CPC leadership sets out economic priorities for 2nd half of 2024

BEIJING, July 31 (Xinhua) -- The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on July 30 to analyze the current economic situation, make arrangements for economic work in the second half of the year, and review "Certain Provisions on Rectifying Pointless Formalities to Reduce Burdens on the Grassroots." Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

It was noted at the meeting that since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as its core, all regions and departments have risen to difficulties and taken proactive actions to deepen reform and opening up, strengthen macro regulation, and effectively respond to risks and challenges. As a result, the overall economic recovery and growth has been stable, and the upward trend has continued. The cultivation of new growth drivers and strengths has accelerated, high-quality development has been steadily promoted, and the overall social situation has remained stable.

It was pointed out at the meeting that the unfavorable conditions brought about by changes in the external environment have increased. There is a lack of effective domestic demand, economic growth shows signs of disparities, and there are still risks and hidden dangers in key areas, and difficulties in the transformation from old growth drivers to new ones. These are problems in the process of development and transformation. On the one hand, we must have a strong sense of preventing risks and prepare for worst-case scenarios to proactively respond to challenges. On the other hand, we must maintain firm strategic resolve, have greater confidence in development, and be optimistic about the bright prospects of the Chinese economy.

It was emphasized at the meeting that the task to promote reform, development and stability in the second half of the year is very heavy. It is imperative to fully implement the guiding principles of the 20th CPC National Congress and the second and third plenary sessions of the 20th CPC Central Committee, adhere to the general principle of seeking progress while maintaining stability, fully and faithfully implement the new development philosophy on all fronts, accelerate the forging of a new development paradigm, develop new quality productive forces in line with local conditions, and strive to promote high-quality development. It is necessary to further deepen reform in an all-round way to promote Chinese modernization, intensify macro regulation, deepen innovation-driven development, tap the potential of domestic demand, strengthen new growth drivers and strengths, enhance the vitality of business entities, stabilize market expectations, increase public confidence, strengthen sustained economic recovery, effectively ensure and improve people's well-being, maintain social stability, and determinedly accomplish the economic and social development targets for the year.

It was stressed at the meeting that reform should be promoted as the driving force to maintain stable growth, make structural adjustments and guard against risks. It is imperative to give full play to the leading role of economic restructuring to timely launch a number of reform measures that are ready, tangible and attainable. It is necessary to unswervingly consolidate and develop the public sector and unswervingly encourage, support, and guide the development of the non-public sector, and promote sectors under all forms of ownership to complement each other and seek common development. It is important to improve the basic system of market economy such as property rights protection, market access and bankruptcy as well as market exit, and prevent and rectify the use of administrative and criminal means by some localities to interfere in economic disputes. It is imperative to promote entrepreneurship and speed up the development of more world-class enterprises through reform, innovation and fair competition.

It was pointed out at the meeting that the implementation of macro policies should continue to be strengthened. It is imperative to intensify countercyclical regulation, implement a proactive fiscal policy and a prudent monetary policy, accelerate the comprehensive implementation of established policy measures, and have in stock and launch a batch of incremental policy measures in a timely manner. It is imperative to speed up the issuance and use of special bonds, put to good use ultra long-term special treasury bonds, support the building of the capacity for maintaining security in major strategies and key areas, and make greater efforts to promote large-scale equipment renewal and trade-in of durable consumer goods. It is imperative to optimize the structure of fiscal expenditure and make sure that basic living needs are met, salaries are paid and governments function smoothly at the primary level. Various monetary policy tools should be comprehensively utilized, financial support for the real economy should be increased, and work should be done to stabilize and reduce the overall cost of social financing. It is essential to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. It is imperative to effectively enhance the consistency of macro policy orientation and form a strong synergy of all aspects to promote high-quality development. Moreover, it is important to continue to leverage the role of major economically developed provinces in supporting the growth of the national economy.

It was noted at the meeting that the emphasis should be placed on boosting consumption to expand domestic demand, and the focus of economic policies should shift towards bringing real benefits to the people and promoting consumption. It is necessary to increase residents' income through multiple channels, enhance the capability and willingness of the medium-to-low income groups for consumption, make service consumption a major driver in the expansion and upgrading of consumption, and support consumption in cultural tourism, elderly care, childcare, domestic services and other areas. In addition, efforts should be made to further stimulate the enthusiasm of private investment, and expand effective investment.

The need was emphasized at the meeting to cultivate and expand emerging and future industries. It is imperative to achieve greater self-reliance and strength in science and technology, strive for breakthroughs in core technologies in key fields, and promote the transformation and upgrading of traditional industries. Efforts must be made to support the development of "gazelle" and "unicorn" enterprises. It is a must to reinforce industry self-discipline to prevent vicious "involution" competition. Market competition mechanism must be strengthened to ensure smooth channels for the exit of outdated and inefficient production capacities.

The need was emphasized at the meeting to advance high-level opening up. It is essential to further efforts for creating a first-class business environment that is market-oriented, law-based and internationalized. Steady progress should be made in expanding institutional opening up, requirements should be implemented to gradually eliminate restrictions on access for foreign investment to the manufacturing sector, and a new round of pilot measures should be carried out to expand opening up of the service sector, so as to promote the steady increase in the utilization of foreign capital. It is imperative to actively foster new growth drivers for the development of foreign trade, and expand trade in intermediate goods and green trade. It is essential to solidly advance the high-quality development of the Belt and Road Initiative.

The importance was stressed at the meeting to continuously prevent and mitigate risks in key areas. It is imperative to implement well the new policies for the stable and healthy development of the real estate market, and it is important to reduce inventory and optimize new supply of housing. The purchasing of existing commercial housing to be used as affordable housing should be actively supported. Work must be done to ensure the delivery of presold houses, and accelerate the establishment of a new model for the development of the real estate sector. It is essential to improve and implement a package of local debt-clearing plans and create conditions for speeding up efforts to defuse debt risks of local financing platforms. It is also essential to coordinate efforts to prevent risks, tighten regulation and promote development, so as to boost investors' confidence and enhance the underlying stability of the capital market.

It was noted at the meeting that solid steps should be taken to advance rural revitalization across the board, consolidate and expand the achievements in poverty alleviation, and ensure that no large number of people in the rural areas become poverty-stricken again. It is imperative to strengthen farmland protection and quality improvement, and do a good job in agricultural production for a grain harvest for the whole year.

It was stressed at the meeting that efforts should be intensified to ensure and improve the people's well-being. It is imperative to strengthen the employment-first policy and deliver good results regarding providing employment support for key groups such as college graduates. It is essential to strengthen support for low-income residents and build a tightly-woven network of social security. It is imperative to do a good job in flood prevention, control and relief, secure adequate supply of electric power during the peak summer season, ensure workplace safety, and conscientiously solve issues related to food safety, social security and others. It is essential to further the fight against pollution and work prudently toward the goals of reaching peak carbon emissions and carbon neutrality. Research and preparations must be done well for the making of the 15th Five-Year Plan (2026-2030).

It was noted at the meeting that pointless formalities and bureaucratism are deep-seated problems which require greater efforts to address. Primary-level governments are the final stops for implementing the major decisions and plans of the CPC Central Committee, and therefore pointless formalities and bureaucratism should never be allowed to get in the way of their work. The Secretariat of the CPC Central Committee should persistently address this deep-rooted problem. The special working mechanism of the CPC Central Committee for rectifying pointless formalities to unburden grassroots officials of unnecessary workload must regularly supervise and inspect how work is done in this regard. All CPC central organs and central government departments, all provincial-level party committees and governments must be realistic in making work arrangements. Party committees at all levels below the provincial level must fully assume their principal responsibilities, and discipline inspection and supervision departments at all levels must strengthen their efforts in supervision and implementation of discipline and rules.

The need was stressed at the meeting to strengthen the building of systems and the efforts to make the systems work. Efforts should be coordinated to unburden grassroots officials of unnecessary workload and empower them. It is imperative to act on the central Party leadership's eight-point decision on improving Party conduct and its implementation rules, continuously reduce the number of meetings convened and documents issued, and regularize inspections, checks, and evaluations to effectively reduce their excessive frequency and complexity. It is crucial to strictly regulate the transfer of officials on secondment from the primary level, enhance the standardized management of government service mobile internet applications, and address "pointless formalities at one's fingertips." More efforts must be made to further clarify the rights and responsibilities of primary-level governments, facilitate the deployment of resources, services and management to the primary level, and streamline the creation of exemplary models and standard-setting activities, focusing instead on the good results such activities can yield.

Work must be done to address those prominent problems, about which Party members, general public at the primary level in particular, are gravely concerned, with swift action taken to deal with them as soon as they are identified. For those problems that are somewhat typical and widespread, concentrated efforts must be made to carry out special rectification and cleanup actions. It is important to effectively relieve the primary-level governments from the constraints of pointless formalities and bureaucratism, ensure that Party members and officials have a correct understanding of what it means to perform well, take the lead in shouldering responsibility, and spend more energy on implementation of policies and plans.