With full confidence that the major goals and tasks for China's economic and social development in 2024 will be successfully fulfilled, members of the Politburo of the Communist Party of China (CPC) Central Committee met on Monday to draw up economic plans for next year.
Chinese President Xi Jinping, who is also General Secretary of the CPC Central Committee, chaired the meeting.
On December 6, Xi also chaired a symposium of the CPC Central Committee with non-partisan figures to hear views and suggestions on this year's economic situation and economic work for 2025.
China will be a major contributor to growth over the next five years
The International Monetary Fund has predicted that global economic growth will be more dependent on the BRICS countries over the next five years, with China being the largest contributor with a share of 22 %, more than all G7 countries combined.
On economic work for next year, Xi stressed the need to boost confidence in achieving success in tackling the issue at a symposium with non-partisan figures.
China's economy has solid fundamentals with many advantages, strong resilience and great potential, and the supporting conditions and basic trend for its long-term healthy development remain unchanged, Xi said.
The package of policy-boosting measures, including reserve requirement cuts, tax cuts and trade programmes for consumer goods, has shown continued effects, with financial markets reacting quickly and positively in both equity and bond markets at the start of the fourth quarter.
In October, the Purchasing Managers' Index (PMI) was at 50.1 %, marking a monthly increase for two consecutive months and a return to the expansion zone for the first time in five months. The service sector business activity index was at 50.2 %, a monthly increase of 0.2 percentage point.
"Every year we face difficulties and challenges, but we have always developed by overcoming challenges, growing baptized by wind and rain, and becoming stronger in the face of trials," Xi said at the symposium.
Proactive and effective macroeconomic policies
Proactive and effective macroeconomic measures should be taken for a solid economic performance in 2025, the meeting said.
The meeting called for the implementation of proactive fiscal policy and moderately easy monetary policy next year, marking the first easing stance since the end of 2010.
Policy tools need to be enriched and improved, unconventional countercyclical adjustments need to be strengthened, coordination between different policies needs to be reinforced and macro-regulation needs to be made more forward-looking, targeted and effective, the meeting said.
The country should strongly boost consumption, improve investment efficiency and expand domestic demand in all directions, the meeting added.
China adopted a "moderately easy" monetary policy after the global financial crisis in 2008, before switching to a "prudent" policy in late 2010.
Zhang Jun, chief economist at China Galaxy Securities, pointed to a slightly loose monetary policy and unconventional countercyclical adjustments. These two statements suggest that the central bank will be more willing to cut reserve requirements and interest rates next year.
The adoption of a moderately easy monetary policy for the first time in 14 years also showed the Central Committee's determination to stabilize economic growth, Zhang added.
The country should expand high-level openness, stabilise foreign trade and investment, and effectively prevent and address risks in key sectors to ensure that systemic risks do not arise, the meeting said.
Meeting with non-partisan figures at the symposium, Xi promised that China will take steps to create an external environment favorable to the country, unquestioningly manage its own affairs and turn all positive factors into actual development achievements.
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