Focusing on enhancing endogenous driving force and solidly promoting high-quality development - Key tasks discussed by authoritative officials on implementing the deployment of the Central Economic Work Conference
2023-12-14
The just concluded Central Economic Work Conference emphasized that next year we should focus on promoting high-quality development, highlight key areas, grasp key points, and solidly carry out economic work. On the 13th, at the 2023-2024 China Economic Annual Conference, with the theme of "strengthening endogenous development momentum and solidly promoting high-quality development", several authoritative officials interpreted the key tasks of next year's economic work. Wu Hao, Secretary General of the National Development and Reform Commission, stated that China has the world's most complete industrial system, and its ability to ensure the security of food, energy resources, and important industrial and supply chains is constantly improving. It has built the world's largest high-speed railway network, highway network, and world-class port cluster; China has a population of over 1.4 billion and a middle-income group of over 400 million, making it the world's largest and most promising market for growth. "China's material foundation is more solid, and its development vitality is constantly increasing. By making good use of its advantages in the super large scale market, the potential and vitality of China's economic growth will continue to be unleashed." Ning Jizhe, a member of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference and Deputy Director of the Economic Committee, said that the acceleration of industrial transformation such as digital transformation and green transformation also supports the current economic growth, and these transformations reflect the achievements of high-quality development. China's development still faces both opportunities and challenges, with favorable conditions stronger than unfavorable factors. The basic trend of economic recovery and long-term improvement has not changed. Lin Zechang, Director of the Comprehensive Department of the Ministry of Finance, believes that in order to do a good job in fiscal work next year, we can focus on the following aspects: supporting the construction of a modern industrial system, expanding effective demand, promoting coordinated development between urban and rural areas, promoting green and low-carbon development, ensuring and improving people's livelihoods, and enhancing fiscal sustainability. Regarding supporting the construction of a modern industrial system, he stated that the government will actively support technological innovation, ensure the funding needs for key core technology research, continuously increase support for basic research, deepen the reform of the allocation and use mechanism of scientific and technological funds, and adjust and optimize the direction of fund utilization. Efforts should be made to expand effective demand, continue to make good use of local government special bonds, central budget investments, etc., give full play to the driving role of government investment, make good use of tools such as social security and transfer payments, increase resident investment through multiple channels, and enhance consumption capacity. Regarding where to focus on a prudent monetary policy, Lu Lei, Deputy Director of the State Administration of Foreign Exchange, stated that the next stage will focus on three aspects: leveraging the dual functions of adjusting the total amount and structure of monetary policy, prioritizing internal and external balance, and preventing and resolving financial risks in key areas. "We should actively activate the financial resources that are inefficient and improve the efficiency of fund utilization." Lu Lei said that about 80% of China's total loans need to be recovered and reinvested every year. By improving allocation efficiency, the activated stock and annual new additions can effectively support economic growth. Lu Lei stated that we must adhere to the basic national conditions of China, flexibly and independently implement interest rate regulation, reasonably grasp the level of interest rates, and effectively play the guiding role of policy interest rate regulation. At the same time, we must adhere to the decisive role of the market in the formation of exchange rates, guide financial institutions to better provide exchange rate hedging services for enterprises, resolutely prevent the risk of exchange rate overshoot, and maintain the RMB exchange rate at a reasonable and balanced level
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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