The Political Bureau of the Central Committee of the Communist Party of China held a meeting on July 30th to analyze and study the current economic situation, deploy economic work for the second half of the year, and review the "Several Provisions on Rectifying Formalism and Reducing Burden at the Grassroots Level".  
The meeting pointed out that the adverse effects brought about by the current external environmental changes have increased, domestic effective demand is insufficient, economic operation is differentiated, there are still many risks and hidden dangers in key areas, and there are pains in the transformation of old and new driving forces. These are issues in the process of development and transformation. We need to enhance our risk awareness and bottom line thinking, actively respond, and maintain strategic determination, strengthen our confidence in development, and sing the voice of the bright future of the Chinese economy.
The meeting emphasized the need to use reform as a driving force to promote stable growth, structural adjustment, and risk prevention, fully leverage the driving role of economic system reform, and timely introduce a number of reform measures that are mature and accessible. We must adhere to and implement the "two unwavering" principles, promote the complementary advantages and common development of various forms of ownership economies, improve the basic systems of market economy such as property rights protection, market access, and bankruptcy exit, and prevent and correct some places from using administrative and criminal means to intervene in economic disputes. To promote the entrepreneurial spirit and accelerate the construction of more world-class enterprises through reform, innovation, and fair competition.
The meeting pointed out that macro policies should continue to be more awesome. We need to strengthen countercyclical regulation, implement a proactive fiscal policy and a prudent monetary policy, accelerate the comprehensive implementation of established policy measures, reserve and timely launch a batch of incremental policy measures. We should speed up the issuance and use of special bonds, make good use of ultra long term special treasury bond, support the construction of national security capacity in major strategies and key areas, and make greater efforts to promote large-scale equipment renewal and trade in large quantities of durable consumer goods. We need to optimize the structure of fiscal expenditure and secure the bottom line of the "three guarantees". We should comprehensively utilize various monetary policy tools, increase financial support for the real economy, and promote a stable and moderate reduction in the overall financing cost of society. To maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. We must effectively enhance the consistency of macro policy orientation and form a strong joint force from all aspects to promote high-quality development. We need to continue to leverage the role of being a major economic powerhouse.
The meeting emphasized that the focus should be on boosting consumption to expand domestic demand, and the focus of economic policies should shift more towards benefiting people's livelihoods and promoting consumption. It is necessary to increase residents' income through multiple channels, enhance the consumption ability and willingness of low - and middle-income groups, take service consumption as an important lever for consumption expansion and upgrading, and support consumption in cultural tourism, elderly care, childcare, home economics, and other areas. We need to further mobilize the enthusiasm of private investment and expand effective investment.
The meeting pointed out the need to cultivate and strengthen emerging and future industries. We must vigorously promote high-level technological self-reliance and self-improvement, strengthen key core technology research and development, and promote the transformation and upgrading of traditional industries. We need to provide strong and effective support for the development of gazelle and unicorn enterprises. We need to strengthen industry self-discipline and prevent vicious competition in the form of internal competition. Strengthen the mechanism of survival of the fittest in the market and unblock the channels for the exit of outdated and inefficient production capacity.
The meeting pointed out the need to promote high-level opening up to the outside world, further create a market-oriented, rule of law, and international first-class business environment, steadily expand institutional opening up, implement the "zero tolerance" requirements for foreign investment access restrictions in the manufacturing industry, launch a new round of pilot measures for expanding opening up in the service industry, and promote the stabilization and recovery of foreign investment utilization. We should actively cultivate new driving forces for the development of foreign trade, expand intermediate goods trade and green trade. We should solidly promote high-quality joint construction of the "the Belt and Road".
The meeting emphasized the need to continuously prevent and resolve risks in key areas. We must implement new policies to promote the stable and healthy development of the real estate market, adhere to the combination of digesting existing stock and optimizing incremental growth, actively support the acquisition of existing commercial housing for use as affordable housing, further improve the work of guaranteeing delivery of housing, and accelerate the construction of a new model for real estate development. We need to improve and implement the local comprehensive debt plan, create conditions to accelerate the resolution of local financing platform debt risks. We need to coordinate risk prevention, strengthen regulation, promote development, boost investor confidence, and enhance the inherent stability of the capital market.
The meeting pointed out that it is necessary to solidly promote the comprehensive revitalization of rural areas, consolidate and expand the achievements of poverty alleviation, and ensure that rural populations do not experience large-scale return to poverty. We need to strengthen the protection and quality improvement of arable land, focus on agricultural production, and strive to achieve a bountiful harvest of grain throughout the year.
The meeting emphasized the need to increase efforts to ensure and improve people's livelihoods. We need to strengthen the policy of prioritizing employment and ensure the employment of key groups such as college graduates. We need to strengthen assistance and support for low-income populations and weave a strong social security network. We must make every effort to do a good job in flood prevention, flood control and disaster relief, ensure energy and electricity supply during peak summer season, focus on safety production, and seriously solve problems such as food safety and social security. We must deepen the battle against pollution prevention and control, and solidly promote carbon peak and carbon neutrality. We need to do a good job in the preliminary research and planning work of the 15th Five Year Plan.
The meeting pointed out that formalism and bureaucracy are stubborn and chronic diseases that must be resolutely corrected with great efforts. Grassroots is the "last mile" in implementing the decisions and deployments of the Party Central Committee, and cannot be bound by formalism and bureaucracy. The Central Secretariat must persist in grasping and not letting go. The special mechanism for rectifying formalism at the central level to reduce the burden on grassroots should be regularly supervised and inspected. All departments of central and state organs, provincial party committees and governments should be pragmatic in arranging and deploying work. Party committees at and below the provincial level should fulfill their main responsibilities, and disciplinary inspection and supervision organs at all levels should strengthen supervision and implementation.
The meeting stressed that it is necessary to strengthen the system construction and implementation, make an overall plan to reduce the burden and empower the grassroots, further strictly implement the spirit of the eight central regulations and their implementation rules, continue to refine the briefing, make an overall plan to standardize the supervision, inspection and assessment, effectively solve the problem of excessive frequency and complexity, strictly standardize the secondment of cadres from the grassroots, strengthen the standardized management of government mobile Internet applications, rectify the "finger tip formalism", further rationalize the rights and responsibilities of the grassroots, promote the sinking of resources, services and management to the grassroots, simplify the creation of demonstration and compliance activities, and focus on the creation of demonstration effectiveness. We should identify and rectify prominent issues that have been strongly reflected by party members and cadres, especially grassroots masses; For problems with certain typicality and universality, we should concentrate our efforts on carrying out special rectification and cleaning up, effectively freeing the grassroots from the constraints of formalism and bureaucracy, guiding party members and cadres to establish a correct view of political achievements, inspiring them to take responsibility, and having more energy to implement them.