Key takeaways from the Central Economic Work Conference
Macroeconomic policies should be stable and effective
  ·  2021-12-21  ·   Source: NO.51 DECEMBER 23, 2021

Achievements in 2021 

Acceleration of strategic scientific and technological strength

Improvements in industrial chain resilience

Promotion of reform and opening up

Improvement of the people's wellbeing

Continuous ecological progress

Major Challenges 

Demand contraction

Supply shocks

Weakening expectations

Increasingly complicated external environment with more uncertainties 

Priorities for 2022 

Macroeconomic policies should be stable and effective.

A proactive fiscal policy must improve efficiency and focus more on precision and sustainability.

New tax and fee reduction measures should be executed to strengthen support for micro, small and medium-sized enterprises, self-employed people, the manufacturing sector by large, and risk mitigation.

Prudent monetary policies should be flexible and appropriate, and maintain reasonable and sufficient liquidity. Financial institutions should increase their support for the real economy, especially for micro and small enterprises, technological innovation and green development. 

Microeconomic policies should constantly stimulate the vitality of market entities.

Anti-monopoly and anti-unfair competition efforts should be reinforced. 

Protection of intellectual property rights should be strengthened.

Malevolent defaults and debt evasion should be regulated.

Structural reform should focus on smoothing out national economy circulation.

Supply-side structural reform should carry on with the focus on breaking through specific constraints. 

The core competitiveness of the manufacturing industry should receive an upgrade.

A safe and efficient logistics network with internal and external connectivity should be put in place.

Digital transformation and advancement of traditional industries should be accelerated.

The principle that "housing is for living in, not for speculating on" should be adhered to and the steady and healthy development of the real estate industry should be promoted.

Science and technology policies should be implemented.

A three-year action plan for the reform of the scientific and technological system will be realized, and a 10-year plan for basic research is to be formulated.

The role of national laboratories should be given full rein. National key laboratories will be reorganized. Reform of scientific research institutes will be promoted.

The integration of industry, university and research will be deepened.

The ecology of technological innovation will be improved.

International cooperation on science and technology will continue.

Reform and opening-up policies should invigorate the economy.

The registration-based stock issuance system should be fully implemented. 

Reform of state-owned enterprise should be completed.

Reform of natural monopoly industries such as power grids and railways should be accelerated. 

The policy of granting national treatment to foreign-funded enterprises should be fully implemented to attract more multinationals and accelerate the launch of major foreign-funded projects.

High-quality Belt and Road cooperation should be advanced.

Regional policies will focus on more balanced and coordinated development.

Coordinated development of eastern, central, western and northeastern regions will be promoted.

Rural vitalization and urbanization will be pushed ahead.

Social policies should wholly safeguard the people's wellbeing.

Basic public services should cover all those residing in the locality.

The employment of college graduates and other young adults will receive more support. Flexible employment and social security measures will be applied.

Basic old-age insurance will be unified at the national level.

The new population policy should be implemented and the aging of the population should be addressed.

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