At the Central Economic Work Conference held at the end of last year, General Secretary Xi Jinping comprehensively summarized the economic work in 2023, deeply analyzed the current economic situation, and systematically deployed the economic work in 2024, providing fundamental guidance and action for the economic work at present and in the future. We should conscientiously study, understand and fully implement the spirit of General Secretary Xi Jinping's important speech, fully, accurately and comprehensively implement the new development concept, comprehensively deepen reform and opening up, promote self-reliance and self-improvement in high-level science and technology, increase macro-control efforts, expand domestic demand as a whole and deepen supply side structural reform, as well as coordinate new urbanization and overall rural revitalization, We will coordinate high-quality development and high-level security, effectively enhance economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the momentum of economic recovery, continue to promote the effective improvement of the economy in quality and reasonable growth in quantity, and comprehensively promote the great cause of building a strong country and national rejuvenation with Chinese style modernization.
Deeply understand the overall situation facing China's economic development
Since last year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at the core, we have adhered to the general tone of seeking progress while maintaining stability, withstood external pressure, overcome internal difficulties, focused on expanding domestic demand, optimizing the structure, boosting confidence, preventing and resolving risks, promoted sustained economic recovery and development, and made solid strides in building a modern socialist country in an all-round way.
In 2023, China will successfully achieve the main expected goals of economic and social development, laying a solid foundation for economic development this year. China's economy has been developing in waves, twists and turns, and trends well. It has been developing constantly in overcoming challenges, showing exuberant vitality, inexhaustible power, and huge potential, and generally showing the characteristics of "stability", "progress", and "good". The economy rebounded on the whole. In the first three quarters of 2023, the year-on-year growth rate of GDP was 4.5%, 6.3% and 4.9% respectively, and the first three quarters saw a year-on-year growth of 5.2%. Employment prices were generally stable, the balance of payments was basically balanced, and the scale of foreign exchange reserves was stable at more than $3 trillion. The economic structure was further adjusted and optimized. The leading role of internal circulation has been significantly enhanced, and the contribution rate of domestic demand to economic growth in the first three quarters reached 113%; The transformation and upgrading of traditional industries have been accelerated, strategic emerging industries have flourished, industries have been arranged in an orderly manner in the future, and the transformation of old and new drivers has been accelerated. Solid progress was made in high-quality development. The construction of a unified national market was accelerated, and the business environment was further optimized. The number of new business entities in the first three quarters increased by 12.7% year on year. The growth of resident income was faster than the economic growth, and the per capita disposable income of the national residents in the first three quarters increased by 5.9% year-on-year in real terms.
China's development faces both opportunities and challenges, and the favorable conditions are stronger than the unfavorable factors. From the perspective of risks and challenges, the world's unprecedented change in a century has accelerated its evolution, the international balance of power has been profoundly adjusted, the game among major countries has become more intense, geopolitical conflicts have intensified, and under the constraints of high inflation, high debt, and high interest rates, the momentum of world economic growth has weakened, risks and challenges have increased, and the adverse impact of the external environment on China's development has increased. At the same time, insufficient domestic effective demand, overcapacity in some industries, weak social expectations, and many hidden risks still need us to focus on solving these problems in development. From the perspective of development opportunities, seeking peace and development is still the common aspiration of the people of all countries, economic globalization is still the general trend, a new round of scientific and technological revolution and industrial transformation is reshaping the world economic structure, and the adjustment of the global political and economic pattern contains new opportunities. As the main power source and stabilizer of global growth, China's position in the world economy has been constantly consolidated and improved, and its international influence, charisma and shaping power have continued to increase, which is conducive to creating a more favorable international environment and providing more solid strategic support for comprehensively promoting the construction of a powerful country and the great cause of national rejuvenation with Chinese style modernization. At the same time, the institutional advantages of China's socialist market economy, the demand advantages of the super large market, the supply advantages of the complete industrial system, the talent advantages of a large number of high-quality workers and entrepreneurs continue to emerge, the resilience and security level of the industrial chain supply chain continue to improve, and comprehensively deepen the reform to inject new impetus into development, The factors supporting high-quality development continue to gather and increase, the space for macro policies is still sufficient, the development has strong toughness, sufficient potential and wide room for maneuver, and the basic trend of economic recovery and long-term improvement remains unchanged.
Persist in seeking progress while maintaining stability, promote stability through progress, and stand first before breaking
The Central Economic Work Conference requires "pursuing progress while maintaining stability, promoting stability through progress, and establishing first before breaking", which highlights that the CPC Central Committee, proceeding from the overall strategic situation, has an accurate grasp of the times and trends, which is of great guiding significance to the economic work at present and in the future. We should really understand its profound connotation.
Persist in seeking progress while maintaining stability, and stability is the overall situation and foundation. The general tone of seeking progress while maintaining stability is an important principle of our Party's governance of the country, as well as a methodology for doing economic work well. The key point of stability should be to stabilize the economic operation and ensure that growth, employment and prices do not fluctuate significantly. Reform is the driving force, development is the goal, and stability is the prerequisite. An important experience for China's economic development to achieve historic achievements is to adhere to the overall planning of reform, development, and stability. Since the reform and opening up, China has adhered to the path of socialism with Chinese characteristics, constantly improved the systems and mechanisms in all aspects, comprehensively deepened the reform in key areas, and constantly demonstrated its institutional advantages and improved the effectiveness of national governance; Actively give play to the strategic guidance role of the national development plan, adhere to the systematic concept, make overall plans, take into account the current and long-term, scientifically implement macro-control, and promote the stable operation of the economy; On the premise of maintaining the overall social stability, we actively, steadily and step by step promoted reform and development, and created two miracles of rapid economic development and long-term social stability by driving growth, optimizing structure, and improving quality and efficiency through increasing stock. In practical work, we should closely link the economic operation, closely follow the prominent contradictions in development, more policies conducive to stable expectations, stable growth and stable employment, prudently introduce contractive and inhibitory measures, strengthen economic publicity and public opinion guidance, actively boost confidence in development, strive to maintain stable and healthy economic development, and create favorable conditions for "progress".
Persist in promoting stability through progress, and progress is the direction and motivation. The key to progress should be to adjust the economic structure and deepen reform and opening up, grasp the strategic initiative of stabilizing economic growth, guiding social expectations, preventing and resolving risks, and actively make progress in transforming the mode, adjusting the structure, improving quality, and increasing benefits, so as to constantly consolidate the foundation for stability and improvement. Stable economic and social development can create a stable macro environment for adjusting the economic structure and deepening reform and opening up; Only by making substantial progress in adjusting the economic structure and deepening reform and opening up can we create good expectations and new impetus for the steady and healthy operation of the economy and society and the realization of high-quality development. On the new journey, we must grasp the relationship between stability and progress, insist on seeking development in the overall stability, solve problems in the development and progress, and ensure the stability of economic development. In practical work, we should focus on the central task of economic construction and the primary task of high-quality development, actively forge ahead, blaze new trails, seize all favorable opportunities, make use of all favorable conditions, unswervingly deepen reform and opening up in an all-round way, strengthen reform in key areas and key links, build a new open economic system at a higher level, and accelerate self-reliance in science and technology, Build a modern industrial system and continue to stimulate and release the endogenous power of economic growth.
Adhere to the principle of "standing before breaking", make overall plans and treat stability and progress dialectically. Stability and progress, establishment and destruction are dialectical unity and complement each other, and should be taken as a whole. What should be set up should be set up actively, making good use of scientific and reasonable new mechanisms, new experience and new rules to create new growth momentum. What should be broken should be firmly broken on the basis of establishment, and institutional mechanisms and policy measures that do not meet the requirements of the new era should be broken in time. At the same time, we should be steady, respect the law, and grasp the timing and efficiency. We should not be divorced from reality and eager for success. We should avoid a one size fits all approach and strive to achieve the best results. In practical work, we must coordinate the dialectical relationship between building and breaking, strengthen forward-looking planning, strategic layout, and overall promotion, actively and steadily do a good job in all aspects, promote the continuous transformation of new and old driving forces, and accelerate the creation of new advantages for high-quality development in the process of strengthening the foundation. First of all, we should be able to establish, constantly improve the top-level design of the system, do a good job in linking annual work with medium and long-term goals and tasks, continue to deepen the supply side structural reform, focus on expanding effective demand, steadily promote the transformation and upgrading of traditional industries, and constantly cultivate new drivers and new advantages; Secondly, we should be good at breaking down outdated systems and recurring old problems. We should reform them according to time and local conditions, constantly break down the institutional and institutional barriers that restrict high-quality development, and constantly liberate and develop productive forces.
Pay close attention to the implementation of this year's economic work
We need to conscientiously implement the spirit of General Secretary Xi Jinping's important speech at the Central Economic Work Conference, deeply grasp the overall requirements and policy orientation of economic work, thoroughly implement the CPC Central Committee's decision and deployment on economic work, consolidate and enhance the economic recovery, and continue to promote the effective improvement of the quality and reasonable growth of the economy.
We will intensify macro-control. We should strengthen counter cyclical and cross cyclical adjustment of macro policies, moderately strengthen proactive fiscal policies, improve quality and efficiency, and flexibly, moderately, accurately and effectively implement prudent monetary policies. Strengthen the consistency of macro policy orientation, strengthen the coordination and cooperation of fiscal, monetary, employment, industrial, regional, science and technology, environmental protection and other policies, incorporate non economic policies into the evaluation of the consistency of macro policy orientation, strengthen policy coordination, and ensure that they work in the same direction and form joint forces.
Accelerate the construction of a modern industrial system. We will strengthen the national strategic scientific and technological strength, adhere to the integrated deployment of the innovation chain, the industry chain, the capital chain, and the talent chain, deeply implement high-quality development actions for key industry chains, and develop new quality productivity. 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 new tracks for future industries. We will extensively apply digital intelligence technology and green technology to accelerate the transformation and upgrading of traditional industries.
We will unswervingly expand effective domestic demand. Actively cultivate new consumption growth points such as smart home, entertainment and tourism, sports events, and "trendy products" made in China. We will stabilize and expand traditional consumption, and boost the consumption of new energy vehicles, electronic products and other bulk products. We will vigorously and orderly promote the construction of 102 major projects in the 14th Five Year Plan and other major projects in economic and social fields, and accelerate the construction of post disaster recovery and reconstruction projects and projects to improve disaster prevention, mitigation and relief capabilities.
We will comprehensively deepen reform in key areas. Accelerate the construction of a unified national market, strive to eliminate various forms of local protection and market segmentation, and create a market-oriented, legal, international and first-class business environment. We will deepen the reform and upgrading of state-owned enterprises and improve the modern corporate governance of state-owned enterprises with Chinese characteristics. Promote the development and growth of private enterprises, and unblock the channels for private enterprises to reflect their demands and solve problems.
We will open wider to the outside world at a high level. Promote stable scale and optimal structure of foreign trade, and expand intermediate trade, service trade, digital trade, and cross-border e-commerce exports. Deeply implement the promotion strategy of the pilot free trade zone, and promote giving more autonomy to the pilot free trade zone, Hainan Free Trade Port, etc. We will stabilize and expand the scale of foreign capital utilization, and continue to improve the quality and level of overseas investment. The implementation of the eight actions to support high-quality joint construction of the "Belt and Road" should be well implemented.
Prevent and eliminate risks in key areas. We will coordinate and resolve risks in real estate, local debt, small and medium-sized financial institutions, and firmly hold the bottom line of no systemic risk. Make full use of the policy toolbox to support rigid and improved housing demand. We will accelerate the construction of affordable housing, the construction of public infrastructure for both temporary and temporary use, and the renovation of villages in cities. Establish a long-term mechanism to prevent and resolve local debt risks and optimize the debt structure.
We will promote agricultural and rural modernization. We will focus on the production of grain and important agricultural products, solidly promote a new round of 100 billion jin of grain production capacity improvement, raise the input standard for high standard farmland construction, and effectively ensure the production and supply of agricultural materials such as fertilizers and pesticides. We will increase support for major grain producing counties and promote the improvement of public service capacity. We will accelerate the upgrading of rural industries and develop rural industries that enrich the people. Learn and apply the experience of "Ten Million Project" to build a livable, employable and beautiful village.
Promote urban and rural integration and regional coordinated development. Promote the construction of new urbanization with county towns as an important carrier, and promote the stable employment of agricultural transfer population in cities and towns. Deeply implement major regional strategies, promote the coordinated development of Beijing, Tianjin and Hebei, high-quality development of the Yangtze River Economic Belt, construction 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, Promote the construction of Xiong'an New Area with high standards and quality 。
We will deepen green and low-carbon development. We will coordinate the integrated protection and systematic management of mountains, rivers, forests, fields, lakes, grass and sand, continue to deepen the battle against pollution, and accelerate the improvement of environmental infrastructure weaknesses. We will improve the value realization mechanism of ecological products and the ecological protection compensation system. We will firmly promote the "Top Ten Actions for Carbon Peak" and accelerate the construction of a new energy system. We will accelerate energy conservation and carbon reduction in key industries and enterprises, and vigorously develop the circular economy.
We will ensure people's wellbeing. We will do a good job in the employment of key groups and promote flexible employment through multiple channels. Promote the provision of basic public services in permanent residence by classification and step by step, and facilitate the sharing of education, medical care and other public services. We will improve the policy system for supporting childbearing, improve the service system of inclusive childcare and old-age care, and develop the silver economy. We will strengthen the coordination of coal, electricity, oil and gas transportation, and ensure the supply and price of important commodities.
(Editor in charge: He Meixuan, Liu Shihao)
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