The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) will be held in Beijing in October, it was decided at Wednesday's meeting of the Politburo of the CPC Central Committee.

The main item on the agenda will be the Politburo's report on its work to the CPC Central Committee and discussion of proposals for the formulation of the 15th Five-Year Plan for National Economic and Social Development.

Wednesday's meeting was chaired by Xi Jinping, general secretary of the CPC Central Committee.

The meeting also analysed the current economic situation and made arrangements for economic work in the second half of the year.

It was noted that the period of the 15th Five-Year Plan (2026-2030) is a key stage for consolidating the foundation and making comprehensive efforts to achieve basic socialist modernization.

China's development faces profound and complex changes - strategic opportunities, risks and challenges are intertwined with growing uncertainties and unforeseen factors. At the same time, however, the economy is underpinned by stable fundamentals, diversified advantages, strong resilience and great potential. The conditions for long-term healthy economic development and its underlying trends have not changed. The advantages of socialism with Chinese characteristics, as well as a huge domestic market, a comprehensive industrial system and abundant human resources, are becoming increasingly evident, according to the meeting.

To promote economic and social development during the 15th Five-Year Plan period, China will consistently implement the new development philosophy in all directions, adhere to the general principle of seeking progress while maintaining stability, and accelerate the formation of a new development paradigm.

During this period, China will continue to balance development and security, effectively modernize and reasonably expand economic output, promote comprehensive human development, and make solid progress toward common prosperity, so as to make decisive progress in basic socialist modernization.

Since the beginning of this year, China's economy has shown steady growth and progress, and new achievements have been made in quality development. The meeting called for good management of economic work in the second half of the year, focusing on stabilizing employment, enterprises, market and expectations, and effectively promoting positive interaction between domestic and international economic flows.

According to the meeting, macro policies should be further strengthened and expanded in due course. The need to implement and refine a more active fiscal policy and a slightly easier monetary policy was emphasised.

It is necessary to accelerate the issuance and use of government bonds and to increase the efficiency of the use of funds. Monetary policy should ensure sufficient liquidity and reduce the overall cost of financing in the economy.

It is also important to make effective use of the various structural monetary policy instruments to strengthen support for scientific and technological innovation, stimulate consumption, support small and micro enterprises and stabilise foreign trade. The meeting also highlighted the key role to be played by provincial economic centres in promoting growth.

The meeting stressed the need to effectively unlock the potential of domestic demand and boost consumption of goods while developing new drivers in services.

It is necessary to stimulate consumer demand in securing and improving the living standards of the population, to stimulate the vitality of private investment and to expand effective investment.

The meeting also called for the accelerated development of new pillar industries with global competitiveness, for a deep integration of scientific and technological and industrial development and for a shift in the construction of a single national market.

China will further regulate unfair competition among enterprises in accordance with laws and regulations and advance production capacity management in key industries.

There should be an extension of the high level of opening to the world in order to stabilise the basic elements of foreign trade and investment. Support should be given to enterprises in foreign trade that have been severely affected and financial support should be strengthened. The export tax refund policy should be optimised and the development of pilot free trade zones and other opening-up platforms should be encouraged.

The meeting also stressed the need to continue to prevent and address risks in key areas. Urban renewal should be promoted at a high level and risks associated with local government debt should be addressed proactively and prudently. The attractiveness and inclusiveness of domestic capital markets should be further strengthened.

The meeting highlighted the policy of prioritising employment to promote job opportunities for key groups and called for an improved multi-tiered and categorised social assistance system.

Efforts to maintain reasonable prices for grain and major agricultural products and to ensure that there is no massive slump or return to poverty were also highlighted.

The meeting also highlighted the need to strengthen the monitoring of labour and food safety, to give maximum attention to flood prevention, emergency rescue and disaster mitigation, and to ensure the supply of energy and electricity during peak summer periods.

Officials should carry out economic work in line with the new development philosophy, and entrepreneurs are encouraged to gain a competitive advantage in the market through high-quality products and services.

CMG