A view of Beijing's CBD area. [Photo/VCG]

As part of China's efforts to promote economic growth in 2024, the Dec 8 meeting of the Political Bureau of the Communist Party of China Central Committee is considered as a tone-setter for economic work next year. It emphasized that solid steps will be taken to effectively enhance economic vitality, prevent and defuse risks, and improve social expectations.

Highlights of the measures to effectively stabilize and improve the Chinese economy include comprehensively deepening reform and opening-up, promoting high-level self-reliance and self-improvement in science and technology, increasing macroeconomic regulation, and making coordinated efforts to expand domestic demand and intensify supply-side structural reforms.

It was noted at the meeting that countercyclical and cross-cyclical adjustment of macroeconomic policies will be strengthened, and a proactive fiscal policy and prudent monetary policy will continue to be implemented. The proactive fiscal policy should be appropriately intensified and improved in quality and efficiency, while the prudent monetary policy should be flexible, appropriate, targeted and effective.

The meeting's participants underlined the role of technological innovation in boosting the construction of a modern industrial system, and urged efforts to enhance the resilience and security of industrial and supply chains.

It was emphasized at the meeting that reforms in key areas will be deepened to continuously inject strong impetus into high-quality development, and that high-level opening-up will be expanded to consolidate the fundamentals of foreign trade and foreign investment.