The Political Bureau of the Central Committee of the Communist Party of China held a meeting on September 26th to analyze and study the current economic situation and deploy the next steps of economic work. General Secretary of the Communist Party of China Xi Jinping presided over the meeting.
The meeting pointed out that the fundamentals and favorable conditions of China's economy, such as a broad market, strong economic resilience, and great potential, have not changed. At the same time, there are some new situations and problems in the current economic operation. We must comprehensively, objectively, and calmly view the current economic situation, face difficulties squarely, strengthen confidence, and effectively enhance our sense of responsibility and urgency in doing a good job in economic work. We must focus on key areas, take the initiative, effectively implement existing policies, intensify the introduction of incremental policies, further improve the pertinence and effectiveness of policy measures, and strive to achieve the annual economic and social development goals and tasks.
The meeting emphasized the need to increase the countercyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively carry out grassroots "three guarantees" work. We should issue and use super long term special treasury bond and local government special bonds, and give better play to the role of government investment. We need to lower the reserve requirement ratio and implement effective interest rate cuts. To promote the stabilization of the real estate market, it is necessary to strictly control the increment, optimize the stock, and improve the quality of commodity housing construction, increase the loan investment for "whitelist" projects, and support the revitalization of idle land in stock. To address public concerns, we need to adjust the housing purchase restriction policy, lower the interest rates of existing mortgage loans, accelerate the improvement of land, fiscal, and financial policies, and promote the construction of a new model for real estate development. Efforts should be made to boost the capital market, vigorously guide the entry of medium and long-term funds into the market, and unblock the entry barriers for funds such as social security, insurance, and wealth management. We need to support mergers and acquisitions of listed companies, steadily promote the reform of public funds, and study and introduce policy measures to protect small and medium-sized investors.
The meeting pointed out the need to help enterprises overcome difficulties and further regulate law enforcement and regulatory behaviors related to enterprises. We need to introduce a law to promote the private economy and create a favorable environment for the development of the non-public sector. We need to combine promoting consumption with benefiting people's livelihoods, increase income for middle and low-income groups, and improve the consumption structure. We need to cultivate new consumer formats. We need to support and regulate the development of elderly care and childcare industries by social forces, and accelerate the improvement of the policy system for supporting childbirth. We need to increase efforts to attract and stabilize investment, accelerate the implementation of reform measures such as foreign investment access in the manufacturing industry, and further optimize the market-oriented, rule of law, and international first-class business environment.
The meeting emphasized the need to safeguard the bottom line of people's livelihood, focusing on the employment of key groups such as fresh college graduates, migrant workers, poverty-stricken populations, and zero employment families, and strengthening assistance to employment difficulties such as older adults, disabled individuals, and long-term unemployed groups. We need to strengthen assistance and support for low-income populations. We must ensure the supply and stable prices of important materials such as food, water, electricity, and heat. We must effectively promote food and agricultural production, care about increasing farmers' income, focus on autumn and winter production, and ensure national food security.
The meeting requires all regions and departments to conscientiously implement the decisions and deployments of the Party Central Committee, take action as the top priority, unite as one, fully stimulate the enthusiasm, initiative, and creativity of the whole society to promote high-quality development, and promote sustained economic recovery and improvement. Party members and cadres should be brave enough to take responsibility, dare to innovate, and develop skills and achievements in overcoming difficulties. We should establish a good guide for personnel selection and appointment, conscientiously implement the "three distinctions", and support those who take responsibility and those who work hard. We need to support economically powerful provinces to shoulder the heavy burden and better leverage their role as drivers and pillars.
The meeting also discussed other matters.