Central leadership shows its mettle and capability

From Wednesday to Thursday, the annual Central Economic Work Conference was held in Beijing.

It demonstrated the central leadership's understanding of the economy, as defined by three keywords.

The first keyword is "as planned". This year has seen increased external pressure and more internal difficulties, yet despite the headwinds, the conference assessed that China's main goals and tasks for economic and social development are about to be successfully completed on schedule.

The second keyword is "expectations". The conference mentioned that to do well in next year's economic work, it is necessary to stabilize expectations and stimulate vitality.

Data from September and October show that consumption in real estate, automobiles, and travel has grown rapidly over the past two months, categories that have a close relationship with people's medium- and long-term income expectations.

Next year, the intensity of the policies encouraging consumption will be further strengthened, and its support scope will be further expanded, which brings high expectations.

The third keyword is "cycle". The Central Economic Work Conference mentioned that the adverse impact brought about by changes in the current external environment has deepened. As China has become a global manufacturing and trade center, it must address challenges amidst the turmoil of the current historical cycle. China's response is to expand its high-level opening-up.

In the first 11 months, 52,379 new foreign-funded enterprises were established in China, a year-on-year increase of 8.9 percent, and the nation's nonfinancial direct investment abroad increased by 11.4 percent year-on-year in 2023, covering more than 190 countries and regions.

China has completed each phase of its economic tasks for the year on schedule. With flexible and efficient policymaking, regardless of what challenges arise, China will continue to develop steadily forward.

- China Media Group