Beijing, April 28 (Xinhua) – The Political Bureau of the CPC Central Committee held a meeting on April 28 to analyze and study the current economic situation and economic work. General Secretary Xi Jinping of the CPC Central Committee presided over the meeting.

The meeting noted that since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments have better coordinated the domestic and international situations, COVID-19 response and economic and social development, as well as development and security. China has secured a major and decisive victory in its COVID-19 response, and economic and social life has fully resumed normal. Macro policies were implemented proactively and in synergy, the triple pressures of demand contraction, supply shock and weaker expectations were alleviated, and economic growth was better than expected. Market demand gradually recovered, economic performance showed an upward trend of recovery, and a good start was achieved in economic operation.

The meeting noted that the current improvement in China's economic performance is mainly restorative, with endogenous drivers not yet strong, demand still insufficient, new obstacles emerging in economic transformation and upgrading, and many difficulties and challenges remaining in advancing high-quality development.

The meeting stressed the need to thoroughly carry out the program to study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously implement the guiding principles from the Central Economic Work Conference, adhere to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively apply the new development philosophy, accelerate efforts to foster a new development paradigm, comprehensively deepen reform and opening up, and combine policy effectiveness with stimulating the vitality of business entities to create a strong driving force for high-quality development. Efforts should be made to promote continuous improvement in economic performance, steadily strengthen endogenous drivers, constantly improve social expectations, and effectively defuse risks and hidden dangers. We should seize the momentum to promote an improvement in the quality and an appropriate expansion of the quantity of the economy.

The meeting noted that efforts should be made to accelerate the building of a modern industrial system underpinned by the real economy. We should press ahead against the odds to make breakthroughs in areas of weakness and also follow the trend to bolster strengths. The foundation for self-reliance and self-improvement in science and technology should be consolidated to foster and expand new growth drivers. The development strengths of the new energy vehicle sector should be consolidated and expanded, and construction of facilities such as charging piles and energy storage as well as upgrading of power grids should be accelerated. Due attention should be given to the development of artificial general intelligence, the fostering of an innovation ecosystem, and the prevention of risks.

The meeting stressed that restoring and expanding demand is the key to sustaining the economic recovery. Proactive fiscal policies should be intensified to enhance their effectiveness, and prudent monetary policies should be targeted and forceful to form synergy in expanding demand. Multiple channels should be explored to increase the incomes of urban and rural residents, improve the consumption environment, and promote consumption of services such as culture and tourism. The guiding role of government investment and policy incentives should be leveraged to effectively drive and stimulate private investment.

The meeting noted that we should uphold the "two unwavering principles" and remove legal, regulatory and hidden barriers that hinder fair competition and common development of enterprises under all types of ownership, so as to continuously boost the confidence of business entities and help them recover. All types of enterprises should operate in compliance with laws and regulations. We should be determined to fundamentally solve the problem of overdue payments to enterprises. Efforts should be made to promote the healthy and orderly development of platform enterprises, and leading platform enterprises should be encouraged to explore and innovate.

The meeting emphasized the need to comprehensively deepen reforms and expand high-level opening up. Efforts should be made to conscientiously implement the reform plan of Party and state institutions and advance the modernization of the national governance system and governance capability. Attracting foreign investment should be prioritized to stabilize the fundamentals of foreign trade and investment. Support should be given to eligible pilot free trade zones and free trade ports in aligning with international high-standard economic and trade rules and taking the lead in carrying out reforms and opening up.

The meeting emphasized the need to effectively prevent and mitigate risks in key areas, while coordinating reforms and risk resolution for small and medium-sized banks, insurance, and trust institutions. It reiterated the principle that housing is for living in, not for speculation, calling for city-specific policies to support rigid and improved housing demand. Efforts should focus on ensuring project delivery, safeguarding people's livelihoods, maintaining stability, promoting the stable and healthy development of the real estate market, and establishing a new development model for the sector. In megacities and very large cities, urban village renovation and dual-purpose public infrastructure projects (for both daily use and emergency response) should be advanced actively and steadily. Plans should be made for constructing affordable housing. Local government debt management must be strengthened, with strict control over new hidden debts. COVID-19 prevention and control work should continue to be prioritized.

The meeting stressed the importance of ensuring and improving people's livelihoods by strengthening the employment-first approach, expanding job channels for college graduates, and stabilizing employment for key groups such as migrant workers. It called for maintaining a constant sense of responsibility to ensure workplace safety. Preparations should be made to guarantee electricity supply during peak summer demand. Efforts must continue to consolidate and expand achievements in poverty alleviation, ensure food production and the supply of key agricultural products, and comprehensively advance rural revitalization. Ecological and environmental systemic governance should be enhanced. Leading officials at all levels should take the lead in conducting thorough investigations and research, addressing problems directly to effectively assist enterprises and grassroots units in overcoming difficulties.