Xi leads CPC leadership meeting to assess economic conditions, tasks
The Communist Party of China (CPC) Central Committee's Political Bureau convened on Friday to assess and review the current economic landscape and related activities.
TroibNews 
On Friday, the Political Bureau of the Communist Party of China (CPC) Central Committee convened to analyze the current economic situation and discuss economic work.
Xi Jinping, the general secretary of the CPC Central Committee, led the meeting.
During the gathering, it was observed that the economy has improved this year, with public confidence increasing and notable progress achieved in high-quality development.
However, the meeting also highlighted that the foundation for sustained economic recovery needs further consolidation, while acknowledging that the country faces growing external shocks.
Participants urged preparations for potential worst-case scenarios, advocating for adequate planning and specific actions to enhance economic performance.
The meeting emphasized the necessity of aligning domestic economic efforts with international economic and trade initiatives, managing national affairs effectively, maintaining a commitment to high-standard openness, and focusing on stabilizing employment, businesses, markets, and expectations. It also stressed the importance of confronting external uncertainty with a commitment to high-quality development.
Additionally, the meeting called for hastening the implementation of more proactive and effective macroeconomic policies, maximizing the potential of proactive fiscal measures and a moderately loose monetary policy.
Key actions outlined included accelerating the issuance and use of local government special-purpose bonds and ultra-long special treasury bonds, along with timely reductions in reserve requirement ratios and interest rates to ensure ample liquidity and robust support for the real economy. New structural monetary and policy-based financial instruments will be introduced to encourage technological innovation, boost consumption, and stabilize foreign trade.
The gathering underscored the need to enhance the earnings of low- and middle-income groups and stimulate service consumption to strengthen consumption's role in driving economic growth. A prompt removal of restrictive measures in the consumption sector was called for, along with proposals for a re-lending facility aimed at service consumption and elderly care.
To support businesses facing difficulties, the meeting recommended a multi-faceted strategy, including enhanced financial backing and expedited integration of domestic and foreign trade development.
Efforts will also be made to cultivate new pillar industries, introduce a "sci-tech board" within the bond market, and accelerate the implementation of the AI Plus initiative.
The meeting reiterated the importance of China remaining committed to deepening reforms and opening up to address developmental challenges.
The country will fast-track the creation of a unified national market and enhance trials for further opening the service sector.
The meeting underscored China’s intention to collaborate with the international community to support multilateralism and oppose unilateral coercion.
The meeting also noted the need for ongoing efforts to manage and mitigate risks in key areas. This includes the implementation of measures to address local government debt risks, promote stable development in the real estate sector, and maintain an active capital market.
Emphasizing the importance of ensuring public welfare, the meeting stated that for businesses significantly impacted by tariffs, the proportion of unemployment insurance funds returned to these enterprises would be increased to help stabilize payrolls.
There will also be initiatives to boost agricultural production and stabilize the prices of essential agricultural products such as grain.
China will continue to refine the policy toolkit aimed at maintaining employment and stability in the economy. Once policies are decided, prompt rollout will follow, with additional incremental measures introduced in response to evolving conditions.
Unconventional counter-cyclical adjustments will also be strengthened to reinforce the fundamentals of economic development and social stability.
Allen M Lee for TROIB News
Xi Jinping, the general secretary of the CPC Central Committee, led the meeting.
During the gathering, it was observed that the economy has improved this year, with public confidence increasing and notable progress achieved in high-quality development.
However, the meeting also highlighted that the foundation for sustained economic recovery needs further consolidation, while acknowledging that the country faces growing external shocks.
Participants urged preparations for potential worst-case scenarios, advocating for adequate planning and specific actions to enhance economic performance.
The meeting emphasized the necessity of aligning domestic economic efforts with international economic and trade initiatives, managing national affairs effectively, maintaining a commitment to high-standard openness, and focusing on stabilizing employment, businesses, markets, and expectations. It also stressed the importance of confronting external uncertainty with a commitment to high-quality development.
Additionally, the meeting called for hastening the implementation of more proactive and effective macroeconomic policies, maximizing the potential of proactive fiscal measures and a moderately loose monetary policy.
Key actions outlined included accelerating the issuance and use of local government special-purpose bonds and ultra-long special treasury bonds, along with timely reductions in reserve requirement ratios and interest rates to ensure ample liquidity and robust support for the real economy. New structural monetary and policy-based financial instruments will be introduced to encourage technological innovation, boost consumption, and stabilize foreign trade.
The gathering underscored the need to enhance the earnings of low- and middle-income groups and stimulate service consumption to strengthen consumption's role in driving economic growth. A prompt removal of restrictive measures in the consumption sector was called for, along with proposals for a re-lending facility aimed at service consumption and elderly care.
To support businesses facing difficulties, the meeting recommended a multi-faceted strategy, including enhanced financial backing and expedited integration of domestic and foreign trade development.
Efforts will also be made to cultivate new pillar industries, introduce a "sci-tech board" within the bond market, and accelerate the implementation of the AI Plus initiative.
The meeting reiterated the importance of China remaining committed to deepening reforms and opening up to address developmental challenges.
The country will fast-track the creation of a unified national market and enhance trials for further opening the service sector.
The meeting underscored China’s intention to collaborate with the international community to support multilateralism and oppose unilateral coercion.
The meeting also noted the need for ongoing efforts to manage and mitigate risks in key areas. This includes the implementation of measures to address local government debt risks, promote stable development in the real estate sector, and maintain an active capital market.
Emphasizing the importance of ensuring public welfare, the meeting stated that for businesses significantly impacted by tariffs, the proportion of unemployment insurance funds returned to these enterprises would be increased to help stabilize payrolls.
There will also be initiatives to boost agricultural production and stabilize the prices of essential agricultural products such as grain.
China will continue to refine the policy toolkit aimed at maintaining employment and stability in the economy. Once policies are decided, prompt rollout will follow, with additional incremental measures introduced in response to evolving conditions.
Unconventional counter-cyclical adjustments will also be strengthened to reinforce the fundamentals of economic development and social stability.
Allen M Lee for TROIB News
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