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By Aidoghie Paulinus
The annual Central Economic Work Conference, took place in Beijing from December 11 to December 12 whereby Chinese leaders decided priority areas for the economic work in 2025.
Chinese President Xi Jinping, who is also the General Secretary of the Communist Party of China (CPC) Central Committee, and Chairman of the Central Military Commission, delivered an important speech at the conference.
Xi reviewed the country’s economic work in 2024, analyzed the current economic situation and arranged next year’s economic work.
The meeting noted that the Chinese economy has posted generally stable performance while making progress in 2024, with solid advances made in high-quality development and major annual goals and tasks of economic and social development to be successfully accomplished.
The development journey over the past year, according to the participants, has been extraordinary and the achievements have been encouraging.
The conference further noted that a raft of incremental policies deployed by the CPC leadership in late September have effectively boosted social confidence and driven a remarkable rebound in the economy.
While saying that more proactive and impactful macro policies should be implemented to sustain the upward trend of the economy, the conference stated that the move will help fulfill the goals and tasks in the 14th Five-Year Plan (2021-2025) with high quality and lay a solid foundation for a good start to the 15th Five-Year Plan (2026-2030).
For next year, the meeting emphasized the need to maintain steady economic growth, keep employment and prices generally stable, ensure a basic equilibrium in the balance of payments, and increase residents’ income in step with economic growth.
Outlining a number of key tasks for 2025, the meeting urged efforts to vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts.
A special campaign dedicated to stimulating consumption, the conference opined, should be implemented, and efforts should be made to increase the incomes and alleviate the burdens of low- and middle-income groups.
“The large-scale equipment upgrades and consumer goods trade-in programs should be promoted with greater intensity and scope, and active efforts should be made to develop debut economy, ice and snow economy and silver economy,” the conference agreed.
It also called for stronger support for implementing major national strategies and building security capacity in key areas, and appropriately increased investment from the central government budget.
China, according to the conference, should take steps to make scientific and technological innovation drive the development of new quality productive forces and build a modernized industrial system.
Chinese Premier, Li Qiang, made a concluding speech, putting forward requirements for implementing the guiding principles of Xi’s important speech and doing a good job in the economic work next year.
