China's Politburo decides strategy to deal with external economic uncertainty
China’s Politburo held a meeting on April 25 and decided on the strategy to fight against world economic uncertainty caused by the U.S. policy.
The following are the English translation of the Xinhua report and its original Chinese version, with some important points that are worth noticing highlighted.
English translation (not the officially released English version)
BEIJING, April 25 (Xinhua) -- On April 25, the Political Bureau of the Central Committee of the Communist Party of China held a meeting to analyze the current economic situation and economic work. The meeting was presided over by General Secretary Xi Jinping.
The meeting noted that since the beginning of this year, under the comprehensive leadership of the Party Central Committee with Xi Jinping at its core, various regions and departments have focused on tackling challenges, and macroeconomic policies have coordinated effectively. This has resulted in a positive economic trend, sustained social confidence, solid progress in high-quality development, and overall social stability. However, the foundation for the sustained recovery of the economy still needs to be further solidified, particularly as external shocks increase. It is essential to strengthen bottom-line thinking, fully prepare contingency plans, and effectively carry out economic work.
The meeting emphasized the need to adhere to the general principle of seeking progress while ensuring stability, comprehensively implement the new development concept, accelerate the construction of a new development pattern, coordinate domestic economic work with international economic and trade struggles, resolutely handle our own affairs, and firmly expand high-level opening up. Efforts should focus on stabilizing employment, businesses, markets, and expectations, using the certainty of high-quality development to respond to the uncertainties arising from drastic changes in the external environment.
The meeting called for the expedited implementation of more proactive macro policies and the effective utilization of more vigorous fiscal policies and moderately loose monetary policies. Efforts should be made to accelerate the issuance and use of local government special bonds and ultra-long-term special government bonds. Policies must ensure the basic “three guarantees” at the grassroots level. Proper-time reductions in reserve requirements and interest rates should be made to maintain ample liquidity and further support the real economy. New structural monetary policy tools and new types of policy-oriented financial instruments should be established to support technological innovation, expand consumption, and stabilize foreign trade. Consistency in policy orientation needs to be reinforced.
The meeting pointed out the necessity of increasing income for low- and middle-income groups, vigorously promoting service consumption, and enhancing consumption's driving role in economic growth. Restrictions in the consumption sector should be promptly removed, and a service consumption and elderly care refinancing scheme should be established. Financial support must be increased, and quality improvements in the implementation of “two new” policies should be expanded, along with enhanced progress in “two heavy” constructions.
The meeting emphasized the importance of adopting multiple measures to support struggling enterprises. Financing support should be strengthened, and the integration of domestic and foreign trade should be accelerated. New quality productive forces need to be cultivated and a number of emerging pillar industries developed. Continuous efforts will be made to tackle key core technologies, introduce a "Technology Board" in the bond market, and accelerate the implementation of “Artificial Intelligence Plus” initiatives. Key industries should undergo quality upgrades, with standards guiding the process and competition being regulated.
Moreover, the meeting stressed the importance of deepening reform and opening up to solve development issues, speeding up the construction of a unified national market, and implementing special actions to regulate enforcement related to enterprises. The pilot policies for service industry openness should be strengthened, and services for enterprises going abroad need to be enhanced. In collaboration with the international community, a commitment to multilateralism should be maintained while opposing unilateral hegemonic actions.
Risks in key areas must be vigilantly prevented and resolved, continuing the implementation of a comprehensive local government debt resolution policy, and accelerating the resolution of issues related to local governments' arrears to businesses. Urban renewal actions should be energetically and orderly promoted, with a focus on transforming urban villages and dilapidated housing. A new model for real estate development should be constructed, increasing the supply of high-quality housing while optimizing policies for acquiring existing commercial housing, thereby sustaining stability in the real estate market. Efforts should continue to stabilize and invigorate capital markets.
The meeting underscored the importance of ensuring the well-being of the populace. For enterprises significantly affected by tariffs, the unemployment insurance fund’s stable return ratio should be increased. A layered and categorized social assistance system should be improved. Agricultural production should be strengthened to stabilize prices of important agricultural products such as grains. The achievements of poverty alleviation must be consolidated and effectively linked with rural revitalization. Ongoing work on safety production and disaster prevention should be prioritized.
The meeting also highlighted the need to continuously improve the toolbox of policies for fostering employment and stabilizing the economy, with established policies being implemented promptly for timely effectiveness. Additional reserve policies should be introduced in accordance with changes in the situation, and extraordinary counter-cyclical adjustments should be strengthened to firmly consolidate the foundations of economic development and social stability.
The meeting reaffirmed the necessity of strengthening the Party’s overall leadership over economic work, encouraging Party members and officials to face challenges head-on and take proactive measures, while establishing and practicing a correct view of performance. In-depth educational activities to thoroughly implement the spirit of the Central Committee's eight-point regulation should be seriously conducted, achieving new results in work style to create a new landscape for high-quality development.
The meeting also addressed other matters.
中共中央政治局召开会议分析研究当前经济形势和经济工作
中共中央总书记习近平主持会议
新华社北京4月25日电 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。中共中央总书记习近平主持会议。
会议认为，今年以来，以习近平同志为核心的党中央加强对经济工作的全面领导，各地区各部门聚力攻坚，各项宏观政策协同发力，经济呈现向好态势，社会信心持续提振，高质量发展扎实推进，社会大局保持稳定。同时，我国经济持续回升向好的基础还需要进一步稳固，外部冲击影响加大。要强化底线思维，充分备足预案，扎实做好经济工作。
会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。
会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层“三保”底线。适时降准降息，保持流动性充裕，加力支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸等。强化政策取向一致性。
会议指出，要提高中低收入群体收入，大力发展服务消费，增强消费对经济增长的拉动作用。尽快清理消费领域限制性措施，设立服务消费与养老再贷款。加大资金支持力度，扩围提质实施“两新”政策，加力实施“两重”建设。
会议强调，要多措并举帮扶困难企业。加强融资支持。加快推动内外贸一体化。培育壮大新质生产力，打造一批新兴支柱产业。持续用力推进关键核心技术攻关，创新推出债券市场的“科技板”，加快实施“人工智能+”行动。大力推进重点产业提质升级，坚持标准引领，规范竞争秩序。
会议强调，要坚持用深化改革开放的办法解决发展中的问题。加快全国统一大市场建设，扎实开展规范涉企执法专项行动。加大服务业开放试点政策力度，加强对企业“走出去”的服务。同国际社会一道，积极维护多边主义，反对单边霸凌行径。
会议指出，要持续用力防范化解重点领域风险。继续实施地方政府一揽子化债政策，加快解决地方政府拖欠企业账款问题。加力实施城市更新行动，有力有序推进城中村和危旧房改造。加快构建房地产发展新模式，加大高品质住房供给，优化存量商品房收购政策，持续巩固房地产市场稳定态势。持续稳定和活跃资本市场。
会议强调，要着力保民生。对受关税影响较大的企业，提高失业保险基金稳岗返还比例。健全分层分类的社会救助体系。加强农业生产，稳定粮食等重要农产品价格。巩固拓展脱贫攻坚成果同乡村振兴有效衔接。持续抓好安全生产和防灾减灾等各项工作。
会议指出，要不断完善稳就业稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的基本面。
会议强调，要加强党对经济工作的全面领导，鼓励党员干部迎难而上、主动作为，树立和践行正确政绩观。认真开展深入贯彻中央八项规定精神学习教育，以作风建设新成效开创高质量发展新局面。
会议还研究了其他事项。
Actually, each of the highlighted words indicates a certain important policy. More details will come out. Subscribe to get more information.
