2024 CEWC Readout & Assessment - Xi Calls for 'Equal-footed Consultation' with US - Xi Meets Dmitry Medvedev

Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Friday, December 13, 2024.

Page 1: The front page is all Xi Jinping, including the Central Economic Work Conference readout. So let’s begin by breaking down the 2024 CEWC readout. In his speech at the CEWC, Xi reviewed the country’s economic work in 2024, analyzed the current economic situation and arranged next year’s economic work.

My Note: I have some initial thoughts going through this readout, although I am sure I haven’t spent enough time with it to come up with a detailed assessment yet. But here goes.

First, there is a reaffirmation that the economic goals for the year will be achieved. I am highlighting this in light of recent discourse on Beijing wavering on the GDP target.

Second, compared to last year’s readout, this one talks about having a “more proactive fiscal policy” and specifically to “raise the fiscal deficit ratio.” Last year, the objective outlined was to “appropriately intensify” fiscal policy. In terms of fiscal policy changes, the document calls to increase the issuance and use of special bonds by local governments, expand the scope of investment domains, and broaden the use of these bonds as project capital.

Third, also compared to last year, the document this time talks about implementing “a moderately loose monetary policy” from an earlier “prudent monetary policy”. This phrase was used in the Politburo meeting earlier this week. As reports have informed, this is the first time we are seeing such language since the 2008-09 financial crisis. The document also calls to reduce the reserve requirement ratio and interest rates in a timely manner.

Fourth, the requirement of boosting domestic consumption is once again on the top of the list of tasks for next year. Last year’s CEWC had it second among the nine tasks. The top task was to focus on technology. In 2022, domestic demand was the top priority in the CEWC readout. The document calls to “vigorously boost consumption” and support the two new policies and two heavy projects, through more central funding. Towards the end of the document, this is a very clear statement of intent: “It is necessary to closely grasp key links to complete the key tasks of economic work next year, targeting the prominent issues of insufficient demand by focusing on boosting domestic demand, especially residential consumption demand; address deep-seated development constraints and external challenges by unwaveringly deepening reforms and expanding opening up…”

Fifth, the second priority in the list is to focus on technology linked to industrial development. In contrast, there’s no real emphasis on consumer technology or platform economy, although it does get a mention. One noteworthy aspect of this is the call to “comprehensively rectify ‘involution-style’ competition and standardize the behavior of local governments and enterprises”. This is indicative of far more intervention by the state, particularly through the central government and regulatory changes to ensure what it contends is market order.

Sixth, with regard to the real estate sector, the readout calls to “reasonably control the supply of new land for real estate projects, revitalize existing land and commercial and office buildings, and promote the disposal of existing commercial housing. Promote the construction of a new model of real estate development and build relevant basic systems in an orderly manner.” This is somewhat different from the readout last year, which had called to “meet the reasonable financing needs of real estate enterprises of different ownerships equally”. The readout this year essentially entails a continuation of the policies that have been enacted this year.

Seventh, I thought this was worth noting: “Support economically developed provinces to take the lead, and encourage other regions to adapt to local conditions and showcase their strengths. Deepen industrial cooperation among the eastern, central, western, and northeastern regions, and vigorously develop the marine economy and bay area economy”. I wonder if this is also somewhere a concern with regard to low-end industrial capacity being outsourced beyond China’s border, and therefore, a call to transfer capacity to the interiors.

Eighth, the exclusion of some ideas is interesting. For instance, there is a reference to balancing the relationship between total supply and total demand, but there is no mention of supply-side structural reform; it was mentioned in 2022 and 2023. Also, there’s not really any substantive space given to boosting private sector confidence compared to last year’s readout. There’s no mention of the ‘Two Unswervings’, which again was something that was referenced in 2022 and 2023.

Finally, towards the end, the paragraph on implementation is rather scathing, and a reflection of systemic inertia and the frustration of the top leadership.

With that done, here’s what the readout says:

“The meeting held that this year was a crucial year for achieving the goals and tasks of the 14th Five-Year Plan. In the face of the complex and severe situation characterized by increasing external pressures and mounting internal difficulties, the Party Central Committee with Comrade Xi Jinping at its core united and led the entire Party and people of all ethnic groups across the country to respond calmly and adopt comprehensive measures. Economic operation is generally stable while making steady progress, high-quality development is solidly advancing, and the main economic and social development goals and tasks are about to be successfully achieved. New quality productive forces have steadily developed, reform and opening-up have been continuously deepened, risks in key areas have been mitigated in an orderly and effective manner, work on people’s livelihood security has been solid and effective, and solid strides have been made in Chinese-style modernization. The development journey over the past year has been extraordinary and the achievements have been encouraging, especially the decisive deployment of a package of incremental policies at the meeting of the Politburo on September 26, which effectively boosted social confidence and significantly led to economic recovery.” 会议认为，今年是实现“十四五”规划目标任务的关键一年。面对外部压力加大、内部困难增多的复杂严峻形势，以习近平同志为核心的党中央团结带领全党全国各族人民，沉着应变、综合施策，经济运行总体平稳、稳中有进，高质量发展扎实推进，经济社会发展主要目标任务即将顺利完成。新质生产力稳步发展，改革开放持续深化，重点领域风险化解有序有效，民生保障扎实有力，中国式现代化迈出新的坚实步伐。一年来的发展历程很不平凡，成绩令人鼓舞，特别是9月26日中央政治局会议果断部署一揽子增量政策，使社会信心有效提振，经济明显回升.

“The meeting pointed out that the adverse effects of the current changes in the external environment have deepened, and China’s economic operation still faces many difficulties and challenges, mainly due to insufficient domestic demand, operational difficulties for some enterprises, pressures on employment and income growth for the people, and numerous risks and hidden dangers that still remain. At the same time, it must be seen that China’s economic foundation is stable, has many advantages, strong resilience, and great potential, and the long-term supporting conditions and basic trends have not changed. We must face up to difficulties, strengthen our confidence, and strive to transform positive factors in all aspects into development results.” 会议指出，当前外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战，主要是国内需求不足，部分企业生产经营困难，群众就业增收面临压力，风险隐患仍然较多。同时必须看到，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。我们要正视困难、坚定信心，努力把各方面积极因素转化为发展实绩.

“The meeting held that in practice, we have continuously deepened our understanding of the laws of economic work. The centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing economic work well. At critical moments and important junctures, the Party Central Committee has promptly assessed the situation and made decisions and deployments, ensuring that China’s economic ship can brave the waves and move forward steadily.

• It is necessary to coordinate the relationship between an effective market and a capable government, forming an economic order that is both ‘let loose/engender freedom or autonomy’ (放得活) and ‘regulated/controlled’(管得住).

• It is necessary to coordinate the relationship between total supply and total demand to ensure smooth circulation in the national economy.

• It is necessary to coordinate the relationship between cultivating new drivers of growth and renewing old ones, developing new quality productive forces according to local conditions.

• It is necessary to properly coordinate the relationship between improving incremental additions and revitalizing existing stock, and comprehensively enhance resource allocation efficiency.

• It is necessary to properly coordinate the relationship between improving quality and expanding total volume, and consolidate the material foundation of Chinese-style modernization.”

会议认为，实践中，我们不断深化对经济工作的规律性认识。党中央集中统一领导是做好经济工作的根本保证，在关键时刻、重要节点，党中央及时研判形势、作出决策部署，确保我国经济航船乘风破浪、行稳致远。必须统筹好有效市场和有为政府的关系，形成既“放得活”又“管得住”的经济秩序。必须统筹好总供给和总需求的关系，畅通国民经济循环。必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力。必须统筹好做优增量和盘活存量的关系，全面提高资源配置效率。必须统筹好提升质量和做大总量的关系，夯实中国式现代化的物质基础.

“The meeting stressed that to do a good job in economic work next year, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guide, fully implement the spirit of the 20th Party Congress and the Second and Third Plenary Sessions of the 20th Central Committee, adhere to the general tone of work of seeking progress while maintaining stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, solidly promote high-quality development, further comprehensively deepen reform, expand high-level opening up, build a modern industrial system, better coordinate development and security, implement more proactive and effective macroeconomic policies, expand domestic demand, promote the integrated development of scientific and technological innovation and industrial innovation, stabilize the property and stock markets, prevent and resolve risks and external shocks in key areas, stabilize expectations, stimulate vitality, promote the sustained recovery of the economy, continuously improve people’s living standards, maintain social harmony and stability, and complete the goals and tasks of the ‘14th Five-Year Plan’ with high quality, so as to lay a solid foundation for a good start to the ‘15th Five-Year Plan’.” 会议强调，做好明年经济工作，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届二中、三中全会精神，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，扎实推动高质量发展，进一步全面深化改革，扩大高水平对外开放，建设现代化产业体系，更好统筹发展和安全，实施更加积极有为的宏观政策，扩大国内需求，推动科技创新和产业创新融合发展，稳住楼市股市，防范化解重点领域风险和外部冲击，稳定预期、激发活力，推动经济持续回升向好，不断提高人民生活水平，保持社会和谐稳定，高质量完成“十四五”规划目标任务，为实现“十五五”良好开局打牢基础.

“The meeting pointed out that next year, we must maintain stable economic growth, maintain overall stability in employment and prices, maintain a basic balance in international payments, and promote the synchronization of residents’ income growth and economic growth. The meeting stressed that next year, we must adhere to the principle of seeking progress while maintaining stability, promote stability through progress, uphold integrity while pursuing innovation, establish first before breaking new ground, integrate systems holistically, and ensure coordinated collaboration; enrich and improve the policy toolbox, and improve the foresight, precision, and effectiveness of macroeconomic regulation.” 会议指出，明年要保持经济稳定增长，保持就业、物价总体稳定，保持国际收支基本平衡，促进居民收入增长和经济增长同步。会议要求，明年要坚持稳中求进、以进促稳，守正创新、先立后破，系统集成、协同配合，充实完善政策工具箱，提高宏观调控的前瞻性、针对性、有效性.

“It is necessary to implement a more proactive fiscal policy. Raise the fiscal deficit ratio to ensure that fiscal policy remains strong and effective. Increase the intensity of fiscal expenditures and strengthen guarantees in key areas. Expand the issuance of ultra-long-term special government bonds to continue supporting the implementation of ‘two heavy’ projects and ‘two new’ policies. Increase the issuance and use of special bonds by local governments, expand the scope of investment domains, and broaden the use of these bonds as project capital. Optimize the structure of fiscal expenditures, improve the efficiency of fund utilization, pay more attention to benefiting people’s livelihoods, promoting consumption, and enhancing long-term momentum, and firmly grasp the bottom line of the ‘three guarantees’ at the grassroots level. Party and government agencies must adhere to the principle of frugality.” 要实施更加积极的财政政策。提高财政赤字率，确保财政政策持续用力、更加给力。加大财政支出强度，加强重点领域保障。增加发行超长期特别国债，持续支持“两重”项目和“两新”政策实施。增加地方政府专项债券发行使用，扩大投向领域和用作项目资本金范围。优化财政支出结构，提高资金使用效益，更加注重惠民生、促消费、增后劲，兜牢基层“三保”底线。党政机关要坚持过紧日子.

“It is necessary to implement a moderately loose monetary policy. Fully leverage the dual functions of monetary policy tools, including the total amount and structure, reduce the reserve requirement ratio and interest rates in a timely manner, maintain ample liquidity, and ensure that the growth of social financing scale and money supply aligns with the expected targets for economic growth and the general price level. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore ways to expand the central bank’s macro-prudential and financial stability functions, innovate financial tools, and maintain the stability of the financial market.” 要实施适度宽松的货币政策。发挥好货币政策工具总量和结构双重功能，适时降准降息，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。保持人民币汇率在合理均衡水平上的基本稳定。探索拓展中央银行宏观审慎与金融稳定功能，创新金融工具，维护金融市场稳定.

“Implement a ‘combination punch’ of policies. Strengthen coordination and synergy among fiscal, monetary, employment, industrial, regional, trade, environmental protection, regulatory and other policies and reform and opening-up measures, improve the effective communication, consultation and feedback mechanism among departments, and enhance policy synergy. Integrate economic and non-economic policies into the consistency assessment of macroeconomic policy orientation, coordinate the entire process of policy formulation and implementation, and improve the overall effectiveness of policies.” 要打好政策“组合拳”。加强财政、货币、就业、产业、区域、贸易、环保、监管等政策和改革开放举措的协调配合，完善部门间有效沟通、协商反馈机制，增强政策合力。把经济政策和非经济性政策统一纳入宏观政策取向一致性评估，统筹政策制定和执行全过程，提高政策整体效能.

Then the document talks about the key tasks for 2025. These are:

First, vigorously boost consumption, improve investment efficiency, and expand domestic demand in all directions. Implement special actions to boost consumption, promote income growth and reduce burdens for middle- and low-income groups, and enhance their consumption capacity, willingness, and levels. Appropriately increase the basic pension for retirees, increase the basic pension for urban and rural residents, and increase the financial subsidy standard for urban and rural residents’ medical insurance. Increase efforts to expand the implementation of the ‘two new’ policies, innovate diversified consumption scenarios, expand service consumption, and promote the development of cultural tourism. Actively develop the IPO economy, ice and snow economy, and silver economy. Strengthen top-down organization and coordination, and support the ‘two heavy’ projects with greater efforts. Appropriately increase central government budgetary investments. Enhance coordination between fiscal and financial policies, using effective government investment to drive social investment. Plan major projects of the ‘15th Five-Year Plan’ as soon as possible. Vigorously implement urban renewal policies. Implement special actions to reduce the logistics costs of the whole society.” 一是大力提振消费、提高投资效益，全方位扩大国内需求。实施提振消费专项行动，推动中低收入群体增收减负，提升消费能力、意愿和层级。适当提高退休人员基本养老金，提高城乡居民基础养老金，提高城乡居民医保财政补助标准。加力扩围实施“两新”政策，创新多元化消费场景，扩大服务消费，促进文化旅游业发展。积极发展首发经济、冰雪经济、银发经济。加强自上而下组织协调，更大力度支持“两重”项目。适度增加中央预算内投资。加强财政与金融的配合，以政府投资有效带动社会投资。及早谋划“十五五”重大项目。大力实施城市更新。实施降低全社会物流成本专项行动.

Second, lead the development of new quality productive forces with scientific and technological innovation and build a modern industrial system. Strengthen basic research and key core technology research, plan major scientific and technological projects ahead of time, and carry out large-scale demonstration actions for the application of new technologies, new products, and new scenarios. Implement the AI+ action to cultivate future industries. Strengthen the construction of national strategic scientific and technological forces. Improve the multi-level financial service system, strengthen patient capital, attract social capital to participate in venture capital investment with greater efforts, and gradually cultivate innovative enterprises. Comprehensively rectify ‘involution-style’ competition and standardize the behavior of local governments and enterprises. Actively use digital technology and green technology to transform and upgrade traditional industries. 二是以科技创新引领新质生产力发展，建设现代化产业体系。加强基础研究和关键核心技术攻关，超前布局重大科技项目，开展新技术新产品新场景大规模应用示范行动。开展“人工智能+”行动，培育未来产业。加强国家战略科技力量建设。健全多层次金融服务体系，壮大耐心资本，更大力度吸引社会资本参与创业投资，梯度培育创新型企业。综合整治“内卷式”竞争，规范地方政府和企业行为。积极运用数字技术、绿色技术改造提升传统产业.

“Third, leverage the guiding role of economic system reforms, and promote the implementation and effectiveness of landmark reform measures. Complete the deepening and upgrading of SoE reform with high quality and issue the law to promote the private economy. Carry out special actions to standardize law enforcement involving enterprises. Formulate guidelines for the construction of a unified national market. Strengthen supervision and promote the healthy development of the platform economy. Coordinate the promotion of fiscal and taxation system reform and increase local independent financial resources. Deepen the comprehensive reform of capital market investment and financing, clear the bottlenecks for medium- and long-term funds entering the market, and enhance the inclusiveness and adaptability of the capital market system.” 三是发挥经济体制改革牵引作用，推动标志性改革举措落地见效。高质量完成国有企业改革深化提升行动，出台民营经济促进法。开展规范涉企执法专项行动。制定全国统一大市场建设指引。加强监管，促进平台经济健康发展。统筹推进财税体制改革，增加地方自主财力。深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本市场制度的包容性、适应性.

“Fourth, expand high-level opening up to the outside world and stabilize foreign trade and foreign investment. Expand independent and unilateral opening up in an orderly manner, steadily expand institutional opening up, promote the improvement of quality and efficiency of free trade pilot zones and expand the authorization of reform tasks, and accelerate the implementation of core policies for the Hainan Free Trade Port. Actively develop service trade, green trade, and digital trade. Deepen the reform of foreign investment promotion systems and mechanisms. Steadily promote the opening up of the service industry, expand the pilot opening up in telecommunications, medical care, education and other fields, and continue to build the ‘Invest in China’ brand. Promote the high-quality joint construction of the ‘Belt and Road’ with greater depth and more practically, and improve the overseas comprehensive service system.” 四是扩大高水平对外开放，稳外贸、稳外资。有序扩大自主开放和单边开放，稳步扩大制度型开放，推动自由贸易试验区提质增效和扩大改革任务授权，加快推进海南自由贸易港核心政策落地。积极发展服务贸易、绿色贸易、数字贸易。深化外商投资促进体制机制改革。稳步推进服务业开放，扩大电信、医疗、教育等领域开放试点，持续打造“投资中国”品牌。推动高质量共建“一带一路”走深走实，完善海外综合服务体系.

“Fifth, effectively prevent and resolve risks in key areas, and firmly hold the bottom line of ensuring no systemic risks. Continue to work hard to stem the fall and ensure stability of the real estate market, intensify implementation of urban village and dilapidated housing renovations, and fully release the potential of rigid and improved housing demand. Reasonably control the supply of new land for real estate projects, revitalize existing land and commercial and office buildings, and promote the disposal of existing commercial housing. Promote the construction of a new model of real estate development and build relevant basic systems in an orderly manner. Properly deal with the risks of local small and medium-sized financial institutions. Coordinate central and local governments’ efforts to jointly crack down on illegal financial activities. 五是有效防范化解重点领域风险，牢牢守住不发生系统性风险底线。持续用力推动房地产市场止跌回稳，加力实施城中村和危旧房改造，充分释放刚性和改善性住房需求潜力。合理控制新增房地产用地供应，盘活存量用地和商办用房，推进处置存量商品房工作。推动构建房地产发展新模式，有序搭建相关基础性制度。稳妥处置地方中小金融机构风险。央地协同合力打击非法金融活动.

“Sixth, coordinate the promotion of new urbanization and rural revitalization, and promote urban-rural integration. Strictly adhere to the red line for arable land, and strictly manage the balance of arable land occupation and compensation. Grasp the stable production and supply of grain and other important agricultural products, and improve the comprehensive benefits and competitiveness of agriculture. Protect the enthusiasm of grain-producing farmers and grain-producing regions, improve the mechanism of grain price formation. Based on local conditions, promote integrated development of industry, county strengthening, and people's prosperity, and do everything possible to broaden the channels for farmers to increase their income. Develop modern metropolitan areas, improve the level of modern governance of super-large and mega-cities, and vigorously develop county economies.” 六是统筹推进新型城镇化和乡村全面振兴，促进城乡融合发展。严守耕地红线，严格耕地占补平衡管理。抓好粮食和重要农产品稳产保供，提高农业综合效益和竞争力。保护种粮农民和粮食主产区积极性，健全粮食价格形成机制。因地制宜推动兴业、强县、富民一体发展，千方百计拓宽农民增收渠道。发展现代化都市圈，提升超大特大城市现代化治理水平，大力发展县域经济.

“Seventh, intensify the implementation of regional strategies and enhance the vitality of regional development. Fully leverage the superposition effects of regional coordinated development strategies, major regional strategies, and major function oriented zone strategies, and actively cultivate new growth poles. Enhance the innovation capacity and the radiating driving effect of regions with economic development advantages. Support economically developed provinces to take the lead, and encourage other regions to adapt to local conditions and showcase their strengths. Deepen industrial cooperation among the eastern, central, western, and northeastern regions, and vigorously develop the marine economy and bay area economy.” 七是加大区域战略实施力度，增强区域发展活力。发挥区域协调发展战略、区域重大战略、主体功能区战略的叠加效应，积极培育新的增长极。提升经济发展优势区域的创新能力和辐射带动作用。支持经济大省挑大梁，鼓励其他地区因地制宜、各展所长。深化东、中、西、东北地区产业协作，大力发展海洋经济和湾区经济.

“Eighth, promote carbon reduction, pollution reduction and green growth in a coordinated manner, and accelerate the comprehensive green transformation of economic and social development. Further deepen the reform of the ecological civilization system. Create an ecological environment for the healthy development of green and low-carbon industries, and cultivate new growth points, such as green buildings. Promote the landmark battle of the ‘Three Norths’ project to achieve important results, and accelerate the construction of the ‘Shā gē huāng’ new energy bases. Establish a number of zero-carbon parks, promote the construction of a national carbon market, and establish a product carbon footprint management system and a carbon labeling certification system. Continue to deepen the battle to protect blue skies, clear waters and pure lands. Develop a comprehensive solid waste management action plan. Implement major biodiversity protection projects. Strengthen the construction of natural disaster prevention and control systems.” 八是协同推进降碳减污扩绿增长，加紧经济社会发展全面绿色转型。进一步深化生态文明体制改革。营造绿色低碳产业健康发展生态，培育绿色建筑等新增长点。推动“三北”工程标志性战役取得重要成果，加快“沙戈荒”新能源基地建设。建立一批零碳园区，推动全国碳市场建设，建立产品碳足迹管理体系、碳标识认证制度。持续深入推进蓝天、碧水、净土保卫战。制定固体废物综合治理行动计划。实施生物多样性保护重大工程。加强自然灾害防治体系建设.

“Ninth, increase efforts to protect and improve people’s livelihood, and enhance people’s sense of gain, happiness and security. Implement employment support plans for key areas, key industries, urban and rural grassroots and small and medium-sized enterprises, and promote employment for key groups. Strengthen the protection of the rights and interests of workers in flexible employment and new employment forms. Implement industrial and employment assistance policies to ensure that there is no large-scale return to poverty and ensure the basic living for people in need. Promote the high-quality and balanced development of compulsory education, and steadily advance the expansion of high-quality undergraduate education. Implement the medical and health foundation strengthening project and formulate policies to promote fertility. Develop community-supported home-based elderly care and expand inclusive elderly care services. Adhere to and develop the ‘Fengqiao Experience’ in the new era and strengthen public security systems.” 九是加大保障和改善民生力度，增强人民群众获得感幸福感安全感。实施重点领域、重点行业、城乡基层和中小微企业就业支持计划，促进重点群体就业。加强灵活就业和新就业形态劳动者权益保障。落实好产业、就业等帮扶政策，确保不发生规模性返贫致贫，保障困难群众基本生活。推动义务教育优质均衡发展，扎实推进优质本科扩容。实施医疗卫生强基工程，制定促进生育政策。发展社区支持的居家养老，扩大普惠养老服务。坚持和发展新时代“枫桥经验”，加强公共安全系统施治.

The meeting pointed out that we must consciously use the Central Committee’s scientific judgment of the situation to unify thoughts, will, and actions, both grasping the overall situation and maintaining confidence, while also facing up to difficulties and staying clear-headed. It is necessary to comprehensively implement the general requirements and policy orientation for next year’s economic work, emphasizing goal orientation, focusing on achieving an optimal combination of stable growth, stable employment, and reasonable price recovery; grasp policy orientation, pay attention to timing and intensity, ensure that each task can be done early and thoroughly, and guarantee sufficient effort; strengthen systematic thinking, emphasize the coordinated cooperation of various policies and reform and opening-up measures, and amplify policy effects. It is necessary to closely grasp key links to complete the key tasks of economic work next year, targeting the prominent issues of insufficient demand by focusing on boosting domestic demand, especially residential consumption demand; address deep-seated development constraints and external challenges by unwaveringly deepening reforms and expanding opening up; address bottlenecks in industrial transformation and upgrading by promoting smooth transition from old to new growth drivers; address enterprises’ concerns by strengthening policy support and optimizing regulatory services; address potential risks in key areas by continuously pushing forward risk disposal. It is necessary to vigorously improve implementation efficiency, fully mobilize the enthusiasm, initiative, and creativity of grassroots levels, continuously optimize the business environment, and better unite forces to promote high-quality development.” 会议指出，要自觉用党中央对形势的科学判断统一思想、统一意志、统一行动，既把握大势、坚定信心，又正视困难、保持清醒。要全面贯彻明年经济工作的总体要求和政策取向，注重目标引领，着力实现增长稳、就业稳和物价合理回升的优化组合；把握政策取向，讲求时机力度，各项工作能早则早、抓紧抓实，保证足够力度；强化系统思维，注重各类政策和改革开放举措的协调配合，放大政策效应。要紧抓关键环节完成好明年经济工作重点任务，针对需求不足的突出症结，着力提振内需特别是居民消费需求；针对制约发展的深层次障碍和外部挑战，坚定不移深化改革扩大开放；针对产业转型升级的瓶颈制约，推动新旧动能平稳接续转换；针对企业经营中的关切诉求，加强政策支持和优化监管服务；针对重点领域风险隐患，持续用力推进风险处置。要大力提升抓落实的效能，充分调动基层积极性主动性创造性，持续优化营商环境，更好凝聚推动高质量发展的合力.

“The meeting stressed that it is necessary to strengthen the Party’s leadership over economic work, adhere to the principle of ‘getting things done’, enhance confidence, face difficulties head-on, be proactive and enterprising, and ensure that the Central Committee’s various decisions and deployments are implemented. It is necessary to strengthen positive incentives and stimulate the endogenous motivation for entrepreneurship and hard work. Effectively loosen the shackles and reduce the burden on the grassroots, allowing capable and willing cadres to work and achieve results. Unswervingly punish corruption, maintain a fair and just market environment and a clean business environment. Adhere to seeking truth and being pragmatic, resolutely oppose formalism and bureaucratism of the kind that leads to performances for superiors, irresponsible attitude to subordinates, and results in disregarding actual effectiveness. Coordinate development and security, do a good job in production safety, and effectively prevent and respond to social security incidents in a timely manner. Enhance synergy and linkage, oppose departmentalism, and form a joint force for implementation. Strengthen expectation management, coordinate the promotion of policy implementation and expectation guidance, and enhance policy guidance and influence. At the same time, it is necessary to accurately grasp the global situation, national situation, Party situation, and social situation, strengthen strategic planning, and formulate the central ‘15th Five-Year Plan’ proposals.” 会议强调，要加强党对经济工作的领导，坚持干字当头，增强信心、迎难而上、奋发有为，确保党中央各项决策部署落到实处。要强化正向激励，激发干事创业的内生动力。切实为基层松绑减负，让想干事、会干事的干部能干事、干成事。坚定不移惩治腐败，保持公平公正的市场环境、风清气正的营商环境。坚持求真务实，坚决反对热衷于对上表现、不对下负责、不考虑实效的形式主义、官僚主义。统筹发展和安全，抓好安全生产，有效防范和及时应对社会安全事件。增强协同联动，反对本位主义，形成抓落实的合力。加强预期管理，协同推进政策实施和预期引导，提升政策引导力、影响力。同时，要准确把握世情国情党情社情，加强战略谋划，制定好中央“十五五”规划建议.

“The meeting called to do a good job in ensuring people’s livelihood and security and stability towards the end of the year and the beginning of the year, deeply investigate and resolve various contradictions, disputes, and potential risks, and ensure overall social stability. The meeting called on the whole Party, the whole country and the whole society to unite more closely around the Party Central Committee with Comrade Xi Jinping as the core, earnestly implement the arrangements of the meeting, fully complete the goals and tasks of economic and social development, and comprehensively promote the great cause of building a strong country and national rejuvenation through the actual results of high-quality development.” 会议要求，要做好岁末年初民生保障和安全稳定各项工作，深入排查化解各类矛盾纠纷和风险隐患，确保社会大局稳定。会议号召，全党全国全社会要更加紧密地团结在以习近平同志为核心的党中央周围，认真落实会议各项部署，全面完成经济社会发展目标任务，以高质量发展的实际成效全面推进强国建设、民族复兴伟业.

Moving on, there’s a report on Xi’s congratulatory letter to the 2024 gala dinner of U.S.-China Business Council. Xinhua reports:

“In the letter, Xi extended congratulations to the council and all its members, and sent sincere greetings to people from all sectors in the United States who have been caring for and supporting business cooperation between the two countries. Noting that the China-U.S. relationship is one of the most important relationships in the world, Xi said it concerns not only the immediate interests of the Chinese and American peoples, but also the future of and destiny of the entire humanity. Xi said both countries stand to gain from cooperation and lose from confrontation, adding China is prepared to stay in communication with the United States to expand cooperation, manage differences, continue exploring the right way for the two countries to get along with each other in the new era, and realize long-term, peaceful coexistence on this planet to the benefit of the two countries and the world at large.”

“Economic and trade relations are an important part of bilateral relations, Xi said, noting the interests of the two countries are closely intertwined, and the room for cooperation is infinitely vast. The two sides should properly handle differences through equal-footed consultation, and make the pie of cooperation bigger based on their complementary advantages, said the Chinese president. The success of one side should be an opportunity rather than a challenge for the other, and one’s achievement should help rather than hinder the development of the other, he added. Xi said openness is a key driving force for human civilization and progress, adding it is the only path toward prosperity and development for every country. Reform and opening up is a historic process in which China and the world achieve development and progress together, he said, adding a few months ago, the third plenary session of the 20th Central Committee of the Communist Party of China adopted a comprehensive plan for further deepening reform across the board to advance Chinese modernization. Xi said China will always uphold the basic state policy of opening up to the outside world, keep improving its market-oriented, law-based, and world-class business environment for companies from all countries including the United States, and continue to liberalize and facilitate trade and investment. Chinese modernization, with its new achievements, will provide new opportunities for the world, he added. Xi expressed hope that USCBC and friends from all sectors will continue to care for and support China-U.S. relations, take an active part in Chinese modernization, join hands together to write a new chapter of openness, cooperation and mutual benefit, and make new contribution to the steady, sound and sustainable development of China-U.S. relations.”

Next, there’s a report on Xi’s message to the 2024 Imperial Springs International Forum. Xinhua says:

“Xi pointed out that since its establishment 10 years ago, the forum has adhered to advocating multilateralism, conducted in-depth discussions on global governance issues, actively shared China’s propositions, and played a positive role in enhancing exchanges and understanding between China and countries worldwide. Xi emphasized that in a world marked by intertwined changes and turmoil, peace and development remain the shared aspirations of all peoples. China stands ready to work with other countries in the spirit of ‘promoting global solidarity’, upholding fairness and justice to safeguard global peace and stability, adhering to win-win cooperation to promote sustainable global development, and committing to inclusiveness and mutual learning to advance human civilization to new heights, Xi said.”

Finally, there’s a report on Xi meeting with Chairman of the United Russia party Dmitry Medvedev. Xinhua says:

“Since the establishment of diplomatic ties 75 years ago, China and Russia have blazed a new path featuring mutual respect, harmonious coexistence and win-win cooperation between major and neighboring countries, setting an example of new-type international relations as well as relations between major neighboring countries, Xi said. He said China is willing to work with Russia to strengthen the synergy of development strategies, tap the intrinsic momentum of bilateral cooperation, and continuously bring benefits to the two countries and peoples. China and Russia should strengthen communication and coordination within such multilateral frameworks as the United Nations (UN), the BRICS cooperation mechanism and the Shanghai Cooperation Organization, firmly uphold the international system with the UN at its core, and practice true multilateralism so as to make the international order more just and equitable and jointly safeguard global strategic stability and international fairness and justice, Xi said. Xi pointed out that since the establishment of relations between the CPC and the United Russia party more than 20 years ago, the two sides have conducted high-level and constructive interactions, strengthened exchanges and mutual learning on party and state governance, continuously enriched the content of institutionalized exchanges between the two parties, and helped consolidate political and strategic mutual trust between China and Russia. As important forces promoting human progress, the two parties should further coordinate and cooperate closely, lead the global governance in the right direction, and pool the consensus of friendly political parties in countries around the world, especially in the Global South countries, to push the world forward in the right direction, Xi said. On the Ukraine crisis, China has repeatedly emphasized the need to uphold the three principles of no expansion of the battlefield, no escalation of fighting and no provocation by any party, to promote the easing of the situation as soon as possible, Xi said. He added that China will continue to adhere to its consistent position and work with the international community to create favorable conditions for the political settlement of the crisis.”

The report adds: “Medvedev delivered a signed letter to Xi from Russian President Vladimir Putin”.

“Noting that the exchanges and cooperation between the United Russia party and the CPC bear special responsibilities in the relations between the two countries, Medvedev said the United Russia party is willing to promote pragmatic cooperation and youth exchanges through the dialogue mechanism between the ruling parties of Russia and China, strengthen education on traditional values such as patriotism and promote the long-term development of bilateral relations. Medvedev said that the Russian side speaks highly of China's position on the Ukraine crisis, pays attention to the Group of Friends for Peace on the Ukraine crisis, an initiative put forward by China, Brazil and other countries, and is willing to actively promote the political settlement of the Ukraine crisis.”

Finally, there’s a report on Xi meeting with foreign envoys. The PD report says:

Xi Jinping pointed out that China has a long history and a vast territory. He hoped that the envoys will visit more parts of China, listen more to the voices of the Chinese people, fully understand the China of the past, the present and the future, objectively reflect China’s contemporary outlook, development path and direction, and actively play the role of bridge builders, promoters of cooperation and inheritors of friendship between China and the world … Chinese-style modernization is not a modernization pursued in isolation. China is willing to share its development opportunities with all countries, achieve mutual benefit and mutual success, and work together to achieve the modernization of all countries in the world with peaceful development, mutually beneficial cooperation and common prosperity.” 习近平指出，中国历史悠久、幅员辽阔。希望使节们多到中国各地走走看看，多听听中国百姓的声音，全面了解历史的中国、现在的中国、未来的中国，客观反映中国的时代面貌、发展道路、前进方向，在中国同世界之间积极发挥交往的架桥者、合作的推进者、友谊的传承者作用...中国式现代化不是中国独善其身的现代化。中方愿同各国分享中国发展机遇，实现美美与共、相互成就，为实现和平发展、互利合作、共同繁荣的世界各国现代化而携手奋斗.

Xi Jinping emphasized that the era we are in faces major challenges and crises, such as geopolitical conflicts, unilateral actions, rising protectionism, and climate change, which urgently require joint action by all countries. At this new historical crossroads, nations should draw lessons from human history, strengthen unity and collaboration, and pool greater efforts to safeguard world peace and development. As a stabilizing, positive, and progressive force in the international community, China will always unswervingly follow the path of peaceful development, and together with other countries, advocate an equal and orderly world multipolarization, inclusive and beneficial economic globalization, practice the common values ​​of all mankind, and promote the building of a community with a shared future for mankind.” 习近平强调，我们所处的时代面临地缘冲突、单边行径、保护主义上升以及气候变化等重大挑战和危机，亟须各国共同采取行动。站在新的历史十字路口，各国更应该从人类历史中吸取经验教训，加强团结协作，为维护世界和平和发展凝聚更大合力。作为国际社会的稳定、积极、进步力量，中国将始终坚定不移走和平发展道路，同各国一道，倡导平等有序的世界多极化、普惠包容的经济全球化，践行全人类共同价值，推动构建人类命运共同体.

Page 2: There’s a report on MoFA spokesperson Mao Ning’s remarks on the SCO summit. She said:

“Since its inception, the SCO has been following the Shanghai Spirit of mutual trust, mutual benefit, equality, consultation, respect for diversity of civilizations and pursuit of common development and has now become a regional organization that covers the largest area and population, setting an example of building a new type of international relations. As a founding member of the SCO, China has always regarded the organization as a priority in its diplomacy. As the rotating president of the SCO, China will host over 100 meetings and events in such areas as politics, security, economy and culture and people-to-people exchanges and we are committed to holding a SCO summit featuring friendship, solidarity and fruitful outcomes that will help build consensus and chart the course going forward. China stands ready to work with other SCO member states, under the theme of the SCO Year of Sustainable Development, to act on the slogan of ‘Upholding the Shanghai Spirit: SCO on the Move’ and lead the SCO into a new stage of high-quality development featuring stronger solidarity, coordination, dynamism and productiveness, so as to contribute the organization’s solution to global governance and effort to build a community with a shared future for mankind.”

I am highlighting two other reports but not detailing them. First, there’s a report on an Invest in China event that was held in the UAE. Second, there’s a report on the publication of an assessment of the social responsibility of Chinese enterprises in South Africa.

Page 3: Just one report to note. A research team led by the Guangdong Power Grid Company of China Southern Power Grid has effectively tackled the difficulties of robot mobility on soft seabed soils by developing the country’s first operational underwater cable-laying robot capable of kilometer-level speeds.

Page 7: A few reports of disciplinary action taken against officials.

• First, there’s a report (English report) on Gou Zhongwen has been expelled from the Party and dismissed from public office for severe disciplinary and legal violations during his term as head of the General Administration of Sport of China.

• Second, there’s a report (English report) on former vice-governor of Gansu province Yang Zixing, has been expelled.

• Third, there’s a report on Xu Zuo (English report), former deputy general manager of CITIC Group, has been expelled.