Xinhua News Agency, Beijing, September 26 — The Political Bureau of the CPC Central Committee held a meeting on September 26 to analyze and study the current economic situation and to lay out plans for the next phase of economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting.
The meeting held that, since the beginning of this year, the Party Central Committee with Comrade Xi Jinping at its core has united and led people of all ethnic groups across the country in overcoming difficulties and responding calmly. It has intensified macroeconomic regulation and control, focused on deepening reform and opening up, expanding domestic demand, and optimizing the economic structure. As a result, the economy has generally remained stable and shown steady progress; new-quality productive forces have been steadily developing; livelihood safeguards have been solid and effective; positive progress has been made in preventing and resolving risks in key areas; high-quality development has been steadily advanced; and social stability has been maintained overall.
The meeting pointed out that China’s economic fundamentals—such as its broad market, strong economic resilience, and enormous potential—have not changed. At the same time, the current economic situation has seen some new developments and challenges. We must adopt a comprehensive, objective, and calm perspective on the current economic landscape, squarely face the difficulties, remain confident, and earnestly enhance our sense of responsibility and urgency in carrying out economic work. We should focus on key priorities, take proactive measures, effectively implement existing policies, and intensify efforts to introduce new policies. This will further improve the targeted nature and effectiveness of our policy measures, and enable us to make every effort to achieve the annual economic and social development goals and tasks.
The meeting emphasized the need to intensify counter-cyclical adjustments in fiscal and monetary policies, ensure adequate fiscal expenditures, and effectively implement the “three guarantees” at the grassroots level. We should issue and make good use of ultra-long-term special government bonds and special local government bonds, thereby better leveraging the catalytic role of government investment. We should lower the reserve requirement ratio and implement substantial interest-rate cuts. To stabilize and reverse the downward trend in the real estate market, we must strictly control new construction, optimize existing stock, and improve quality; step up lending to projects on the “whitelist”; and support the revitalization of idle land resources. We should address public concerns by adjusting housing purchase restrictions, lowering interest rates on outstanding mortgages, and expediting the refinement of policies related to land, taxation, and finance, so as to promote the development of a new real estate model. We must strive to boost the capital market, vigorously guide medium- and long-term funds into the market, and remove bottlenecks that hinder the entry of social security funds, insurance funds, and wealth management products. We should support mergers and acquisitions and restructuring of listed companies, steadily advance reforms of public mutual funds, and study and introduce policy measures to protect small and medium-sized investors.
The meeting pointed out that we must help enterprises overcome their current difficulties and further standardize law enforcement and regulatory practices involving businesses. We should introduce a Law on Promoting the Private Economy to create a favorable environment for the development of the non-public sector. We need to integrate efforts to boost consumption with measures aimed at improving people’s livelihoods, thereby increasing incomes for middle- and low-income groups and upgrading the structure of consumption. We should also foster new forms of consumption. We must support and regulate social forces in developing the elderly care and childcare industries, and accelerate the refinement of the policy framework supporting childbirth. We should intensify efforts to attract and stabilize foreign investment, expedite the implementation of reform measures such as easing market access for foreign investment in the manufacturing sector, and further optimize our business environment to make it world-class in terms of marketization, rule of law, and internationalization.
The meeting emphasized the need to firmly safeguard and consolidate the bottom line for people’s livelihoods, with a particular focus on employment efforts for key groups such as recent college graduates, migrant workers, poverty-alleviated populations, and zero-employment households. It also stressed strengthening support for groups facing employment difficulties, including older workers, persons with disabilities, and those who have been unemployed for extended periods. We must intensify assistance and support for low-income populations. Furthermore, we must ensure stable supply and reasonable prices of essential commodities such as food, water, electricity, gas, and heating. We must earnestly boost grain and agricultural production, pay close attention to increasing farmers’ incomes, and effectively carry out autumn and winter production to guarantee national food security.
The meeting called on all regions and departments to earnestly implement the decisions and deployments of the Party Central Committee, putting action first and uniting as one. It urged fully unleashing the enthusiasm, initiative, and creativity of the entire society in promoting high-quality development and driving a sustained recovery and improvement of the economy. All Party members and cadres should dare to take responsibility and be bold in innovation, honing their skills and achieving outstanding results through tackling tough challenges. We must set a clear benchmark for selecting and employing personnel, rigorously implement the “three distinctions,” and stand firmly behind those who take responsibility and support those who get things done. We should also encourage major economic provinces to shoulder greater responsibilities and better play their roles as drivers and pillars of growth.
The meeting also discussed other matters.
Source: Xinhua News Agency
