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China’s Economic Crossroads: Top CPC Leaders Convene for Crucial Strategy Session

by Catherine Williams - Chief Editor

The Political Bureau of the CPC Central Committee held a meeting
Analyze and study the current economic situation and economic work
The meeting was chaired by Xi Jinping, General Secretary of the CPC Central Committee

Xinhua News Agency, Beijing, September 26: The Political Bureau of the Central Committee of the Communist Party of China held a meeting on September 26 to analyze and study the current economic situation and plan the next economic work. The meeting was chaired by Xi Jinping, General Secretary of the CPC Central Committee.

The meeting held that since the beginning of this year, the Party Central Committee with Comrade Xi Jinping as the core has united and led people from all ethnic groups throughout the country to overcome difficulties, respond calmly, increase macro-management efforts, focus on deepening reform and opening up, expanding domestic demand, optimizing the economic structure, and the overall economic operation is stable, Making progress in maintaining stability, new productive forces are constantly developing, protection people’s livelihood firmly and effectively, positive progress is made in prevention. and solving risks in key areas, high quality development has been firmly developed, and the general social situation remains stable.

The meeting noted that the economic fundamentals of my country and favorable conditions such as an extensive market, strong economic resilience and great potential have not changed. At the same time, some new situations and problems have emerged in the current economic operation. It is necessary to look at the current economic situation comprehensively, objectively and calmly, face difficulties, strengthen confidence, and effectively improve the sense of responsibility and urgency to do a good job in economic work. It is necessary to seize key points and take the initiative to implement existing policies effectively, increase efforts to launch incremental policies, further improve the relevance and effectiveness of policy measures, and strive to complete the annual economic and social development goals and tasks.

The meeting emphasized the need to increase counter-cyclical adjustments in fiscal and financial policies, ensure necessary fiscal spending, and implement the “three guarantees” work effectively on the ground. There is a need to issue and make good use of long-term special treasury bonds and local government special bonds to better play the role of government investment in driving investment. The deposit reserve ratio needs to be lowered and a strong interest rate cut implemented. In order to promote the stabilization of the real estate market, we must strictly control the increase, optimize the stock, and improve the quality of commercial housing construction, increase the intensity of loans for “white list” projects, and support regeneration’ r existing idle land. . It is necessary to respond to the concerns of the masses, modify the policy of restricting the purchase of houses, reduce the interest rate of existing mortgage loans, speed up the process of improving land, fiscal and taxation policies, banking and other policies, and promote construction and. a new model of real estate development. Efforts should be made to promote the capital market, actively guide medium and long-term funds to enter the market, and open the blocking points for social security, insurance, financial management and other funds to enter. the market. It is necessary to support the merger, acquisition and reorganization of listed companies, to promote the gradual reform of public finance, and to study and introduce policies and measures to protect small and medium-sized investors.

The meeting highlighted the need to help enterprises cope with difficulties and further standardize law enforcement and regulatory behaviors associated with enterprise. A private economy promotion law needs to be introduced to create a good environment for the development of the non-public economy. It is necessary to combine the promotion of consumption with the benefit of people’s livelihood, to promote the increase of income of low and middle income groups, and to improve the consumption structure. New consumption formats need to be fostered. There is a need to support and regulate social forces in developing the elderly care and childcare industries, and improve the fertility support policy system as soon as possible. It is necessary to increase efforts to attract and stabilize investment, promptly promote and implement reform measures such as the entry of foreign investment in the manufacturing sector, and further optimize a market-oriented, legal and international first-class business environment.

The meeting emphasized that we must maintain the bottom line of people’s livelihood, focus on the employment of key groups such as recent college graduates, migrant workers, people who have been lifted out of poverty, unemployed families, etc., and strengthen support for groups with difficulties employment such as the elderly, the disabled, and those who have been unemployed for a long time. Support and assistance for low income people needs to be strengthened. We must ensure stable supply and prices of important materials such as food, water, electricity and heat. We must focus effectively on food and agricultural production, take care to increase farmers’ income, and focus on autumn and winter production to ensure national food security.

The meeting required all regions and departments to conscientiously implement the decisions and arrangements of the Party’s Central Committee, take the lead and unite as one, fully stimulate the enthusiasm, initiative and creativity of the whole society to promote high quality development, and promoting the continued recovery of the economy. The majority of party members and cadres must be brave enough to take responsibility and dare to innovate, and grow their skills and achieve successes while overcoming difficulties. It is necessary to establish a good guide for selecting and employing people, conscientiously implementing the “three differences”, and supporting those who take responsibility and those who do things. The main economic states need to be supported to take the lead and play their leading and supporting role better.

Other issues were also considered at the meeting.

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