CEWC Readout & Analysis - China & Vietnam to Build 'Community with a Shared Future that Carries Strategic Significance'

Here are the key reports and articles that I found noteworthy from the People's Daily’s edition on Wednesday, December 13, 2023.

Page 1: Let’s begin with the readout from the Central Economic Work Conference, which was held on Monday and Tuesday. The report says:

“The meeting held that this year has been the first year to fully implement the spirit of the Party’s 20 National Congress, and a year for economic recovery after three years of COVID-19 epidemic prevention and control. The Party Central Committee with comrade Xi Jinping at its core has united and led the whole Party and the people of all ethnic groups in China in withstanding external pressure and overcoming internal difficulties, focusing on expanding domestic demand, improving the economic structure, boosting confidence, and forestalling and defusing risks. China’s economy has rebounded and improved, high-quality development has been solidly promoted, significant progress has been made in the construction of the modern industrial system, new breakthroughs have been achieved in scientific and technological innovation, reform and opening up have advanced in depth, the foundation for secure development has been consolidated, people’s well-being has been effectively safeguarded, and solid steps has been taken to fully build a modern socialist country.” 会议认为，今年是全面贯彻党的二十大精神的开局之年，是三年新冠疫情防控转段后经济恢复发展的一年。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，顶住外部压力、克服内部困难，全面深化改革开放，加大宏观调控力度，着力扩大内需、优化结构、提振信心、防范化解风险，我国经济回升向好，高质量发展扎实推进。现代化产业体系建设取得重要进展，科技创新实现新的突破，改革开放向纵深推进，安全发展基础巩固夯实，民生保障有力有效，全面建设社会主义现代化国家迈出坚实步伐. (Comment: This is verbatim from the Politburo meeting last week.)

The meeting pointed out that further promoting economic recovery requires overcoming some difficulties and challenges, including lack of effective demand, overcapacity in some sectors, lacklustre social expectations, certain risks and hidden problems, bottlenecks in the domestic circulation, as well as rising complexity, severity and uncertainty of the external environment. It is important to be more mindful of potential dangers and to effectively respond to and solve these problems. Overall, favourable conditions outweigh unfavourable factors in China’s development, and the fundamental trend of the economic recovery and long-term positive outlook has not changed. Confidence and determination need to be strengthened. 会议指出，进一步推动经济回升向好需要克服一些困难和挑战，主要是有效需求不足、部分行业产能过剩、社会预期偏弱、风险隐患仍然较多，国内大循环存在堵点，外部环境的复杂性、严峻性、不确定性上升。要增强忧患意识，有效应对和解决这些问题。综合起来看，我国发展面临的有利条件强于不利因素，经济回升向好、长期向好的基本趋势没有改变，要增强信心和底气.

“The meeting held that in recent years, under the strong leadership of the Party Central Committee, we have effectively coordinated both domestic and international situations, coordinated epidemic prevention and control and economic and social development, coordinated development and security, and deepened our understanding of the laws of doing economic work in the new era. We must adhere to high-quality development as the unyielding principle in the new era, implement the new development concept completely, accurately and comprehensively, and promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. We must persist in deepening the supply-side structural reform and focus on expanding effective demand through coordinated efforts; give full play to the advantages of China’s ultra-large-scale market and strong production capabilities, so that the domestic cycle can be established on the basis of the main driving force of domestic demand, and the quality and level of the international cycle can be improved. We must persist in relying on reform and opening up to enhance the endogenous driving force for development, make overall plans to promote deep-level reform and high-level opening up, constantly liberate and develop social productive forces, and stimulate and enhance social vitality. We must adhere to the positive interaction between high-quality development and high-level security, promote high-level security with high-quality development, and ensure high-quality development with high-level security; development and security should be dynamically balanced and complement each other. We must regard advancing Chinese-style modernization as the highest political priority; unite the overwhelming majority of the people under the unified leadership of the Party, focus on the central task of economic construction and the primary task of high-quality development, and gradually transform the grand blueprint of Chinese-style modernization into a splendid reality.” 会议认为，近年来，在党中央坚强领导下，我们有效统筹国内国际两个大局、统筹疫情防控和经济社会发展、统筹发展和安全，深化了新时代做好经济工作的规律性认识。必须把坚持高质量发展作为新时代的硬道理，完整、准确、全面贯彻新发展理念，推动经济实现质的有效提升和量的合理增长。必须坚持深化供给侧结构性改革和着力扩大有效需求协同发力，发挥超大规模市场和强大生产能力的优势，使国内大循环建立在内需主动力的基础上，提升国际循环质量和水平。必须坚持依靠改革开放增强发展内生动力，统筹推进深层次改革和高水平开放，不断解放和发展社会生产力、激发和增强社会活力。必须坚持高质量发展和高水平安全良性互动，以高质量发展促进高水平安全，以高水平安全保障高质量发展，发展和安全要动态平衡、相得益彰。必须把推进中国式现代化作为最大的政治，在党的统一领导下，团结最广大人民，聚焦经济建设这一中心工作和高质量发展这一首要任务，把中国式现代化宏伟蓝图一步步变成美好现实.

“The meeting emphasised that to do a good job in economic work next year, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second Plenary Session of the 20th Central Committee; adhere to the general tone of seeking progress while maintaining stability; fully and accurately implement the new development concept, accelerate the establishment of a new development pattern, focus on promoting high-quality development, comprehensively deepen reform and opening up, promote high-level self-reliance and self-improvement in science and technology, intensify macroeconomic regulation, coordinate efforts to expand domestic demand and deepen supply-side structural reform, coordinate a new type of urbanisation and all-round rural revitalization, coordinate high-quality development and high-level security, effectively enhance economic vitality, forestall and defuse risks, and improve social expectations, continue to promote effective improvement in quality and reasonable growth in quantity of the economy, enhance people’s livelihood and well-being, maintain social stability, and comprehensively promote the building of a strong country and the great cause of national rejuvenation with Chinese-style modernization.” 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，着力推动高质量发展，全面深化改革开放，推动高水平科技自立自强，加大宏观调控力度，统筹扩大内需和深化供给侧结构性改革，统筹新型城镇化和乡村全面振兴，统筹高质量发展和高水平安全，切实增强经济活力、防范化解风险、改善社会预期，巩固和增强经济回升向好态势，持续推动经济实现质的有效提升和量的合理增长，增进民生福祉，保持社会稳定，以中国式现代化全面推进强国建设、民族复兴伟业. (Comment: Again, this is verbatim from the Politburo meeting last week.)

“Regarding the economic work next year, the meeting called for efforts to pursue progress while ensuring stability, consolidate stability through progress, and establish the new before abolishing the old. It urged the introduction of more policies that will help stabilize expectations, growth and employment, as well as active endeavours to promote the transition of growth models, structural adjustment, and quality and efficiency improvement, so as to consolidate the foundation of stable economic development with a positive outlook. It is necessary to strengthen counter-cyclical and inter-cyclical adjustment of macro policies, continue to implement proactive fiscal policies and prudent monetary policies, and strengthen innovation and coordination of policy tools.” 会议要求，明年要坚持稳中求进、以进促稳、先立后破，多出有利于稳预期、稳增长、稳就业的政策，在转方式、调结构、提质量、增效益上积极进取，不断巩固稳中向好的基础。要强化宏观政策逆周期和跨周期调节，继续实施积极的财政政策和稳健的货币政策，加强政策工具创新和协调配合.

The proactive fiscal policy should be appropriately intensified and improved in quality and efficiency. It is necessary to make good use of fiscal policy space and improve financial efficiency and policy effects. Optimise the structure of fiscal expenditures and strengthen financial support for major national strategic tasks. Reasonably expand the scope of local government special bonds used as capital funds. Implement structural tax and fee reduction policies and focus on supporting technological innovation and manufacturing development. Strict supervision of the use of transfer payment funds and adherence to financial discipline are crucial. Strengthen financial sustainability and secure the bottom line of ‘three guarantees’ at the grassroots level. Strictly control general expenditures. Party and government agencies must get used to living a tight life/acting within tight budgets. 积极的财政政策要适度加力、提质增效。要用好财政政策空间，提高资金效益和政策效果。优化财政支出结构，强化国家重大战略任务财力保障。合理扩大地方政府专项债券用作资本金范围。落实好结构性减税降费政策，重点支持科技创新和制造业发展。严格转移支付资金监管，严肃财经纪律。增强财政可持续性，兜牢基层“三保”底线。严控一般性支出。党政机关要习惯过紧日子.

“The prudent monetary policy should be flexible, appropriate, precise and effective. Maintain reasonable and sufficient liquidity, and ensure that the scale of social financing and money supply match the expected goals of economic growth and price levels. Give full play to the dual functions of the total volume and structure of monetary policy tools, revitalise the stock, improve efficiency, and guide financial institutions to increase support for technological innovation, green transformation, small and micro enterprises, and the digital economy. Ensure that the social comprehensive financing costs stabilise and decline. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.” 稳健的货币政策要灵活适度、精准有效。保持流动性合理充裕，社会融资规模、货币供应量同经济增长和价格水平预期目标相匹配。发挥好货币政策工具总量和结构双重功能，盘活存量、提升效能，引导金融机构加大对科技创新、绿色转型、普惠小微、数字经济等方面的支持力度。促进社会综合融资成本稳中有降。保持人民币汇率在合理均衡水平上的基本稳定.

“It is necessary to enhance the consistency of macro-policy orientation. Strengthen the coordination of fiscal, monetary, employment, industrial, regional, scientific and technological, environmental protection and other policies, incorporate non-economic policies into the consistency assessment of macro-policy orientation, strengthen policy coordination, and ensure that efforts are made in the same direction and synergy is formed.  Strengthen economic propaganda and guide public opinion, sing the praises of the bright prospects of the Chinese economy.” 要增强宏观政策取向一致性。加强财政、货币、就业、产业、区域、科技、环保等政策协调配合，把非经济性政策纳入宏观政策取向一致性评估，强化政策统筹，确保同向发力、形成合力。加强经济宣传和舆论引导，唱响中国经济光明论.

After this, we get to the priorities for next year’s economic work. The points are:

“First, technological innovation should lead the construction of a modern industrial system. It is necessary to promote industrial innovation through scientific and technological innovation, especially focussing on disruptive and cutting-edge technologies to spawn new industries, new models, and new drivers of growth, promoting the development of new productive forces. Improve the new national system, implement high-quality development actions for key manufacturing industrial chains, strengthen quality support and standard guidance, and improve the resilience and safety level of industrial and supply chains. It is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. Forge several strategic emerging industries, including bio-manufacturing, commercial aerospace, and low-altitude economy; open up new tracks for future industries such as quantum and life sciences, widely apply digital intelligence and green technologies, and accelerate the transformation and upgrading of traditional industries. Strengthen applied basic research and cutting-edge research, and strengthen the dominant position of enterprises in scientific and technological innovation. Encourage the development of venture capital and equity investments.” 一是以科技创新引领现代化产业体系建设。要以科技创新推动产业创新，特别是以颠覆性技术和前沿技术催生新产业、新模式、新动能，发展新质生产力。完善新型举国体制，实施制造业重点产业链高质量发展行动，加强质量支撑和标准引领，提升产业链供应链韧性和安全水平。要大力推进新型工业化，发展数字经济，加快推动人工智能发展。打造生物制造、商业航天、低空经济等若干战略性新兴产业，开辟量子、生命科学等未来产业新赛道，广泛应用数智技术、绿色技术，加快传统产业转型升级。加强应用基础研究和前沿研究，强化企业科技创新主体地位。鼓励发展创业投资、股权投资。

Second, focus on expanding domestic demand. It is necessary to stimulate potential consumption, expand effective investment, and form a virtuous circle in which consumption and investment reinforce each other. Promote the shift of consumption from post-pandemic recovery to sustained expansion, cultivate and expand new consumption, vigorously develop digital consumption, green consumption, and healthy consumption, and actively cultivate new consumption growth points such as smart homes, entertainment and tourism, sports events, and domestically produced fashionable goods. Stabilise and expand traditional consumption and boost bulk consumption, such as new energy vehicles and electronic products. Boost the incomes of urban and rural residents, expand the size of the middle-income group, and optimise the consumption environment. Use the improvement of standards such as technology, energy consumption, and emissions as traction to drive large-scale equipment upgrades and encourage the replacement of old goods with new ones. Give full play to the amplification effect of government investment, focus on supporting key core technology research, new infrastructure, energy conservation and emission reduction, and cultivate new momentum for development. Improve investment and financing mechanisms, implement new mechanisms for cooperation between government and social capital, and support social capital’s participation in the construction of new infrastructure and other fields.” 二是着力扩大国内需求。要激发有潜能的消费，扩大有效益的投资，形成消费和投资相互促进的良性循环。推动消费从疫后恢复转向持续扩大，培育壮大新型消费，大力发展数字消费、绿色消费、健康消费，积极培育智能家居、文娱旅游、体育赛事、国货“潮品”等新的消费增长点。稳定和扩大传统消费，提振新能源汽车、电子产品等大宗消费。增加城乡居民收入，扩大中等收入群体规模，优化消费环境。要以提高技术、能耗、排放等标准为牵引，推动大规模设备更新和消费品以旧换新。发挥好政府投资的带动放大效应，重点支持关键核心技术攻关、新型基础设施、节能减排降碳，培育发展新动能。完善投融资机制，实施政府和社会资本合作新机制，支持社会资本参与新型基础设施等领域建设.

Third, deepen reforms in key areas. It is necessary to plan major measures to further comprehensively deepen reforms and continue to inject strong impetus into promoting high-quality development and accelerating Chinese-style modernization. Continuously refine and implement the institutional mechanisms of the ‘two unswerving’, fully stimulate the endogenous power and innovation vitality of various types of market entities. Deeply implement the reform and improvement actions related to SoEs in order to enhance core functions and improve core competitiveness. Promote the development and growth of private enterprises and implement a number of measures in terms of market access, factor acquisition, fair law enforcement, and rights protection. Promote the development of specialised and innovative small and medium-sized enterprises. Accelerate the construction of a unified national market and strive to eliminate various forms of local protection and market segmentation. Effectively reduce logistics costs for the whole society. It is necessary to plan a new round of fiscal and taxation system reform and implement financial system reform. 三是深化重点领域改革。要谋划进一步全面深化改革重大举措，为推动高质量发展、加快中国式现代化建设持续注入强大动力。不断完善落实“两个毫不动摇”的体制机制，充分激发各类经营主体的内生动力和创新活力。深入实施国有企业改革深化提升行动，增强核心功能、提高核心竞争力。促进民营企业发展壮大，在市场准入、要素获取、公平执法、权益保护等方面落实一批举措。促进中小企业专精特新发展。加快全国统一大市场建设，着力破除各种形式的地方保护和市场分割。有效降低全社会物流成本。要谋划新一轮财税体制改革，落实金融体制改革. (Comment: I don’t see anything in this to particularly excite the private sector. If you look at points 1, 2 and 3 together, then it is clear that the emphasis is still on having traffic lights for private capital and for state investment to play a major role in funding core technology research, new infrastructure, and green industries. Basically, private capital needs to be aligned with what the state views as strategic interests.)

Fourth, expand high-level opening up to the outside world. It is necessary to accelerate the cultivation of new momentum for foreign trade, consolidate the basic structure of foreign trade and foreign investment, and expand intermediate goods trade, service trade, digital trade, and cross-border e-commerce exports. Ease market access for telecommunications, medical and other service industries, align with international high-standard economic and trade rules, earnestly address issues such as cross-border data flow and equal participation in government procurement, continuously build a first-class business environment characterised by marketization, rule of law, and internationalisation, and create the ‘Invest in China’ brand. Efforts should be made to effectively address barriers for foreign nationals coming to China for business, study, and tourism. Ensure the implementation of the eight actions to support high-quality joint construction of the ‘Belt and Road’ and coordinate the promotion of major landmark projects and ‘small but beautiful’ livelihood projects. 四是扩大高水平对外开放。要加快培育外贸新动能，巩固外贸外资基本盘，拓展中间品贸易、服务贸易、数字贸易、跨境电商出口。放宽电信、医疗等服务业市场准入，对标国际高标准经贸规则，认真解决数据跨境流动、平等参与政府采购等问题，持续建设市场化、法治化、国际化一流营商环境，打造“投资中国”品牌。切实打通外籍人员来华经商、学习、旅游的堵点。抓好支持高质量共建“一带一路”八项行动的落实落地，统筹推进重大标志性工程和“小而美”民生项目. (Comment: Beijing’s goal continues to be to move up the value chain and remain deeply engaged in the global economy. It is seeking self-reliance in certain domains, but it continues to want to remain linked to global supply chains. The stated goal of building the “Invest in China” brand is important. Clearly, the leadership is concerned about the outflow of foreign capital. The issue in this regard, however, is not simply one about economics; it is political and security-related. I don’t see those being addressed by branding exercises and positive propaganda.)

Fifth, effectively prevent and resolve risks in key areas. It is necessary to coordinate and resolve risks in real estate, local debt, small and medium-sized financial institutions; severely crack down on illegal financial activities, and resolutely maintain the bottom line of preventing systemic risks. Actively and steadily resolve real estate risks, meet the reasonable financing needs of real estate enterprises of different ownerships equally, and promote the stable and healthy development of the real estate market. Accelerate the ‘three major projects’, such as the construction of affordable housing, the construction of public infrastructure for ‘dual-use for emergency and regular purposes’, and the transformation of urban villages. Improve relevant basic systems and accelerate the construction of a new model for real estate development. To coordinate the resolution of local debt risks and stabilise development, provinces with major economies must truly take the lead and make greater contributions to stabilising the national economy. 五是持续有效防范化解重点领域风险。要统筹化解房地产、地方债务、中小金融机构等风险，严厉打击非法金融活动，坚决守住不发生系统性风险的底线。积极稳妥化解房地产风险，一视同仁满足不同所有制房地产企业的合理融资需求，促进房地产市场平稳健康发展。加快推进保障性住房建设、“平急两用”公共基础设施建设、城中村改造等“三大工程”。完善相关基础性制度，加快构建房地产发展新模式。统筹好地方债务风险化解和稳定发展，经济大省要真正挑起大梁，为稳定全国经济作出更大贡献. (Comment: This sounds like the centre holding the line on the real estate sector. The financial taps aren’t likely to open up to boost growth or save specific entities. I am keen to hear what folks who study China’s local government debt issues think about this “To coordinate the resolution of local debt risks and stabilise development, provinces with major economies must truly take the lead and make greater contributions to stabilising the national economy.”)

“Sixth, persist in doing a good job in the work of the three rurals - agriculture, the rural areas and farmers. It is necessary to anchor the goal of building an agricultural power, learn from and apply the experience of the ‘Ten Million Project’, vigorously and effectively promote the comprehensive revitalization of rural areas. This is to ensure national food security, prevent the recurrence of large-scale poverty, focus on improving the level of rural industrial development, rural construction, and rural governance. Focus on improving the level of rural governance, strengthen the two-wheel drive of science and technology and reform, strengthen measures to boost farmers’ income, concentrate efforts on accomplishing tangible and accessible projects that benefit the masses, and build a livable, industrious and beautiful rural countryside. Continue efforts to ensure the stable and secure supply of important agricultural products such as grain, explore and establish inter-provincial compensation mechanisms for grain production and sales, reform and improve the land occupation-compensation balance system, and improve investment standards for high-standard farmland construction. Establish a big agricultural concept and a big food concept, and build agriculture into a large modern industry.” 六是坚持不懈抓好“三农”工作。要锚定建设农业强国目标，学习运用“千万工程”经验，有力有效推进乡村全面振兴，以确保国家粮食安全、确保不发生规模性返贫为底线，以提升乡村产业发展水平、提升乡村建设水平、提升乡村治理水平为重点，强化科技和改革双轮驱动，强化农民增收举措，集中力量抓好办成一批群众可感可及的实事，建设宜居宜业和美乡村。毫不放松抓好粮食等重要农产品稳定安全供给，探索建立粮食产销区省际横向利益补偿机制，改革完善耕地占补平衡制度，提高高标准农田建设投入标准。树立大农业观、大食物观，把农业建成现代化大产业.

Seventh, promote urban-rural integration and regional coordinated development. It is necessary to organically combine the promotion of new urbanisation with the overall revitalization of rural areas, promote the two-way flow of various factors, promote the construction of new urbanisation with county towns as important carriers, and form a new pattern of integrated urban and rural development. Implement urban renewal actions to create livable, resilient, and smart cities. Give full play to the comparative advantages of each region, and actively integrate them into and serve the new development pattern in accordance with the main functional positioning. Optimise the layout of major productive forces and strengthen the construction of the national strategic hinterland. Vigorously develop the maritime economy and build a maritime power. 七是推动城乡融合、区域协调发展。要把推进新型城镇化和乡村全面振兴有机结合起来，促进各类要素双向流动，推动以县城为重要载体的新型城镇化建设，形成城乡融合发展新格局。实施城市更新行动，打造宜居、韧性、智慧城市。充分发挥各地区比较优势，按照主体功能定位，积极融入和服务构建新发展格局。优化重大生产力布局，加强国家战略腹地建设。大力发展海洋经济，建设海洋强国.

Eighth, further promote the construction of ecological civilization and green and low-carbon development. Build a Beautiful China pioneer zone and create a green and low-carbon development highland. Actively and steadily promote the goals of carbon peak and carbon neutrality, and accelerate the creation of a green and low-carbon supply chain. Continue to fight hard to defend the blue skies, clear waters and pure lands. Improve the mechanism for realising the value of ecological products. Implement the reform of the collective forest rights system. Accelerate the construction of a new energy system, enhance resource conservation, intensification, and efficient utilisation through recycling, and improve the capability to secure energy resources. 八是深入推进生态文明建设和绿色低碳发展。建设美丽中国先行区，打造绿色低碳发展高地。积极稳妥推进碳达峰碳中和，加快打造绿色低碳供应链。持续深入打好蓝天、碧水、净土保卫战。完善生态产品价值实现机制。落实集体林权制度改革。加快建设新型能源体系，加强资源节约集约循环高效利用，提高能源资源安全保障能力.

Ninth, effectively protect and improve people’s livelihood. It is necessary to insist on doing our best, within our capabilities, and maintaining that the bottom line of people’s livelihood is secure and accurate. Lay greater emphasis to the employment first policy orientation and ensure the stable employment of key groups. Weave a tight social security net and improve a layered and classified social assistance system. Accelerate the improvement of the policy system for supporting births, develop the silver haired economy, and promote high-quality population development. 九是切实保障和改善民生。要坚持尽力而为、量力而行，兜住、兜准、兜牢民生底线。更加突出就业优先导向，确保重点群体就业稳定。织密扎牢社会保障网，健全分层分类的社会救助体系。加快完善生育支持政策体系，发展银发经济，推动人口高质量发展.

The meeting stressed that it is important to deeply understand the scientific assessment of the Party Central Committee on the economic situation, effectively enhance the sense of responsibility and mission to do a good job in economic work, seize all favourable opportunities, make use of all favourable conditions, act promptly when opportunities arise, do more whenever possible, and strive to respond to the uncertainties of changing circumstances through the certainty of one’s own work. It is necessary to fully implement the overall requirements of economic work next year, properly handle the relationship between speed and quality, macro data and micro perception, economic development and improving people's livelihood, and development and security, and continue to consolidate and strengthen the momentum of economic recovery. It is necessary to accurately grasp the policy orientation of next year’s economic work, strengthen synergy in policy implementation, amplify the combination effect, build up policy reserves with sufficient foresight and redundancy, pay attention to effectiveness and enhance the sense of gain in policy effect evaluation, and strive to improve the effects of macro policies supporting high-quality development. It is necessary to emphasise the ways and means of promoting work, grasp the main contradictions, break through bottlenecks, pay attention to forward-looking layout, and ensure that the key tasks of next year’s economic work are implemented. It is necessary to always maintain an enterprising spirit, keep in mind the ‘国之大者’, take the initiative to take on responsibilities, strengthen coordination and cooperation, actively plan and effectively utilise work points that have strong traction and leverage, and effectively promote high-quality development. 会议指出，要深刻领会党中央对经济形势的科学判断，切实增强做好经济工作的责任感使命感，抓住一切有利时机，利用一切有利条件，看准了就抓紧干，能多干就多干一些，努力以自身工作的确定性应对形势变化的不确定性。要全面贯彻明年经济工作的总体要求，注意把握和处理好速度与质量、宏观数据与微观感受、发展经济与改善民生、发展与安全的关系，不断巩固和增强经济回升向好态势。要准确把握明年经济工作的政策取向，在政策实施上强化协同联动、放大组合效应，在政策储备上打好提前量、留出冗余度，在政策效果评价上注重有效性、增强获得感，着力提升宏观政策支持高质量发展的效果。要讲求工作推进的方式方法，抓住主要矛盾，突破瓶颈制约，注重前瞻布局，确保明年经济工作重点任务落地落实。要始终保持奋发有为的精神状态，胸怀“国之大者”，主动担当作为，加强协同配合，积极谋划用好牵引性、撬动性强的工作抓手，扎实推动高质量发展.

The meeting emphasised the need to uphold and strengthen the Party's overall leadership and thoroughly implement the Party Central Committee’s decisions and arrangements on economic work. Implementation must be carried out to the letter to ensure that the final results are in line with the decision-making intentions of the Party Central Committee. The implementation process should be vigorous and resolute, keeping in mind timeliness and efficiency. It is necessary to ensure pragmatic implementation and resolutely combat formalism and bureaucracy. Bold and effective actions should be taken in the implementation, maintaining the correct orientation when it comes to employing personnel, and give full play to the enthusiasm, initiative and creativity of leading cadres at all levels. It is necessary to consolidate and expand the results of the thematic education campaign and transform them into results in promoting high-quality development. 会议强调，要坚持和加强党的全面领导，深入贯彻落实党中央关于经济工作的决策部署。要不折不扣抓落实，确保最终效果符合党中央决策意图。要雷厉风行抓落实，统筹把握时度效。要求真务实抓落实，坚决纠治形式主义、官僚主义。要敢作善为抓落实，坚持正确用人导向，充分发挥各级领导干部的积极性主动性创造性。要巩固拓展主题教育成果，并转化为推动高质量发展的成效.

The meeting underscored efforts to ensure market supply and stable prices of essential goods during New Year’s Day and the Spring Festival and ensure full and timely payments of migrant workers' wages. Take care about the work and livelihood of the most vulnerable, thoroughly implement the responsibility system for production safety, and safeguard the safety of people’s lives, property, and physical health. 会议要求，要做好岁末年初重要民生商品保供稳价，保障农民工工资按时足额发放，关心困难群众生产生活，深入落实安全生产责任制，守护好人民群众生命财产安全和身体健康.

“The meeting called on the entire Party to closely unite around the Party Central Committee with Comrade Xi Jinping at the core, maintain confidence, forge ahead, and strive to achieve various targets and tasks in economic and social development. Through practical actions and results in high-quality development, we will make new and greater contributions to comprehensively promoting the construction of a strong country and national rejuvenation through Chinese-style modernization.” 会议号召，全党要紧密团结在以习近平同志为核心的党中央周围，坚定信心、开拓奋进，努力实现经济社会发展各项目标任务，以高质量发展的实际行动和成效，为以中国式现代化全面推进强国建设、民族复兴伟业作出新的更大贡献.

On Page 2, there’s a commentary drawing from the CEWC readout. It basically reiterates the key points mentioned above.

Moving on, the other big story on the page is around Xi Jinping’s visit to Vietnam. Xi met with Nguyen Phu Trong, general secretary of the Communist Party of Vietnam Central Committee. Xinhua English reports:

“The two sides have announced the new positioning of relations between the two parties and countries and agreed to build a China-Vietnam community with a shared future that carries strategic significance on the basis of deepening the comprehensive strategic cooperative partnership between the two sides.”

“Xi said he is delighted to visit Vietnam as promised and complete the third round of mutual visits between the two leaders. China is pleased with the achievements made by Vietnam in the past nearly 40 years of ‘Doi Moi’, the country's reform cause, especially since the 13th National Congress of the CPV, Xi said. China firmly supports Vietnam in continuing to advance the cause of socialist construction, Xi said. He expressed confidence that under the firm leadership of the CPV with General Secretary Trong at the helm, the Vietnamese party and government will successfully implement the major goals and tasks set by the 13th National Party Congress of the CPV, laying a solid foundation for the successful realization of the two 100-year goals.

“China and Vietnam have supported each other in their respective struggles for national independence and liberation, and have learned from each other in their respective undertakings of reform and opening-up as well as innovation. The ‘Vietnam-China friendship is deep; comrades and brothers’ is the most vivid description of Sino-Vietnamese relations. China has always viewed ties with Vietnam from a strategic and long-term perspective. At present, changes in the world, times and history are unfolding in an unprecedented manner. As the world’s top two ruling Communist parties, both the CPC and the CPV have been adhering to and developing Marxism, unswervingly following the path of socialism, and leading their respective country in socialist construction. All the more, the two parties should grasp the special strategic significance of China-Vietnam relations and make solid progress in building a China-Vietnam community with a shared future from the perspective of strengthening the socialist forces in the world and ensuring the steady and long-term progress of their respective cause of socialist construction. It is believed that with the joint efforts of both sides, China-Vietnam relations will enter a new stage of higher mutual political trust, more solid security cooperation, deeper mutually beneficial cooperation, stronger public opinion base, tighter multilateral coordination and cooperation, and better management and settlement of differences. China-Vietnam socialist construction will continue to make new achievements and make new contributions to regional and even global stability, development and prosperity.” 习近平强调，中越两国在各自争取国家独立和民族解放斗争中相互支持，在彼此改革开放和革新事业中互学互鉴，“越中情谊深、同志加兄弟”是中越关系最生动写照。中方始终从战略高度和长远角度看待中越关系。当前，世界之变、时代之变、历史之变正以前所未有的方式展开。中越两党作为世界前两大执政的共产党，都坚持和发展马克思主义，都坚定不移走社会主义道路，都在领导各自国家进行社会主义建设，更应该从壮大世界社会主义力量和确保各自社会主义建设事业行稳致远的高度，把握中越关系的特殊战略意义，扎实推进中越命运共同体建设。相信在双方共同努力下，中越关系将进入政治互信更高、安全合作更实、互利合作更深、民意基础更牢、多边协调配合更紧、分歧管控解决更好的新阶段，中越两国社会主义建设事业将不断取得新成就，并为地区乃至世界稳定、发展、繁荣作出新贡献.

After this, Xi put forth a six-point proposal on building a China-Vietnam community with a shared future:

• First, adhere to the right political direction. China and Vietnam should adhere to high-level strategic guidance, strengthen exchanges and mutual learning on the governance of party and state, and jointly deepen understanding of the ruling laws of Communist parties, as well as the laws of socialist construction and the development of human society. The two countries should firmly support one another on issues concerning each other’s core interests and major concerns, and jointly uphold international equity and justice.

• Second, both sides should deepen mutual trust on security. The two sides must prioritize national political security, ensure the red flag of socialism not to be changed, and spare no effort to prevent, defuse and contain all kinds of political and security risks.. China firmly supports Vietnam in maintaining social stability and ethnic unity, and believes Vietnam will continue to support China in opposing external interference and firmly advancing the great cause of national reunification.

• Third, the two countries should upgrade practical cooperation. The modernization that includes the whole of more than 1.4 billion Chinese people is a great opportunity brought by China to the world. China is willing to share opportunities and seek common development with its Vietnamese comrades. An active alignment with the eight major steps to support high-quality Belt and Road cooperation by the Vietnamese side is welcomed, Xi said, calling for expanding cooperation in such emerging areas as digital economy and green development. The two sides should jointly implement the Regional Comprehensive Economic Partnership, safeguard the global trading system, and build a secure, stable, unimpeded, efficient, open, inclusive and mutually beneficial global industrial chain and supply chain, he said. China will continue to encourage competent Chinese enterprises to invest and do business in Vietnam and hopes that Vietnam will provide a good business environment for Chinese enterprises.

• Fourth, there should be more input to cement the popular support for China-Vietnam friendship. Bilateral cooperation should have a heavier focus on agriculture, education, health care and other fields concerning people’s livelihood, Xi said, adding that the two sides should strengthen cooperation in such areas as youth, tourism as well as at the local level, deepen the two peoples' understanding on a China-Vietnam community with a shared future and on the traditional friendship between the two parties and countries, and enhance the bonds between the young generation of the two countries, to cement the popular support for China-Vietnam friendship.

• Fifth, both sides should work closely on international and regional issues. The remarkable development achievements of the two countries are the result of both the hard work of both sides and an open and inclusive world, especially a peaceful and stable Asia-Pacific. China does not engage in exclusive cliques, bloc politics or camp confrontation, Xi said, adding that China is ready to strengthen multilateral cooperation with Vietnam, and work with Vietnam to uphold genuine multilateralism, and jointly increase the voice and influence of developing countries in international affairs.

• Sixth, on maritime-related issues, differences must be managed. The two sides should actively discuss and carry out more maritime cooperation projects, strive to promote joint maritime development, and turn challenges posed by maritime issues into opportunities of bilateral cooperation.

As per Xinhua Trong heaped praise on Xi and his leadership. He called Xi “a comrade and friend” who is “respected and admired by the Chinese people.” He added that “Vietnam-China friendship is deep as comrades and brothers”, and thanked China for support during the pandemic.

Xinhua adds:

“The Vietnamese side firmly upholds the one-China principle, recognizes Taiwan as an inalienable part of the Chinese territory, supports China's cause of reunification and firmly opposes separatist activities of ‘Taiwan independence’ in any form, Trong said. Issues related to Hong Kong, Xinjiang and Xizang are all China’s internal affairs, he said, adding that Vietnam opposes any force to interfere in China’s internal affairs, hopes and also believes that China will maintain stability, development and prosperity. Vietnam adheres to an independent foreign policy and takes developing relations with China as a top priority and strategic choice, Trong said. Vietnam is willing to work with China to build a Vietnam-China community with a shared future that carries strategic significance, comprehensively strengthen cooperation in political, economic, trade, security and non-governmental areas, and set a good example of mutual benefits and win-win results, which are in line with the common interests of the two parties, governments and peoples, he said. Maritime disputes are only part of Vietnam-China relations, and it is believed that the two sides can properly handle them in the spirit of mutual trust and mutual respect, Trong said, adding that Vietnam and China share the same idea in safeguarding multilateralism and international fairness and justice, and promoting peace, cooperation and development. The important global initiatives proposed by Xi, such as the joint construction of the Belt and Road, the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, are aimed at safeguarding the common interests of all mankind and are fully in line with international laws, he said, adding that they have received extensive support and positive response from the international community and that Vietnam firmly supports and stands ready to actively join them. In the current complex international situation, it is of great significance for both countries and the world that Vietnam and China working closely in multilateral cooperation and jointly tackling various traditional and non-traditional security challenges, Trong said.”

“After the talks, Xi and Trong witnessed the display of bilateral cooperation documents signed by the two sides, covering more than 30 fields such as the Belt and Road cooperation, inspection and quarantine, development cooperation, digital economy, green development, transportation, local cooperation, defense and law enforcement security cooperation, and maritime cooperation.”

On Page 4, there’s a report on Cai Qi meeting with Truong Thi Mai, a member of the Political Bureau of the Communist Party of Vietnam. Xinhua reports:

Cai said that Xi’s “visit will surely become an epoch-making milestone in the history of China-Vietnam relations, and will have a significant and far-reaching impact on advancing the socialist cause and promoting regional peace and development…Calling on both sides to adhere to the correct political direction, Cai said China and Vietnam should intensify the self-improvement of the party and resolutely safeguard the party’s leadership and system security. Both sides should deepen the synergy of their respective development strategies and further upgrade their practical cooperation in the spirit of mutual success and win-win cooperation, he said. China and Vietnam should encourage news media and trade unions, women's groups, youth and other organizations to deepen exchanges and cooperation, carry forward the traditional friendship between the two countries, and promote people-to-people exchanges, Cai said. Both sides should strengthen cooperation within the framework of the China-proposed three global initiatives on development, security and civilization, as well as coordination and cooperation within multilateral organizations and mechanisms, so as to uphold international fairness and justice, maintain regional peace and stability, and promote the building of a community with a shared future for humanity, he added.”

Among the many comments attributed to Mai, this one is interesting: “The Vietnamese side firmly supports the three global initiatives, believing they are in line with the interests of people of all countries and conform to the spirit of the UN Charter and international law.”

Page 3: There’s a report informing that Xi Jinping’s Special Envoy and Vice Chairman of the Standing Committee of the National People’s Congress Wu Weihua attended the inauguration of President of Argentina Javier Milei in Buenos Aires. 

Another report on the page discusses comments by Chen Xu, Permanent Representative of China to the United Nations Office at Geneva, at a WHO meeting discussing the Israel-Palestine conflict. Chen emphasised the importance of a ceasefire, addressing the health crisis and focussing on the ‘two-state’ solution as the fundamental solution.

Page 4: There’s a report (English report) informing that as of November, the total number of national high-tech industrial development zones in China reached 178. In the first three quarters of this year, the economic output of these high-tech zones hit 12.33 trillion yuan (1.73 trillion U.S. dollars), a year-on-year increase of 7.11 percent, said Wu Jiaxi, deputy director of the planning department of the Ministry of Industry and Information Technology…These zones have gathered nearly 80 percent of key national laboratories and 70 percent of national manufacturing innovation centers. Meanwhile, a number of leading original achievements, such as intelligent robots and satellite navigation, are accelerating industrialization in high-tech zones.

Also, there’s a report (English report) on Han Zheng meeting with Dominic Barton, Chairman of the Rio Tinto Group. Han said that he welcomes Rio Tinto “to continue to deepen practical cooperation with China, share the new opportunities brought by China's development, and achieve mutual benefit and win-win results.”

Barton said “Rio Tinto is optimistic about China’s economic growth potential…(and) will adhere to its long-term development strategy in China, continue to increase cooperation with China on economy, trade, technology and human resources, and maintain the stability and smooth flow of the global industrial and supply chains.”

Page 10: There is a report informing that Dong Yunhu, a former senior legislator of Shanghai, has been expelled from the Party and dismissed from public office over severe violations of Party discipline and the law. The English report says:

The investigation found that Dong had lost his ideals and beliefs and deviated from the decisions and plans of the CPC Central Committee by trading the memberships of the Chinese People's Political Consultative Conference, leaving negative political impacts. Disloyal and dishonest to the Party, Dong had resisted investigation, carried out superstitious activities, and accepted money and gifts against regulations and banquet invitations that might affect the fairness of his performance of public duties, according to an official statement. He went against the rules to aid others in job promotions, was engaged in power-sex and power-money trades, meddled in judicial activities, and took advantage of his positions to benefit others in loans, land sales, and business operations. He also accepted large amounts of money and property in return, the statement said.”