Annual Conference on China’s Economy 2021-2022 Is Held in Beijing

On 11 December, 2021, the Annual Conference on China’s Economy 2021-2022 was hosted both online and offline by the China Center for International Economic Exchanges (CCIEE) in Beijing, with the theme of “stabilizing macro economy and promoting high quality development”. In-depth discussions were conducted centering on topics including “the takeaways of the Central Economic Work Conference”, “ways to implement the Central Economic Work Conference”, and “the overall planning to achieve the carbon peak and carbon neutrality goals with green and low-carbon energy development as the key.” Bi Jingquan, Executive Vice Chairman of CCIEE, chaired the Conference, and Zhang Xiaoqiang, Executive Vice Chairman and CEO of CCIEE, addressed at the Conference. Over 60 participants from relevant departments of the Party Central Committee and the State Council, experts, scholars, entrepreneurs and think-tank representatives attended the meeting, and more than 1100 guests joined in the Conference online.

The participants pointed out that 2021 is a year of exceptional significance in the history of the Communist Party of China (CPC) and the country. In this year, China celebrated the 100th anniversary of the CPC, realized the First Centenary Goal and started a new march towards the second one, adapted to great changes unseen in the century and took effective response to the COVID-19 pandemic, took a new step in establishing a new development paradigm, made new progress in high quality development, altogether marking a good beginning of the 14th Five Year Period. Next year, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we should fully implement the spirits of the19th CPC National Congress and Plenary Sessions, carry forward the great spirit of the founding of the Party, adhere to the general working principle of pursuing progress while ensuring stability, implement the new development concepts fully, accurately and comprehensively, accelerate the establishment of the new development paradigm, deepen reform and opening-up, stick to innovation-driven development, push forward high quality development, hold supply-side structural reforms as the major thread, coordinate pandemic prevention and socio-economic development, and balance development and security. Continuous efforts should be made to ensure stability in employment, financial operations, foreign trade, foreign investment, domestic investment, and expectations, and to ensure security in job, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments. Besides, we should improve people’s wellbeing, stabilize the macro economy, keep economic performance within a proper range, maintain social stability, and be well prepared for the 20th National Congress of the CPC.

It is pointed out on the Conference that economic development for the upcoming year should prioritize stability while pursuing progress. Macro policies are supposed to be prudent and effective, and micro policies are supposed to stimulate the vitality of the market players. Structural policies should be able to facilitate the circular flow of national economy, while science and technology policies should be sound and practical. Reform and opening-up policies should focus on activating development momentum, regional policies should enhance the balanced and coordinated development, and social policies should guarantee the bottom line of people's livelihood.

The Conference stressed that in this new development era, the internal and external environment of the country’s development is undertaking profound changes, and a variety of major theoretical and practical questions are supposed to be clarified and interpreted properly. We should correctly understand the strategic goals and practical approaches to achieve common prosperity, the nature and behavior law of capital, the supply of primary products, the prevention and resolution of major risks, and the carbon peak and carbon neutrality goals. Achieving carbon goals is an inherent requirement for promoting the high-quality development which demands unwavering efforts. Instead of accomplishing those goals at one stroke, efforts should be made in an orderly and safe way to reduce carbon emissions, and the phase-out of traditional energy should be based on safe and reliable new energy alternatives.

Senior officials and experts from the Office of the Central Financial and Economic Affairs Commission, and National Development and Reform Commission attended the Conference and shared their understanding and interpretation of the spirits of the Central Economic Work Conference.