage key groups to find jobs through multiple channels, and continue to improve people's lives. On the other hand, we should deal with the relationship between economic recovery and risk prevention. We need to ensure that the economic recovery remains strong while preventing new imbalances and risks. This requires macroeconomic policies to be timely and forceful, but not excessive, and to maintain policy strategic resolve.

Reform and opening up should be timely and effective to provide a strong internal driving force for building a new development pattern

To build a new pattern of development, we must build a high-level socialist market economy, open to the outside world at a high level, and promote reform and opening-up to reinforce each other. To grasp the timeliness and effectiveness of reform and opening up is not only to step up the deepening of reform and expand opening up in a timely and appropriate manner, but also to take effective action on some key points, affecting the overall effect.

On the reform front, we need to improve macroeconomic governance and strengthen international macro-policy coordination. We will deepen the three-year reform of State-Owned enterprises, improve the environment for the development of the private economy, improve the modern enterprise system, improve corporate governance, and stimulate the vitality of all types of market entities. We will relax restrictions on market access, promote fair competition, protect intellectual property rights, build a unified market, and create a market-oriented, law-based and internationalized business environment. We will improve the governance of financial institutions, promote the healthy development of the capital market, improve the quality of listed companies, and crack down on all kinds of debt evasion and scrap. We will standardize and develop the third pillar of old-age insurance.

In terms of openness, we should actively consider joining the COMPREHENSIVE and Progressive Trans-Pacific Partnership (TPP), vigorously enhance domestic regulatory capacity and level, improve the security review mechanism, and attach importance to the application of international common rules to safeguard national security. From the perspective of the actual effect of the reform and supervision, the most important thing is to strengthen anti-monopoly and prevent the disorderly expansion of capital in order to improve the market-based system, especially to make a breakthrough in establishing and improving the fair competition system. Anti-monopoly and anti-unfair competition are the internal requirements for improving the socialist market economy and promoting high-quality development. We will continue to support the innovation and development of platform enterprises, but we will improve digital rules and standardize their behaviors. Improve laws and regulations on the identification of monopoly of platform enterprises, the management of data collection and use, and the protection of consumer rights and interests; Strengthen regulation, improve regulatory capacity, and resolutely oppose monopoly and unfair competition; Financial innovation must take place in the context of prudential regulation.

To solve some major and urgent problems, we need to ensure timeliness and efficiency, so as to provide a favorable internal and external environment for building a new development pattern

Strengthening the national strategic science and technology force is urgent and vital, and should be put in the first place in all work. We should give full play to the role of the state as an organizer of major scientific and technological innovations and strive to solve major problems that constrain national development and security. We should give full play to the advantages of the new nationwide system and the role of the national teams of major institutions and universities. We will promptly formulate and implement an action plan for a decade of basic research, prioritize the deployment of a number of research centers for basic disciplines, and support the Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area in accelerating the formation of international science and technology innovation centers. We should give full play to the main role of enterprises in scientific and technological innovation, strengthen international exchanges and cooperation in science and technology, speed up domestic talent training, improve incentive mechanisms and science and technology evaluation mechanisms, and standardize science and technology ethics.

Modernization of the industrial chain is the key to building a modern economic system and a new pattern of development. We need to strengthen the weak links and strengthen the long links as soon as possible to significantly improve the ability of the industrial chain and supply chain to be independent and controllable. We will carry out projects to tackle key and core technologies, solve a number of problems as soon as possible, carry out intensive farming in areas where industry has strong advantages, and develop more unique skills. We will effectively rebuild the industrial base, strengthen the supply of generic technologies, and take further action to improve the quality of our products.

We will accelerate the formation of a strong domestic market and provide strong demand support for building a new pattern of development. Effective institutional arrangements must be made to properly guide consumption, savings, and investment. The main priorities are as follows: In expanding consumption, we will focus on promoting employment, improving social security, optimizing income distribution, expanding the middle-income group, and steadily advancing common prosperity, so as to significantly increase the internal driving force for expanding consumption. We will combine the expansion of consumption with the improvement of people's quality of life, create more and better jobs, remove in an orderly manner some administrative restrictions on consumption and purchase, and increase public consumption in a reasonable way. In expanding investment, we will give full play to the key role of investment in optimizing the supply structure and enhancing the sustainability of development. We will give full play to the guiding and leveraging role of investment from the central budget in areas with strong spilitover effects and high social returns, stimulate investment in the whole society, vigorously develop the digital economy, and increase investment in new types of infrastructure. We will increase investment in the upgrading of manufacturing equipment and technologies, carry out the urban renewal initiative, promote the renovation of old urban residential areas, and build a modern logistics system. We will strengthen unified planning and macro guidance, make a good overall plan for the distribution of industries, and avoid the duplication of efforts in the construction of emerging industries. In addition, it is also urgent and important to solve the problem of seeds and farmland, solve the prominent housing problems in big cities, and do a good job of carbon peaking and carbon neutralization. We need to make sure that our starting point is solid, precise and effective.

Source: Party Building Network