China pledged to stabilize economic growth while maintaining COVID-19 prevention and control, and to strengthen macroeconomic policy adjustment to achieve economic and social development goals this year.
The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Friday to study and analyze the current economic situation and related work.
The meeting was chaired by Xi Jinping, general secretary of the CPC Central Committee.
Minimize the impact of COVID-19 on the economy
Although China’s economy has gotten off to a good start this year with hard-won achievements, the meeting pointed out that amid the COVID-19 pandemic and Ukraine crisis, China’s development environment is increasingly unstable, serious and uncertain and that the country is facing new challenges. stabilization of growth, employment and prices.
It is vital to effectively protect and improve people’s livelihoods, the meeting stressed, calling for efforts to put the main policies of the CPC Central Committee into practice.
The meeting made clear that the country should stick to epidemic prevention and control, stabilize the economy and ensure both development and security.
As the rapidly spreading variants of COVID-19 exhibit a large number of mutations, the meeting called for effectively coordinating efforts between pandemic containment and economic and social development and putting people and their lives first. .
The country will stick to its strategy of preventing imported infections and domestic outbreaks while adhering to an aggressive zero COVID policy, the meeting said, adding that the country will achieve maximum protection of life and health. people while minimizing the impact of the epidemic. on the economic and social development of the country.
The meeting called for efforts to improve regulation based on the country’s range of macroeconomic policies, striving to achieve the expected goals of economic and social development throughout the year.
He added that the country should keep major economic indicators within an appropriate range, implement tax and fee reduction policies and use diversified monetary tools.
Increase domestic demand, address market concerns
To increase domestic demand, the role of investment and consumption should be emphasized, the meeting stressed, adding that support for land use, energy use and assessment of the environmental impact must be reinforced and that the construction of infrastructures must also be largely advanced.
For micro, small and medium-sized enterprises and freelancers heavily affected by the pandemic, a series of policies should be rolled out in a timely manner to offset the impact of the epidemic, according to the meeting.
The meeting stressed the need to maintain stability in the supply and price of energy resources, to ensure regular preparation for spring plowing as well as to ensure the supply of important subsistence products in the country.
Calling for ensuring a coordinated national response, the meeting said the country should ensure smooth logistics and ensure the supply chain of key industries, especially those vital to supply chains, service providers anti-COVID logistics and supplies.
The country will continue to effectively control risks and act against systemic financial risks, the meeting stressed.
Based on the principle that houses are for habitation and not for speculation, the country will implement city-specific policies to promote stable and healthy development of the real estate market, the meeting noted.
The meeting also called on the country to carry out its work, accelerate the construction of the new development paradigm, relentlessly deepen the supply-side structural reform, achieve self-sufficiency and self-strengthening of science. and technology to higher levels and to build a strong network and resilient national business cycle.
The country should pursue high-level opening-up and actively respond to the concerns of foreign companies to help them better invest and start operations in China, the meeting said, calling for stabilizing the overall performance of foreign trade and foreign investment.
The meeting stressed the importance of responding to market concerns in a timely manner and called for steadily advancing the reform of the registration-based IPO system. Active efforts should be made to attract long-term investors and keep the capital market functioning smoothly, the meeting said.
He called for efforts to promote the healthy development of the platform economy and carry out normalized supervision.
The meeting pointed out that the GDP target this year is still the same, which means the government is very confident in its efforts to maintain this year’s economic growth, Qu Qiang, deputy director and researcher at the Institute International Monetary Fund from Renmin University of China, CGTN told CGTN on Friday.
China aims for a healthy, continuous and stable development of the real estate market, he said, noting that the country is confident in controlling the risk of the sector, a pillar of the Chinese economy.
The meeting reiterated the maintenance of its “dynamic zero” policy towards COVID-19. As for fears that this policy could have a negative effect on the economy, Qu said that this meeting was in fact asking the local government to strike a very important balance between “zero” and “dynamic”, between controlling the pandemic and economic development.
Recently, the Chinese central bank announced new financial policies to support lending to companies related to technological innovation. Qu noted that this is a good start but may take some time to take effect.
As for the recent depreciation of the yuan against the US dollar, Qu said it was good for the export manufacturing sector. He said that the Chinese yuan has seen very strong momentum over the past two years, which has helped China to fight against imported inflation, but on the other hand, has also jeopardized the competitiveness of the sector. Chinese exports.
Talent development plan (2021-2025)
The meeting also discussed a talent development plan during the 14th Five-Year Plan period (2021-2025), calling for accelerating work to make China a major global talent and innovation hub.
Beijing, Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area should uphold high standards and strive to become pilot areas for innovation and talent.
Major cities with high-end talent clusters should take effective measures to create platforms capable of attracting large numbers of talented people, he added.
The meeting stressed the importance of cultivating strategic scientists and letting them play their part, and nurturing a large number of high-level scientific leaders and innovation teams, young scientific talents and outstanding engineers.
The focus on talent cultivation should be on supporting and cultivating talent in basic research, the meeting said.
By 2025, China aims to greatly increase its total R&D expenditure, attract more senior scientists, have a large number of scientists and technologists in strategic and fundamental technological fields, scientific and technological leaders of high level and innovation teams. talent work conference held last September.