Xi Jinping and Li Keqiang delivered an important speech at the Central Economic Work Conference

The Central Economic Work Conference will be held in Beijing from December 8th to 10th. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, as well as Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji, and Han Zheng, members of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, attended the meeting.

Xi Jinping delivered an important speech at the meeting, summarizing the economic work in 2021, analyzing the current economic situation, and deploying the economic work in 2022. In his speech, Li Keqiang made specific arrangements for next year's economic work and made a concluding speech.

The meeting held that this year is a landmark year in the history of the party and the country. We solemnly celebrate the 100th anniversary of the founding of the Communist Party of China, achieve the first centenary goal, embark on a new journey towards the second centenary goal, calmly deal with the changes and epidemics of the century, take new steps in building a new development pattern, achieve new results in high-quality development, and achieve a good start to the 14th Five-Year Plan. China's economic development and epidemic prevention and control have maintained a leading position in the world, the country's strategic scientific and technological strength has accelerated, the resilience of the industrial chain has been enhanced, reform and opening-up have been pushed forward in depth, people's livelihood protection has been strong and effective, and the construction of ecological civilization has continued to advance. These achievements are the result of the strong leadership of the Party Central Committee with Comrade Xi Jinping at the core, and the result of the concerted efforts and hard work of the entire party and the people of all ethnic groups.

The meeting pointed out that while fully recognizing the achievements, it is necessary to recognize that China's economic development is facing three pressures: demand contraction, supply shock, and weakened expectations. Under the impact of the pandemic in the century, the century long changes are accelerating, and the external environment is becoming more complex, severe, and uncertain. We must not only face difficulties squarely, but also have firm confidence. Our country's economy has strong resilience and the long-term positive fundamentals will not change. No matter how the international situation changes, we must remain steadfast in doing our own job, continuously strengthen our economic foundation, enhance our technological innovation capabilities, adhere to multilateralism, actively adhere to high-level international economic and trade rules, and promote deep level reform and high-quality development through high-level opening up.

The meeting believes that in the practice of dealing with risks and challenges, we have further accumulated a systematic understanding of doing a good job in economic work. We must adhere to the centralized and unified leadership of the Party Central Committee, calmly respond to major challenges, and move forward in unison. We must adhere to high-quality development and prioritize economic construction as the basic line of the Party. The whole Party must concentrate on implementing it and promote steady improvement in the quality and reasonable growth in the quantity of the economy. We must adhere to the principle of seeking progress while maintaining stability, adjust policies and promote reforms in a timely and efficient manner, adhere to the principle of establishing first and then breaking through, and work steadily and steadily. We must strengthen overall coordination and adhere to a systematic approach.

The meeting emphasized that the 20th National Congress of the Communist Party of China will be held next year. This is a major event in the political life of the party and the country. It is necessary to maintain a stable and healthy economic environment, a social environment for the country and the people, and a clean political environment. To do a good job in next year's economic work, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Party and the 19th Plenary Sessions, carry forward the great party building spirit, and adhere to the general tone of the work of seeking progress while maintaining stability. Accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, comprehensively deepen reform and opening up, adhere to innovation-driven development, promote high-driven development, adhere to supply-side structural reform, coordinate epidemic prevention and control and economic and social development, coordinate development and security, continue to do a good job of "six stability" and "six protection" work, continue to improve people's livelihood, focus on stabilizing the macroeconomic market, maintain economic operation in a reasonable range, maintain overall social stability, and welcome the victory of the Party's 20th National Congress.

The meeting requires that next year's economic work should prioritize stability and strive for progress while maintaining stability. All regions and departments should shoulder the responsibility of stabilizing the macro economy, and all parties should actively introduce policies that are conducive to economic stability, with policy efforts being appropriately advanced.

Firstly, macro policies should be stable and effective. We need to continue implementing an active fiscal policy and a prudent monetary policy. Proactive fiscal policies should enhance efficiency and place greater emphasis on precision and sustainability. To ensure the intensity of fiscal expenditure and accelerate the progress of expenditure. Implement new tax and fee reduction policies, strengthen support for small and medium-sized enterprises, individual businesses, manufacturing, risk resolution, etc., and moderately advance infrastructure investment. Party and government organs must adhere to a tight schedule. Serious financial discipline. Resolutely curb the increase of implicit local government debt. A prudent monetary policy should be flexible and moderate, maintaining reasonable and ample liquidity. Guide financial institutions to increase their support for the real economy, especially small and micro enterprises, technological innovation, and green development. Fiscal policy and monetary policy should be coordinated and linked, and cross cycle and countercyclical macroeconomic regulation policies should be organically combined. Implement the strategy of expanding domestic demand well and enhance the endogenous driving force of development.

Secondly, micro policies should continue to stimulate the vitality of market entities. To boost the confidence of market entities, deepen the implementation of fair competition policies, strengthen anti-monopoly and anti unfair competition, and ensure fair competition through fair supervision. Strengthen intellectual property protection and create a favorable environment for various types of ownership enterprises to compete for development. Strengthen the spirit of contract and effectively govern malicious arrears and debt evasion.

Thirdly, structural policies should focus on smoothing the circulation of the national economy. To deepen the supply side structural reform, the focus is on smoothing the domestic circulation, breaking through supply constraints, and connecting production, distribution, circulation, and consumption links. To enhance the core competitiveness of the manufacturing industry, a number of industrial infrastructure reconstruction projects will be launched to stimulate the emergence of a large number of "specialized, refined, unique and new" enterprises. Accelerate the formation of a secure and efficient logistics network that is interconnected internally and externally. Accelerate digital transformation and promote the upgrading of traditional industries. We must adhere to the positioning that houses are for living in, not for speculation, strengthen expectation guidance, explore new development models, adhere to the combination of renting and purchasing, accelerate the development of the long-term rental housing market, promote the construction of affordable housing, support the commodity housing market to better meet the reasonable housing needs of homebuyers, and implement targeted policies to promote a virtuous cycle and healthy development of the real estate industry.

Fourthly, technology policies should be solidly implemented. We need to implement a three-year action plan for the reform of the science and technology system and formulate a ten-year plan for basic research. Strengthen the national strategic scientific and technological strength, give full play to the role of national laboratories, restructure national key laboratories, and promote the reform of research institutes. Strengthen the position of enterprises as the main body of innovation and deepen the integration of industry, academia, and research. Improve and optimize the ecosystem of technological innovation, and form a solid scientific research style. Continue to carry out international scientific and technological cooperation.

The fifth is that the reform and opening-up policy should activate the driving force of development. We should focus on the comprehensive reform pilot of market-oriented allocation of factors, fully implement the stock issuance registration system, complete the three-year action task of state-owned enterprise reform, and steadily promote the reform of natural monopoly industries such as power grids and railways. Mobilize local reform enthusiasm, encourage localities to adapt to local conditions and take the initiative to reform. Expand high-level opening-up to the outside world, promote institutional opening-up, implement national treatment for foreign-funded enterprises, attract more multinational corporations to invest, and accelerate the landing of major foreign-funded projects. We will work together to build high-quality development along the the Belt and Road.

Sixth, regional policies should enhance the balance and coordination of development. It is necessary to thoroughly implement major regional strategies and regional coordinated development strategies to promote the coordinated development of the eastern, central, western and northeastern regions. We will comprehensively promote rural revitalization and improve the quality of new urbanization.

Seventh, social policy should hold the bottom line of people's livelihood. It is necessary to coordinate economic development and people's livelihood security, and improve the system of providing basic public services in permanent residence. We will solve the employment problem of young people such as college graduates, and improve flexible employment and social security policies. Promote the national overall planning of basic old-age insurance. Promote the new fertility policy to take effect and actively respond to the aging of the population.

The meeting held that in the new stage of development, China's internal and external environment for development has undergone profound changes, and many new major theoretical and practical problems need to be correctly understood and grasped.

It is necessary to correctly understand and grasp the strategic objectives and practical ways to achieve common prosperity. Under my country's socialist system, it is necessary to continuously liberate and develop social productive forces, continuously create and accumulate social wealth, and to prevent polarization. To achieve the goal of common prosperity, we must first make the "cake" bigger and better through the joint efforts of the people of the whole country, and then cut the "cake" well through reasonable institutional arrangements. This is a long-term historical process, and we must make steady progress towards this goal. We should strengthen the priority orientation of employment in promoting high-quality development and improve the employment driving force of economic growth. It is necessary to give full play to the function and role of distribution, adhere to distribution according to work as the main body, improve the policy of distribution according to factors, and increase the adjustment of taxation, social security, and transfer payments. Support willing and capable enterprises and social groups to actively participate in public welfare and charity. We must persist in doing our best and doing what we can, improve the public service policy system, and accurately provide basic public services in education, medical care, pension, housing and other areas that the people are most concerned about.

It is necessary to correctly understand and grasp the characteristics and behavior laws of capital. The socialist market economy is a great creation. There will inevitably be various forms of capital in the socialist market economy. It is necessary to give full play to the positive role of capital as a factor of production while effectively controlling its negative role. It is necessary to set up "traffic lights" for capital, strengthen effective supervision of capital in accordance with the law, and prevent the barbaric growth of capital. We should support and guide the healthy development of capital norms, adhere to and improve the basic socialist economic system, unswervingly consolidate and develop the public sector of the economy, and unswervingly encourage, support and guide the development of the non-public sector of the economy.

It is necessary to correctly understand and grasp the supply guarantee of primary products. We must insist on giving priority to conservation and implement a comprehensive conservation strategy. In the field of production, promote the comprehensive conservation, intensive and recycling of resources. In the field of consumption, enhance the awareness of national conservation, and advocate a simple and moderate, green and low-carbon lifestyle. It is necessary to enhance the domestic resource production guarantee capacity, accelerate the development and application of advanced resource extraction technologies such as oil and gas, and accelerate the construction of a waste recycling system. It is necessary to put the improvement of comprehensive agricultural production capacity in a more prominent position, continue to promote the construction of high-standard farmland, thoroughly implement the action of revitalizing the seed industry, improve the level of agricultural machinery and equipment, and ensure the reasonable income of grain farmers. The rice bowl of the Chinese people should be firmly held in their own hands at all times.

It is necessary to correctly understand and grasp the prevention and resolution of major risks. It is necessary to continue to follow the principles of stabilizing the overall situation, overall coordination, classified policies, and precise bomb disposal, do a good job in risk handling, strengthen the construction of the financial rule of law, consolidate the responsibilities of localities, financial supervision, and industry supervisors, and consolidate the main responsibility of enterprises for self-rescue. It is necessary to strengthen capacity building and strengthen the construction of financial supervision cadres. It is necessary to have sufficient resources to resolve risks, study and formulate policies to resolve risks, cooperate extensively, and improve the financial risk disposal mechanism.

To correctly understand and grasp the carbon peak carbon neutral. Achieving carbon neutrality is an inherent requirement for promoting high-quality development. It must be unswervingly promoted, but it is impossible to accomplish it in one battle. We should adhere to the principle of national overall planning, priority of economy, two-wheel drive, internal and external smooth flow, and risk prevention. The gradual withdrawal of traditional energy sources should be based on the safe and reliable substitution of new energy sources. It is necessary to establish the basic national conditions that give priority to coal, do a good job in the clean and efficient use of coal, increase the ability to accommodate new energy, and promote the optimal combination of coal and new energy. To pay close attention to green low-carbon technology research. Scientific assessment, new renewable energy and raw material energy consumption will not be included in the total energy consumption control, create conditions as soon as possible to realize the "double control" of energy consumption to the total carbon emissions and intensity "double control" transformation, accelerate the formation of pollution reduction and carbon reduction incentive and restraint mechanism, to prevent simple layer decomposition. To ensure energy supply, large enterprises, especially state-owned enterprises, should take the lead in ensuring supply and price stability. We must further promote the energy revolution and accelerate the construction of an energy power.

The meeting pointed out that it is necessary to continue to do a good job in the "six stability" and "six protection" work, especially the main body of the market to protect employment and people's livelihood, focus on maintaining economic operation in a reasonable range, strengthen and improve macro-control, increase the cross-cyclical adjustment of macro-policy, and improve the forward-looking pertinence of macro-control. The main body of the market carries the employment and entrepreneurship of hundreds of millions of people. We should continue to implement new tax and fee reductions for market players to help them, especially small and medium-sized enterprises and individual businesses, reduce their burdens and restore development. Increase financing support for the real economy and promote incremental, expanded and price reductions for small, medium and micro enterprises. Grasp the employment of key groups and implement measures to stabilize employment. Promote the sinking of financial resources, better support the grass-roots government to implement the policy of helping enterprises to bail out and protect the basic people's livelihood, wages and operation. Strengthen the regulation of coal, electricity, oil and gas transportation, and promote adequate supply of electricity. It is necessary to deepen reforms in key areas, stimulate market vitality and develop endogenous power, and use market-oriented mechanisms to encourage enterprises to invest in innovation. Promote the common development of multiple ownership economies, optimize the development environment of the private economy, protect the property rights and legitimate rights and interests of various market entities in accordance with the law, and policies must treat them equally and equally. Expand high-level opening up, take multiple measures to stabilize foreign trade, ensure the stability of the industrial chain supply chain, and increase efforts to attract foreign investment.

The meeting requested that party committees and governments at all levels, and leading cadres at all levels should consciously maintain a high degree of consistency with the Party Central Committee, improve political judgment, political understanding, and political execution. They must also learn historical knowledge, cultivate cultural heritage, and strengthen ecological concepts. It must be implemented in action, reflected in the actual actions of implementing the party's line, principles and policies, and reflected in the actual actions of promoting high-quality development, it is reflected in the practical actions of sharing worries for the party, fulfilling responsibilities for the country, and contributing to the people.

The meeting pointed out that leading economic work must respect objective reality and the needs of the masses, and must have systematic thinking and scientific planning. Leading cadres must improve their professional ability to lead economic work. Economic and social development is a systematic project. It must comprehensively consider political and economic, reality and history, material and culture, development and people's livelihood, resources and ecology, domestic and international factors. Leading cadres should strengthen the study of economic knowledge and scientific and technological knowledge, especially the people-centered development thought, adhere to the correct view of political achievements, respect history, culture and ecology, make prudent decisions and use power carefully. It is necessary to strengthen investigation and research, adhere to the "three stricts and three realities", resolutely prevent simplification and chaos, and resolutely oppose non-responsibility and inaction.

The meeting stressed the need to adhere to the "external defense input, internal defense rebound", scientific and accurate epidemic prevention and control work. It is necessary to make overall arrangements for coal, electricity, oil and gas transportation to ensure supply. Do a good job of grain, oil, meat, eggs, milk, fruits and vegetables to ensure stable prices. We will ensure the payment of wages to migrant workers and strengthen safe production and public safety. We must do our best to ensure the service of the Winter Olympics and Paralympics to ensure that it is a simple, safe and exciting Olympic event.

The meeting called on all comrades in the party to closely unite around the Party Central Committee with Comrade Xi Jinping at the core, strengthen the "four consciousnesses", strengthen the "four self-confidence", achieve the "two safeguards", and make good use of the results of party history learning and education. Put the Party Central Committee's decision-making and deployment in place with practical actions to welcome the victory of the Party's 20th National Congress.

Members of the Political Bureau and Secretariat of the CPC Central Committee, relevant leading comrades of the Standing Committee of the National People's Congress, state councilors, president of the Supreme People's Court, procurator general of the Supreme People's Procuratorate, relevant leading comrades of the CPPCC National Committee and members of the Central Military Commission attended the meeting.

Main Party and government officials from various provinces, autonomous regions, municipalities directly under the central government, cities specifically designated in the state plan, and Xinjiang Production and Construction Corps, as well as relevant departments of the central and state organs, relevant people's organizations, some financial institutions and enterprises under central management, and main officials from various departments of the Central Military Commission, attended the meeting.