The Central Economic Work Conference was held in Beijing from December 11 to 12. Xi Jinping, General Secretary of the CPC Central Committee, President of the State, and Chairman of the Central Military Commission, attended the meeting and delivered an important speech. Members of the Standing Committee of the Political Bureau of the CPC Central Committee Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi also attended the meeting.

In his important speech, Xi Jinping summarized the economic work of 2024, analyzed the current economic situation, and deployed the economic work for 2025. Li Qiang made a concluding speech, putting forward requirements for implementing the spirit of General Secretary Xi Jinping's important speech and doing a good job in next year's economic work.

The meeting held that this year is a critical year for achieving the goals and tasks of the 14th Five-Year Plan. Facing the complex and severe situation of increasing external pressures and growing internal difficulties, the CPC Central Committee with Comrade Xi Jinping at its core united and led the whole Party and all ethnic groups in the country to respond calmly and adopt comprehensive measures. The overall economic operation remained stable with progress, high-quality development was steadily promoted, and the main goals and tasks of economic and social development are about to be successfully completed. New quality productive forces developed steadily, reform and opening-up continued to deepen, risks in key areas were resolved in an orderly and effective manner, livelihood security was solid and strong, and Chinese-style modernization took new solid steps forward. The development process over the past year was extraordinary and the achievements encouraging, especially the decisive deployment of a package of incremental policies at the Central Political Bureau meeting on September 26, which effectively boosted social confidence and led to a significant economic rebound.
The meeting pointed out that the adverse impacts brought by changes in the external environment have deepened, and China's economic operation still faces many difficulties and challenges, mainly insufficient domestic demand, difficulties in production and operation for some enterprises, pressure on employment and income growth for the people, and many risks and hidden dangers. At the same time, it must be seen that China's economic foundation is solid, advantages are many, resilience is strong, and potential is great; the long-term favorable support conditions and basic trends have not changed. We must face difficulties squarely, strengthen confidence, and strive to transform various positive factors into actual development achievements.

The meeting held that in practice, we continuously deepen our understanding of the regularities of economic work. The centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing a good job in economic work. At critical moments and important nodes, the Party Central Committee timely assesses the situation and makes decisions and deployments to ensure that China's economic ship rides the wind and waves steadily and sails far. We must coordinate the relationship between an effective market and an active government to form an economic order that is both "free enough" and "well regulated." We must coordinate the relationship between total supply and total demand to smooth the national economic cycle. We must coordinate the relationship between cultivating new momentum and renewing old momentum, developing new quality productive forces according to local conditions. We must coordinate the relationship between optimizing increments and revitalizing stock to comprehensively improve resource allocation efficiency. We must coordinate the relationship between improving quality and expanding scale to consolidate the material foundation of Chinese-style modernization.

The meeting emphasized that to do a good job in next year's economic work, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, fully implement the spirit of the 20th National Congress of the CPC and the second and third plenary sessions of the 20th Central Committee, adhere to the general tone of seeking progress while maintaining stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, solidly promote high-quality development, further deepen reform comprehensively, expand high-level opening-up, build a modern industrial system, better coordinate development and security, implement more proactive and effective macro policies, expand domestic demand, promote the integrated development of technological innovation and industrial innovation, stabilize the real estate and stock markets, prevent and resolve risks in key areas and external shocks, stabilize expectations, stimulate vitality, promote sustained economic recovery and improvement, continuously improve people's living standards, maintain social harmony and stability, and complete the goals and tasks of the 14th Five-Year Plan with high quality, laying a solid foundation for a good start to the 15th Five-Year Plan.

The meeting pointed out that next year we must maintain stable economic growth, keep employment and prices generally stable, maintain basic balance of international payments, and promote synchronized growth of residents' income and economic growth.

The meeting required that next year we must adhere to seeking progress while maintaining stability and promote stability through progress, uphold integrity and innovation, establish before breaking, integrate systems and coordinate cooperation, enrich and improve the policy toolbox, and enhance the foresight, pertinence, and effectiveness of macro-control.

A more proactive fiscal policy must be implemented. Increase the fiscal deficit rate to ensure that fiscal policy continues to be strong and more effective. Increase fiscal expenditure intensity and strengthen guarantees in key areas. Increase the issuance of ultra-long-term special government bonds to continuously support the implementation of "two heavy" projects and "two new" policies. Increase the issuance and use of local government special bonds, expand investment fields and the scope of project capital. Optimize the structure of fiscal expenditure, improve the efficiency of fund use, pay more attention to benefiting people's livelihood, promoting consumption, and increasing long-term momentum, and firmly secure the "three guarantees" bottom line at the grassroots level. Party and government organs must practice frugality.

A moderately loose monetary policy must be implemented. Give full play to the dual functions of the total amount and structure of monetary policy tools, appropriately lower reserve requirement ratios and interest rates in a timely manner, maintain ample liquidity, and ensure that the growth of social financing scale and money supply matches economic growth and overall price level expectations. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the macroprudential and financial stability functions of the central bank, innovate financial instruments, and maintain financial market stability.

A policy "combination punch" must be delivered. Strengthen coordination and cooperation among fiscal, monetary, employment, industrial, regional, trade, environmental protection, regulatory policies, and reform and opening-up measures; improve effective communication and consultation feedback mechanisms among departments; and enhance policy synergy. Incorporate economic and non-economic policies into a unified macro policy orientation consistency assessment, coordinate the entire process of policy formulation and implementation, and improve overall policy effectiveness.

The meeting determined that next year the following key tasks must be well implemented.

First, vigorously boost consumption and improve investment efficiency to comprehensively expand domestic demand. Implement special actions to boost consumption, promote income increase and burden reduction for middle- and low-income groups, and enhance consumption capacity, willingness, and levels. Appropriately increase basic pensions for retirees, basic pensions for urban and rural residents, and fiscal subsidies for urban and rural residents' medical insurance. Strengthen and expand the implementation of "two new" policies, innovate diversified consumption scenarios, expand service consumption, and promote the development of cultural tourism. Actively develop the first-release economy, ice and snow economy, and silver economy. Strengthen top-down organizational coordination and provide greater support for "two heavy" projects. Appropriately increase central budget investment. Strengthen coordination between finance and finance sectors to effectively drive social investment with government investment. Plan major projects for the 15th Five-Year Plan early. Vigorously implement urban renewal. Implement special actions to reduce logistics costs across society.

Second, lead the development of new quality productive forces with technological innovation and build a modern industrial system. Strengthen basic research and key core technology breakthroughs, make advanced arrangements for major science and technology projects, and carry out large-scale application demonstration actions for new technologies, new products, and new scenarios. Carry out the "Artificial Intelligence+" action to cultivate future industries. Strengthen the construction of national strategic scientific and technological forces. Improve a multi-level financial service system, expand patient capital, attract social capital to participate in venture capital with greater efforts, and cultivate innovative enterprises step by step. Comprehensively rectify "involution" competition and regulate the behavior of local governments and enterprises. Actively use digital and green technologies to transform and upgrade traditional industries.

Third, leverage the guiding role of economic system reform to promote the implementation and effectiveness of landmark reform measures. Complete the deepening and upgrading of state-owned enterprise reform with high quality, and introduce the law to promote the private economy. Carry out special actions to regulate law enforcement related to enterprises. Formulate guidelines for building a unified national market. Strengthen supervision and promote the healthy development of the platform economy. Coordinate the advancement of fiscal and tax system reform to increase local fiscal autonomy. Deepen comprehensive reform of capital market investment and financing, unblock bottlenecks and obstacles for medium- and long-term funds entering the market, and enhance the inclusiveness and adaptability of capital market systems.

Fourth, expand high-level opening-up, stabilize foreign trade and foreign investment. Orderly expand independent and unilateral opening-up, steadily expand institutional opening-up, promote the quality and efficiency improvement of pilot free trade zones and expand reform task authorization, and accelerate the implementation of core policies of the Hainan Free Trade Port. Actively develop service trade, green trade, and digital trade. Deepen reform of the foreign investment promotion system and mechanism. Steadily advance service sector opening-up, expand pilot projects in telecommunications, medical care, education, and other fields, and continuously build the "Invest in China" brand. Promote high-quality Belt and Road cooperation to go deeper and more solidly, and improve the overseas comprehensive service system.

Fifth, effectively prevent and resolve risks in key areas, firmly uphold the bottom line of no systemic risks. Continue efforts to stabilize and reverse the decline in the real estate market, intensify the renovation of urban villages and dilapidated housing, and fully unleash the potential of rigid and improved housing demand. Reasonably control the supply of new real estate land, revitalize existing land and commercial office buildings, and advance the disposal of existing commercial housing. Promote the establishment of a new model for real estate development and orderly build related foundational systems. Prudently handle risks in local small and medium-sized financial institutions. Strengthen cooperation between central and local governments to combat illegal financial activities.

Sixth, coordinate the advancement of new urbanization and comprehensive rural revitalization, promoting integrated urban-rural development. Strictly adhere to the red line for arable land and enforce strict balance management of arable land occupation and compensation. Ensure stable production and supply of grain and important agricultural products, improving agricultural comprehensive benefits and competitiveness. Protect the enthusiasm of grain farmers and major grain-producing areas, and improve the grain price formation mechanism. Promote integrated development of industry, strong counties, and wealth for the people according to local conditions, and make every effort to broaden farmers' income channels. Develop modern metropolitan areas, enhance the modernization governance level of mega and super-large cities, and vigorously develop county economies.

Seventh, intensify the implementation of regional strategies to enhance regional development vitality. Leverage the combined effects of regional coordinated development strategies, major regional strategies, and main functional area strategies to actively cultivate new growth poles. Enhance the innovation capacity and radiation driving role of economically advantageous regions. Support major economic provinces to take the lead and encourage other regions to develop according to their conditions and strengths. Deepen industrial cooperation among eastern, central, western, and northeastern regions, and vigorously develop the marine economy and bay area economy.

Eighth, jointly promote carbon reduction, pollution control, and green growth, accelerating the comprehensive green transformation of economic and social development. Further deepen the reform of the ecological civilization system. Create a healthy development ecosystem for green and low-carbon industries, and cultivate new growth points such as green buildings. Achieve significant results in the landmark battles of the "Three-North" Shelterbelt Program, and accelerate the construction of the "Sandy Desert" new energy base. Establish a number of zero-carbon parks, promote the construction of the national carbon market, and establish product carbon footprint management systems and carbon label certification systems. Continue to advance the battles to protect blue skies, clear waters, and clean soil. Formulate comprehensive solid waste management action plans. Implement major biodiversity protection projects. Strengthen the natural disaster prevention and control system.

Ninth, increase efforts to guarantee and improve people's livelihood, enhancing the people's sense of gain, happiness, and security. Implement employment support plans for key areas, key industries, urban and rural grassroots, and small and micro enterprises, promoting employment of key groups. Strengthen the protection of rights and interests of flexible employment and new employment form workers. Implement support policies for industries and employment, ensuring no large-scale return to poverty or new poverty, and guarantee the basic living standards of vulnerable groups. Promote high-quality and balanced development of compulsory education, and steadily expand high-quality undergraduate education. Implement the medical and health foundation strengthening project and formulate policies to promote childbirth. Develop community-supported home-based elderly care and expand inclusive elderly care services. Adhere to and develop the new era "Fengqiao Experience," strengthening the public security system and governance.

The meeting pointed out that we must consciously unify thoughts, will, and actions with the Party Central Committee's scientific judgment of the situation, grasp the overall trend, strengthen confidence, face difficulties squarely, and maintain clarity. Fully implement the overall requirements and policy orientation of next year's economic work, focus on goal guidance, strive to achieve an optimized combination of stable growth, stable employment, and reasonable price recovery; grasp policy orientation, pay attention to timing and intensity, start and implement all tasks as early as possible with sufficient strength; strengthen systematic thinking, emphasize coordination of various policies and reform and opening-up measures to amplify policy effects. Focus on key links to complete next year's key economic tasks, address prominent issues of insufficient demand by boosting domestic demand, especially residents' consumption; firmly deepen reform and expand opening-up to overcome deep-rooted development obstacles and external challenges; promote smooth transition of new and old kinetic energy to overcome bottlenecks in industrial transformation and upgrading; strengthen policy support and optimize regulatory services to address enterprises' concerns; continue efforts to advance risk disposal in key areas. Vigorously improve implementation efficiency, fully mobilize grassroots enthusiasm, initiative, and creativity, continuously optimize the business environment, and better gather joint forces to promote high-quality development.

The meeting emphasized the need to strengthen the Party's leadership over economic work, adhere to a proactive approach, enhance confidence, face difficulties courageously, and strive to ensure the implementation of all decisions and deployments of the Party Central Committee. Strengthen positive incentives to stimulate endogenous motivation for entrepreneurship. Effectively reduce burdens and free grassroots, enabling cadres who want to work and know how to work to do so and succeed. Unswervingly combat corruption, maintain a fair and just market environment and a clean and upright business environment. Adhere to seeking truth from facts, resolutely oppose formalism and bureaucracy that focus on showing off to superiors, neglect responsibilities to subordinates, and disregard effectiveness. Coordinate development and security, ensure production safety, and effectively prevent and respond to social security incidents. Enhance coordination and linkage, oppose parochialism, and form a joint force for implementation. Strengthen expectation management, coordinate policy implementation and expectation guidance, and enhance policy guidance and influence. At the same time, accurately grasp the international, national, Party, and social situations, strengthen strategic planning, and formulate good recommendations for the Central Committee's "15th Five-Year Plan."

The meeting required做好岁末年初民生保障和安全稳定各项工作，深入排查化解各类矛盾纠纷和风险隐患，确保社会大局稳定。

The meeting called on the entire Party, the whole country, and all society to unite more closely around the Party Central Committee with Comrade Xi Jinping at its core, conscientiously implement the various deployments of the meeting, fully complete the economic and social development goals and tasks, and comprehensively promote the building of a strong country and the great cause of national rejuvenation with the actual results of high-quality development.

Members of the Political Bureau of the CPC Central Committee, secretaries of the Central Secretariat, relevant leaders of the Standing Committee of the National People's Congress, State Councilors, the President of the Supreme People's Court, the Procurator-General of the Supreme People's Procuratorate, relevant leaders of the National Committee of the Chinese People's Political Consultative Conference, and members of the Central Military Commission attended the meeting.

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