The Political Bureau of the CPC Central Committee Holds Meeting to Analyze and Study Current Economic Situation and Economic Work

The Political Bureau of the CPC Central Committee convened a meeting on April 25 to analyze and study the current economic situation and economic work. The meeting was chaired by General Secretary Xi Jinping.

The meeting noted that since the beginning of this year, under the leadership of the CPC Central Committee with Comrade Xi Jinping at its core, comprehensive leadership over economic work has been strengthened. All regions and departments have focused their efforts on tackling challenges, and various macro policies have worked in concert. The economy has shown a positive trend, social confidence has continued to rise, high-quality development has been steadily advanced, and overall social stability has been maintained. At the same time, the foundation for the continuous recovery and improvement of China's economy still needs to be further consolidated, and the impact of external shocks has increased. It is necessary to strengthen bottom-line thinking, fully prepare contingency plans, and solidly carry out economic work.

The meeting pointed out that it is essential to adhere to the general principle of seeking progress while maintaining stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, coordinate domestic economic work and international trade struggles, unswervingly handle our own affairs, and resolutely expand high-level opening up. Efforts should focus on stabilizing employment, enterprises, markets, and expectations, using the certainty of high-quality development to respond to the uncertainties brought about by drastic changes in the external environment.

The meeting emphasized that more proactive and effective macro policies must be implemented promptly, making full use of more active fiscal policies and moderately loose monetary policies. The issuance and utilization of local government special bonds and ultra-long-term special treasury bonds should be accelerated. The "three guarantees" at the grassroots level must be firmly secured. Interest rate cuts and RRR cuts should be carried out as appropriate to maintain ample liquidity and provide stronger support to the real economy. New structural monetary policy tools and new-type policy financial instruments should be created to support scientific and technological innovation, boost consumption, and stabilize foreign trade. Policy consistency must be reinforced.

The meeting pointed out that it is necessary to increase the income of low- and middle-income groups, vigorously develop service consumption, and enhance the role of consumption in driving economic growth. Restrictive measures in the consumption sector should be cleared as soon as possible, and re-lending for service consumption and elderly care should be established. Financial support should be increased, and the scope and quality of the program of large-scale equipment upgrades and consumer goods trade-ins should be expanded. Efforts to implement the implementation of major national strategies and the development of security capabilities in key areas should be intensified.

The meeting emphasized that multiple measures should be taken to assist struggling enterprises, and financing support should be strengthened. Efforts to promote the integration of domestic and foreign trade should be accelerated. New quality productive forces should be fostered, and a number of emerging pillar industries should be developed. Continuous efforts should be made to tackle key core technologies, and a "technology board" in the bond market should be innovatively launched. The "AI+" initiative should be expedited, and the quality and upgrading of key industries should be vigorously promoted, adhering to standard leadership and regulating competitive order.

The meeting emphasized that deepening reform and opening up should be used to address issues in development. The construction of a unified national market should be accelerated, and a special action to regulate law enforcement involving enterprises should be solidly carried out. The intensity of pilot policies for opening up the service sector should be increased, and services for enterprises going global should be enhanced. Together with the international community, multilateralism should be actively upheld, and unilateral bullying actions should be opposed.

The meeting pointed out that continuous efforts should be made to prevent and resolve risks in key areas. The comprehensive debt resolution policy for local governments should continue to be implemented, and the problem of local governments' arrears to enterprises should be resolved as soon as possible. The urban renewal initiative should be intensified, and the renovation of urban villages and dilapidated houses should be orderly and effectively advanced. A new model for real estate development should be rapidly constructed, the supply of high-grade housing should be increased, and the policy for acquiring existing commercial properties should be optimized to continuously consolidate the stable trend of the real estate market. The capital market should be kept stable and active.

The meeting emphasized that efforts should be made to ensure people's livelihoods. For enterprises significantly affected by tariffs, the proportion of unemployment insurance fund returns for job retention should be increased. A tiered and categorized social assistance system should be improved. Agricultural production should be strengthened, and the prices of important agricultural products such as grain should be stabilized. The achievements of poverty alleviation should be consolidated and effectively linked with rural revitalization. Continuous attention should be paid to safety production and disaster prevention and mitigation.

The meeting pointed out that the policy toolkit for stabilizing employment and the economy should be continuously improved. Established policies should be introduced and take effect as early as possible, and incremental reserve policies should be timely rolled out according to changing circumstances. Extraordinary counter-cyclical adjustments should be strengthened to fully consolidate the fundamentals of economic development and social stability.

The meeting emphasized that the Party's comprehensive leadership over economic work should be strengthened, and Party members and cadres should be encouraged to face challenges head-on and take the initiative. A correct view of political achievements should be established and practiced. In-depth learning and education on the spirit of the central eight-point regulations should be conducted, and new achievements in style building should create a new situation for high-quality development.

The meeting also discussed other matters.