China analyzes risks, challenges and outlines key tasks for 2020
Print Edition
CHINESE leaders have outlined their vision for the economy in 2020 and highlighted achievements in critical areas such as the fight against poverty.
President Xi Jinping told the annual Central Economic Work Conference in Beijing the country was at a pivotal stage in developing new drivers of growth, a statement released after the three-day conference which ended yesterday said.
Facing a complicated situation of mounting risks and challenges at home and abroad in 2019, China has maintained sustained and sound economic and social development and made key breakthroughs in the “three tough battles,” seeing notable progress in targeted poverty reduction, effective prevention and control of financial risks, and general improvement in the environment, according to the official statement.
Pursuing progress
The country’s progress in achieving the major tasks of the 13th Five-Year Plan met expectations, and new major steps have been made toward finishing the building of a moderately prosperous society in all respects.
“The root cause is that we have upheld the centralized and unified leadership of the CPC Central Committee, maintained strategic resolve, kept pursuing progress while ensuring stability, deepened reform and opening-up, and given full play to the enthusiasm of central and local governments,” the statement said.
“While fully acknowledging our achievements, we must see that China is at a pivotal stage of transforming its growth model, improving its economic structure, and fostering new drivers of growth,” the statement said.
The country faces rising downward economic pressure amid intertwined structural, institutional and cyclical problems, according to the statement.
The global economy continues to slow down, the world is still undergoing in-depth adjustments due to the global financial crisis, profound changes are accelerating, and sources of turbulence have substantially increased, the statement said. “We need to be well prepared with contingency plans.”
Given this situation, the conference pointed out that the basic trend of the Chinese economy maintaining steady growth toward long-term sound development remains unchanged.
To achieve the expected targets for 2020, China will make ensuring stability a top priority, and uphold the policy framework of stable macro policies, flexible micro policies, and social policies that ensure basic needs are met.
The conference underscored sustained vigorous efforts in deepening supply-side structural reform, and ensuring reasonable growth and steady improvement of the economy.
The meeting mapped out major economic tasks for the next year. It stressed unwavering implementation of the new development philosophy to promote high-quality development, calling on governments at all levels to adopt a comprehensive and holistic approach.
The meeting called for resolute efforts in the “three tough battles” against major risks, poverty and pollution.
The country will continue to implement a proactive fiscal policy and prudent monetary policy. The quality and effect of the fiscal policy must be enhanced with more efforts on structural adjustment, while the monetary policy should be pursued with moderate flexibility to maintain market liquidity at a reasonably ample level.
China’s opening-up will continue to develop on a larger scale and at a deeper level. Foreign investment will be facilitated and better protected. The meeting called for maintaining stable growth of foreign trade, ensuring stable and greater use of foreign investment, and making solid progress in jointly building the Belt and Road.
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