Meeting of the Political Bureau of the CPC Central Committee: Coordinate domestic economic work and international economic and trade struggles, and promptly introduce incremental reserve policies according to changes in the situation

Source: Xinhua News Agency

The Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 25 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, presided over the meeting.

The meeting held that since the beginning of this year, the Central Committee of the Communist Party of China with Comrade Xi Jinping as the core has strengthened its overall leadership over economic work. All regions and departments have concentrated their efforts to tackle difficulties, and various macro policies have worked in concert. The economy has shown a positive trend, social confidence has been continuously boosted, high-quality development has been steadily advanced, and the overall social situation has remained stable. At the same time, the foundation for the sustained recovery and positive development of China's economy still needs to be further consolidated, and the impact of external shocks has increased. It is necessary to strengthen the bottom-line thinking, fully prepare contingency plans, and do a solid job in economic work.

The meeting pointed out that it is necessary to adhere to the general tone of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, coordinate domestic economic work and international economic and trade struggles, unswervingly do our own things well, unswervingly expand high-level opening up to the outside world, focus on stabilizing employment, stabilizing enterprises, stabilizing the market and stabilizing expectations, and use the certainty of high-quality development to deal with the uncertainties of the rapidly changing external environment.

The meeting emphasized that it is necessary to accelerate the implementation of more active and effective macro policies, make good use of and fully implement a more proactive fiscal policy and a moderately loose monetary policy. Accelerate the issuance and use of local government special bonds, ultra-long-term special treasury bonds, etc. Ensure the bottom line of "ensuring basic living needs, wages and operations at the grassroots level". Appropriately cut the reserve requirement ratio and interest rates in a timely manner to maintain ample liquidity and increase support for the real economy. Create new structural monetary policy tools, establish new policy-based financial tools, and support scientific and technological innovation, expand consumption, stabilize foreign trade, etc. Strengthen the consistency of policy orientations.

The meeting pointed out that it is necessary to increase the income of low- and middle-income groups, vigorously develop service consumption, and enhance the pulling effect of consumption on economic growth. Clean up restrictive measures in the consumption field as soon as possible, and establish re-lending for service consumption and elderly care. Increase financial support, expand the scope and improve the quality of implementing the "Two News" policies, and increase efforts in implementing the "Two Importance" construction.

The meeting emphasized that it is necessary to take multiple measures to help distressed enterprises. Strengthen financing support. Accelerate the promotion of the integration of domestic and foreign trade. Cultivate and strengthen new quality productive forces and create a number of emerging pillar industries. Continuously make efforts to tackle key and core technologies, innovatively launch the "Science and Technology Board" in the bond market, and accelerate the implementation of the "Artificial Intelligence +" initiative. Vigorously promote the quality improvement and upgrading of key industries, adhere to the leadership of standards, and regulate the competition order.

The meeting emphasized that it is necessary to adhere to using the methods of deepening reform and opening up to solve the problems in development. Accelerate the construction of a unified national market, and carry out a special action to standardize law enforcement related to enterprises in a down-to-earth manner. Increase the intensity of pilot policies for opening up the service industry, and strengthen services for enterprises to "go global". Together with the international community, actively safeguard multilateralism and oppose unilateral bullying practices.

The meeting pointed out that it is necessary to continuously make efforts to prevent and defuse risks in key areas. Continue to implement a package of debt resolution policies for local governments, and accelerate the solution of the problem of local governments' arrears to enterprises. Increase efforts to implement urban renewal actions, and promote the renovation of urban villages and dilapidated houses in an orderly manner. Accelerate the construction of a new model for the development of the real estate industry, increase the supply of high-quality housing, optimize the acquisition policy for existing commercial housing, and continuously consolidate the stable situation of the real estate market. Continuously stabilize and activate the capital market.

The meeting emphasized that it is necessary to focus on ensuring people's livelihood. For enterprises that are greatly affected by tariffs, increase the proportion of unemployment insurance fund returned for stabilizing jobs. Improve the stratified and classified social assistance system. Strengthen agricultural production and stabilize the prices of important agricultural products such as grain. Effectively connect the consolidation and expansion of poverty alleviation achievements with rural revitalization. Continuously do a good job in various tasks such as work safety and disaster prevention and mitigation.

The meeting pointed out that it is necessary to continuously improve the policy toolbox for stabilizing employment and the economy. Existing policies should be introduced and take effect as soon as possible. Incremental reserve policies should be introduced in a timely manner according to changes in the situation, strengthen extraordinary counter-cyclical adjustments, and make every effort to consolidate the fundamentals of economic development and social stability.

The meeting emphasized that it is necessary to strengthen the Party's overall leadership over economic work, encourage Party members and cadres to face difficulties bravely and take the initiative, and establish and practice the correct view of political achievements. Earnestly carry out in-depth study and education on thoroughly implementing the spirit of the eight-point decision of the Central Committee on improving Party and government conduct, and create a new situation of high-quality development with new achievements in style construction.

The meeting also studied other matters.

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