Xi's Lessons from Qiao Shi's Life - State Council Plans CEWC Agenda Implementation - Change in Macroeconomic Policy Mainly Due to External Environment Challenges - November Economic Data
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Tuesday, December 17, 2024.
Page 1: The lead story today is on the event held in Beijing to mark the 100th anniversary of the birth of late top legislator Qiao Shi. Xi Jinping delivered a speech at the event. Xi’s full speech is available on Page 2. In the first part of the speech, Xi outlines Qiao’s accomplishments and the positions he held. Some key points in this:
Xi said that Qiao was “an outstanding member of the Communist Party of China, a time-tested and loyal communist fighter, an outstanding proletarian revolutionary and politician, and an outstanding leader of the Party and the country”. 乔石同志是中国共产党的优秀党员，久经考验的忠诚的共产主义战士，杰出的无产阶级革命家、政治家，党和国家的卓越领导人...
“During the ‘Cultural Revolution’, Comrade Qiao Shi suffered severe persecution. He adhered to the Party’s principles, sought truth from facts, and carried out a tenacious struggle. “文化大革命”中，乔石同志受到严重迫害。他坚持党性原则，实事求是，进行了顽强斗争.
Xi said that during his tenure as the Secretary of the Central Political and Legal Affairs Commission, Qiao “attached great importance to maintaining national security and unity, resolutely opposed ethnic separatist activities, and made important contributions to maintaining national political stability and social order.” 他高度重视维护国家安全和统一，坚决反对民族分裂活动，为维护全国政治稳定、社会秩序作出重要贡献.
During his tenure as a member of the Politburo Standing Committee of the 13th Central Committee, Secretary of the Central Secretariat, and Secretary of the Central Commission for Discipline Inspection, Comrade Qiao Shi conscientiously implemented the principle of strict Party governance, emphasised strengthening the discipline awareness of the whole Party, strengthening Party conduct and clean governance, and fully utilising the important role of discipline inspection in promoting reform, opening up, and economic development. He attached great importance to the strict enforcement of the Party’s political discipline and severely investigated and dealt with serious violations of the Party’s political discipline. He resolutely opposed corruption, made great efforts to correct unhealthy tendencies within the Party, promoted the formulation and improvement of laws and regulations on clean government construction, led the formulation of a series of Party discipline regulations and provisions, and promoted and guided the establishment of the Ministry of Supervision. While serving as the president of the Central Party School, he vigorously deepened the reform of the party school and promoted the work of the party school into a new period of development. 在担任十三届中央政治局常委、中央书记处书记、中央纪律检查委员会书记期间，乔石同志认真贯彻从严治党方针，突出强调增强全党的纪律观念，加强党风廉政建设，充分发挥党的纪律检查工作在促进改革开放和经济建设中的重要作用。他高度重视严明党的政治纪律，严肃查处严重违反党的政治纪律的行为。他坚决反对腐败，下大气力纠正党内不正之风，推动制定和完善廉政建设法律法规，领导制定一系列党纪条例和规定，推动并指导设立监察部。兼任中共中央党校校长期间，他大力深化党校改革，推动党校工作进入新的发展时期.
During his tenure as a member of the Politburo Standing Committee of the 14th Central Committee and Chairman of the NPCSC, Comrade Qiao Shi devoted significant effort to upholding and improving the people’s congress system. He emphasised combining the strengthening of democracy with the strengthening of the rule of law, advancing the orderly development of democratic political construction along the direction and path of socialism with Chinese characteristics…He attached great importance to the implementation of the Constitution and focused on strengthening supervision over the implementation of the Constitution and laws. He also attached great importance to legislative work, proposing that the NPC ‘make accelerating economic legislation its primary task’, which promoted the initial establishment of the socialist market economy legal framework and laid a solid foundation for forming the socialist legal system with Chinese characteristics. He emphasised the lawful exercise of supervisory powers, advancing the standardisation and institutionalisation of supervision work. After retiring from his leadership positions, he firmly supported the leadership of the Party Central Committee and remained committed to the great cause of socialism with Chinese characteristics, with particular attention to democratic and legal development, Party conduct and clean governance, and the fight against corruption. 在担任十四届中央政治局常委、全国人大常委会委员长期间，乔石同志为坚持和完善人民代表大会制度倾注了大量心血。他强调把加强民主同加强法制结合起来，沿着中国特色社会主义方向和轨道有秩序地进行民主政治建设。他兼任中共中央宪法修改小组组长，负责研究提出修改宪法方案。他高度重视宪法的贯彻实施，注重强化对宪法和法律实施的监督。他高度重视立法工作，提出全国人大“要把加快经济立法作为第一位的任务”，推动初步构建起社会主义市场经济法律体系框架，为形成中国特色社会主义法律体系奠定了坚实基础。他高度重视依法行使监督职权，推动监督工作规范化制度化。从领导岗位上退下来后，他坚决拥护党中央领导，关心中国特色社会主义伟大事业，特别是十分关注民主法制建设、党风廉政建设和反腐败斗争.
In the next bit, Xi talks about what must be learned from Qiao’s life.
“To commemorate Comrade Qiao Shi is to learn from his noble character of adhering to beliefs and dedicating himself to ideals. Comrade Qiao Shi was unwavering in his belief in the lofty ideal of communism and infinitely loyal to the Party and the people. In 1991, in response to the setbacks and low ebb in international communism at the time, he clearly pointed out that ‘the communist ideal is our spiritual pillar and the driving force for the advancement of our cause. Holding firm to communist beliefs is the most basic requirement for Communist Party members.’ ‘The development of human society from lower to higher stages will ultimately lead to a communist society; this is the inevitable course of historical development’. He emphasized: ‘to persist in the cause of socialism on the land of China and continuously achieve new victories is of great significance not only to the Chinese people but also to all mankind’. Ideals and beliefs are the foundation for the Party’s establishment and development, as well as the anchor for Party members and officials. All Party members must regard strengthening their ideals and beliefs as a lifelong task, constantly cultivating, refining, understanding, and progressing in upholding the lofty communist ideal and the shared ideal of socialism with Chinese characteristics, standing firm like a mountain in both favorable and adverse circumstances, and able to withstand the test of great waves.” 我们纪念乔石同志，就是要学习他坚守信仰、献身理想的高尚品格。乔石同志对共产主义崇高理想始终坚定不渝，对党和人民无限忠诚。1991年，针对当时国际共产主义发生曲折、处于低潮的情况，他明确指出，“共产主义理想是我们的精神支柱，是我们事业前进的动力。坚定共产主义信念是对共产党员最基本的要求”，“人类社会发展由低级到高级最终走向共产主义社会，这是历史发展的必然”。他强调：“在中国的大地上把社会主义事业踏踏实实地坚持下去，不断取得新胜利，这不仅对中国人民，对全人类都有重大意义。”理想信念是立党兴党之基，也是党员干部安身立命之本。全党同志都要把坚定理想信念作为终身课题，常修常炼、常悟常进，始终坚守共产主义远大理想和中国特色社会主义共同理想，无论顺境逆境都风雨如磐，经得起大浪淘沙的考验.
“To commemorate Comrade Qiao Shi is to learn from his strong Party spirit of upholding the Party’s work conduct and discipline. Comrade Qiao Shi always unwaveringly adhered to Party leadership, gave high importance to the issues of work conduct and Party building, and continuously strengthened Party discipline construction. He clearly stated that ‘anyone who does not execute or covertly resists the Party Central Committee’s decisions, who damages the Party’s centralization and unity, who violates Party discipline - this is absolutely unacceptable.’ He deeply despised corruption and unhealthy practices. During his time leading the CCDI, he intensified efforts to investigate and handle cases, focusing on bureaucratism, formalism, abuse of power for personal gain, and other issues that seriously affected relations between the Party and the masses, achieving significant results. Party spirit, Party conduct, and Party discipline are an organic whole, wherein the Party spirit is the root, Party conduct is the manifestation, and Party discipline is the guarantee. We must always adhere to the Party’s comprehensive leadership and the Party Central Committee’s centralized and unified leadership, unwaveringly comprehensively enforce strict Party governance, unswervingly enforce strict Party governance, advance the building of Party integrity and the anti-corruption struggle, and maintain the Party’s advanced nature and purity, ensuring that the Party always remains the strong leadership core of the cause of socialism with Chinese characteristics.” 我们纪念乔石同志，就是要学习他端正党风、严肃党纪的坚强党性。乔石同志始终毫不动摇坚持党的领导，高度重视党风和党建问题，不断加强党的纪律建设。他旗帜鲜明指出：“谁不执行或是变相抵制党中央的决定，谁就是破坏了党的集中统一，就是违犯了党的纪律。这是绝对不能允许的。”他对腐败和不正之风深恶痛绝，在主持中央纪律检查委员会工作期间，加大案件查处力度，对官僚主义、形式主义和以权谋私等现象以及严重影响党群关系的突出问题集中进行清理整顿，取得明显成效。党性、党风、党纪是有机整体，党性是根本，党风是表现，党纪是保障。我们要始终坚持党的全面领导和党中央集中统一领导，坚定不移全面从严治党，深入推进党风廉政建设和反腐败斗争，永葆党的先进性和纯洁性，确保党始终成为中国特色社会主义事业的坚强领导核心.
“To commemorate Comrade Qiao Shi is to learn from his precious quality of maintaining his original aspiration and diligently serving the people. Comrade Qiao Shi always placed the Party’s cause and people’s interests first, fulfilled his duties, and devoted himself entirely to public service. He held profound feelings for the people, clearly pointing out that ‘people from all walks of life across the country, the vast majority of ordinary people, regardless of gender or age, are the ones we serve’. While leading the Central Political and Legal Affairs Commission, he emphatically stressed that we should ‘take protecting the people, serving the people, being the people’s servants as the fundamental starting point and the important standard for measuring the work of every political and legal cadre’, and ‘only by constantly thinking about what the masses think about, being concerned about what the masses are concerned about, can we truly work wholeheartedly and make our team a team truly loved by the people’. The country is the people, and the people are the country. We must always adhere to the fundamental purpose of serving the people wholeheartedly, uphold the people-centered development philosophy, earnestly safeguard the fundamental interests of the people, strive to bring benefits to the people, and let the fruits of modernization benefit all people more fully and fairly.” 我们纪念乔石同志，就是要学习他牢记初心、勤政为民的可贵品质。乔石同志始终把党的事业和人民的利益放在首位，恪尽职守，一心奉公。他对人民群众怀有深厚感情，明确指出：“全国各阶层人民群众，绝大多数的老百姓，无论男女老幼，都是我们服务的对象。”在主持中央政法委员会工作期间，他突出强调，要“把保护人民，为人民服务，当人民的勤务员，作为政法工作的根本出发点，作为我们衡量每一个政法干警工作好坏的重要标准”，“只有随时随地想群众所想，急群众所急，才能真正做到任劳任怨，使我们这支队伍真正成为人民群众喜爱的队伍”。江山就是人民，人民就是江山。我们要始终坚持全心全意为人民服务的根本宗旨，坚持以人民为中心的发展思想，切实维护人民根本利益、努力为民造福，让现代化建设成果更多更公平惠及全体人民.
“To commemorate Comrade Qiao Shi is to learn from his political commitment of actively pursuing reform and daring to act. Comrade Qiao Shi resolutely supported and implemented the line, principles, and policies advanced since the Third Plenary Session of the Eleventh Central Committee, unwaveringly advancing reform and opening up. In the early period of reform and opening up, he clearly pointed out that ‘we must be determined to run the special economic zones well; it simply has to be done well, and running the special economic zones well will not be a mistake’. Regarding political and legal work in the new period, he emphasized that ‘everything conducive to reform and opening up and conducive to the development of productive forces must be protected and supported by law; everything detrimental to reform and opening up, detrimental to the development of productive forces, must be opposed and restricted by law; everything undermining reform and opening up, democracy and rule of law, and the development of productive forces must be struck down and punished by law.’ In 1992, he emphasized the need to deeply study and implement the spirit of Comrade Deng Xiaoping’s Southern Tour from the height of it being ‘another great liberation of thought’. Reform and opening up is the important magic weapon for the Party and people’s cause in order to make great strides to catch up with the times. We must unwaveringly hold high the banner of reform and opening up, adhere to maintaining integrity while innovating, take the reform of the economic system as the guide, promoting social fairness and justice and improving people’s well-being as the starting point and foothold, closely focus on Chinese-style modernization to further comprehensively deepen reform and promote high-level opening up, and strive to compose a new chapter of reform and opening up.” 我们纪念乔石同志，就是要学习他锐意改革、敢于作为的政治担当。乔石同志坚决拥护和贯彻党的十一届三中全会以来的路线方针政策，坚定不移推进改革开放。改革开放初期，他明确指出：“一定要下决心把特区办好，非要搞好不可，搞好特区不会犯错误。”对新时期的政法工作，他强调：“对一切有利于改革开放、有利于发展生产力的东西，要依法加以保护和支持；对一切不利于改革开放、不利于生产力发展的东西，要依法加以反对和限制；对一切破坏改革开放、破坏民主与法制、破坏生产力发展的东西，要依法加以打击和制裁。”1992年，他强调要从“思想上的再一次大解放”的高度深入学习贯彻邓小平同志南方谈话精神。改革开放是党和人民事业大踏步赶上时代的重要法宝。我们要坚定不移高举改革开放旗帜，坚持守正创新，以经济体制改革为牵引，以促进社会公平正义、增进人民福祉为出发点和落脚点，紧紧围绕中国式现代化进一步全面深化改革、推进高水平对外开放，奋力谱写改革开放新篇章.
To commemorate Comrade Qiao Shi is to learn from his persistent pursuit of respecting the rule of law and enforcing the rule of law. Comrade Qiao Shi was a faithful practitioner of democratic legal system construction. He clearly pointed out that ‘we must recognize that the legal system is absolutely not something optional or dispensable. Strengthening material civilization and spiritual civilization construction must rely on legal system guarantees; ensuring the economy does not distort and the country remains stable for a long time must also rely on legal system guarantees, thereby overcoming tendencies to slight or despise the legal system, and improving the consciousness of establishing and maintaining the legal system.’ Under his leadership and effort, the 8th NPC and its Standing Committee issued a batch of important economic laws, creating a good legal environment for establishing and developing the socialist market economy. The rule of law is an important guarantee for Chinese-style modernization. We must always adhere to the path of socialist rule of law with Chinese characteristics, adhere to the joint promotion of ruling the country according to the law (reference to an overarching principle), governing (Party and state’s processes and exercise of power within the boundaries of the legal framework) according to the law, and administering (rules for the actions of departments, ministries, officials, etc.) according to the law (依法治国、依法执政、依法行政), adhere to simultaneously building a law-based country, law-based government, and law-based society, comprehensively promote scientific legislation, strict law enforcement, fair justice, and adherence to the law by all people, and comprehensively build a socialist modern country on the track of the rule of law. 我们纪念乔石同志，就是要学习他尊崇法治、厉行法治的执着追求。乔石同志是民主法制建设的忠实践行者。他明确指出：“要认识到法制决不是可有可无、可要可不要的。加强物质文明建设和精神文明建设，要依靠法制来保障；使经济不变质，使国家长治久安，也要依靠法制来保障，从而克服轻视法制、蔑视法制的倾向，提高健全法制、维护法制的自觉性。”在他主持和推动下，八届全国人大及其常委会出台了一批重要经济法律，为社会主义市场经济建立和发展创造了良好法制环境。法治是中国式现代化的重要保障。我们要始终坚持走中国特色社会主义法治道路，坚持依法治国、依法执政、依法行政共同推进，坚持法治国家、法治政府、法治社会一体建设，全面推进科学立法、严格执法、公正司法、全民守法，在法治轨道上全面建设社会主义现代化国家.
To commemorate Comrade Qiao Shi is to learn from his work style of seeking truth from facts and being pragmatic. No matter which position he worked in, Comrade Qiao Shi always attached importance to integrating theory with practice and creatively used Marxist standpoints, viewpoints and methods to analyse problems. During his investigation of the Dabie Mountain area, he said that ‘when researching economic development in mountain areas, borrowing experiences from other places is necessary, but one must definitely be grounded in local conditions, adapt to local circumstances, and absolutely must not blindly compare with big cities or coastal regions.’ He emphasised that ‘we must be truly responsible to the people, always adhere to the spirit of seeking truth from facts, do not engage in empty talk, do not practice formalism, do not engage superficial actions/going through the motions, and practically fulfill responsibilities on the ground’. Seeking truth from facts is the fundamental requirement of our Party for understanding and transforming the world. We must always adhere to connecting theory with reality, persist in emancipating the mind, seeking truth from facts, keeping pace with the times, being practical and realistic, resolutely oppose formalism and bureaucratism, concentrate our hearts and strength to promote development, and solidly advance the construction of Chinese-style modernisation.” 我们纪念乔石同志，就是要学习他实事求是、求真务实的工作作风。不管在哪个岗位工作，乔石同志都注重理论联系实际，创造性地运用马克思主义立场观点方法分析问题。他在考察大别山区时说：“山区在研究经济开发的时候，借鉴外地的经验是需要的，但一定要立足本地，因地制宜，切不可去同大城市、同沿海地区盲目攀比。”他强调：“我们一定要切实地对人民负责，始终坚持实事求是的精神，不尚空谈，不搞形式主义，不做表面文章，脚踏实地地履行自己的职责。”实事求是是我们党认识世界和改造世界的根本要求。我们要始终坚持理论联系实际，坚持解放思想、实事求是、与时俱进、求真务实，坚决反对形式主义、官僚主义，凝心聚力促发展，扎实推进中国式现代化建设。
If you are interested in others’ speeches, they are available on Page 6.
Next, there’s a report (English report) on the State Council’s Executive Meeting. This is the first meeting after the CEWC. The report says that the meeting was held “to study and implement the spirit of General Secretary Xi Jinping's important speech at the Central Economic Work Conference and make arrangements for the implementation of the decisions and arrangements of the Central Economic Work Conference.” 国务院总理李强12月16日主持召开国务院常务会议，学习贯彻习近平总书记在中央经济工作会议上的重要讲话精神，对贯彻落实中央经济工作会议决策部署作出安排.
“The meeting emphasized the need to align thoughts and actions with the Party Central Committee's scientific assessment of the economic situation and its decisions and arrangements for next year’s economic work, and effectively enhance the sense of responsibility, urgency and initiative for implementation. All departments of the State Council must fully align themselves with the various arrangements determined by the Party Central Committee, be proactive, formulate implementation plans, and produce specific task lists, timelines, and roadmaps to ensure that all work progresses in an orderly manner. Focus on grasping and implementing, if something can be done early then do it early, rather early than late, unite and work together, take positive action, with solid and effective work contribute more to the overall situation.” 会议强调，要把思想和行动统一到党中央关于经济形势的科学判断和对明年经济工作的决策部署上来，切实增强抓落实的责任感、紧迫感和主动性。国务院各部门要按照党中央确定的各项部署，全面对标对表，主动认领任务，制定落实方案，形成具体的任务书、时间表、路线图，确保各项工作有力有序推进。要靠前抓好落实，能早则早、宁早勿晚，齐心协力、积极作为，以扎实有效的工作为全局多作贡献。
“The meeting made arrangements for optimising and improving the management mechanism of local government special bonds, pointing out that it is necessary to implement ‘negative list’ management of local government special bonds in the investment field, permitting special bonds to fund land reserves, support the acquisition of existing commercial housing for use as affordable housing, and expanding the scope of special bonds that can be used as project capital. Efforts should focus on improving the project review and management mechanism, moderately increasing the autonomy and flexibility of local governments, and enhancing the efficiency of bond issuance. It is necessary to strengthen the full process management of special bonds, and improve the fund supervision mechanism and repayment mechanism. It is necessary to do a good job in the issuance and use of special bonds next year, doing so as soon as possible, and provide strong support for promoting a sustained economic recovery.” 会议对优化完善地方政府专项债券管理机制作出部署，指出要实行地方政府专项债券投向领域“负面清单”管理，允许用于土地储备、支持收购存量商品房用作保障性住房，扩大用作项目资本金范围。要优化项目审核和管理机制，适度增加地方政府自主权和灵活性，提高债券发行使用效率。要强化专项债券全流程管理，完善资金监管机制和偿还机制。要做好明年专项债券发行使用，尽早形成实物工作量，为推动经济持续回升向好提供有力支撑.
“The meeting studied policy measures to promote the high-quality development of government investment funds, pointing out that it is necessary to build a scientific and efficient management system, highlight government guidance and policy positioning, and operate government investment funds in a market-oriented, law-based and professional manner in order to better serve the overall national development. It is necessary to develop and expand long-term capital and patient capital, improve the differentiated management mechanism of different types of funds, and prevent the crowding-out effect on social capital. It is necessary to improve the responsibility mechanism with consistent rights and responsibilities and compatible incentives and constraints, and create a good atmosphere that encourages innovation and tolerates failure.” 会议研究促进政府投资基金高质量发展政策举措，指出要构建科学高效的管理体系，突出政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作政府投资基金，更好服务国家发展大局。要发展壮大长期资本、耐心资本，完善不同类型基金差异化管理机制，防止对社会资本产生挤出效应。要健全权责一致、激励约束相容的责任机制，营造鼓励创新、宽容失败的良好氛围.
In addition,
the meeting heard a report on a three-year campaign to improve work safety, emphasising the importance of investigating major risks and hidden dangers thoroughly. It called for strengthened measures at the turn of the year to protect the safety of people and their property.
the meeting also discussed the revitalisation of the football industry, seeing it as key in transforming China into a strong sports nation. The meeting urged intensified efforts to implement measures aimed at advancing work on football development.
the meeting also deliberated and approved the adoption of a draft regulation on the management of China’s public security video image information system.
Third, there’s a commentary drawing from the CEWC meeting. It says that the CEWC made a systematic deployment and put forward the overall requirements and policy orientation for economic work next year. “Currently, the most important things are: first, carefully study and comprehend, accurately understand the Party Central Committee’s decision-making intentions; second, implement without deviation, and thoroughly integrate all requirements into doing well next year’s economic work.” 当前最重要的，一是认真学习领会，准确理解党中央决策意图，二是不折不扣落实，把各项要求贯彻到做好明年经济工作中.
It adds that:
“Economic and social development goals have strong guiding significance. The conference proposed the main expected objectives for next year's economic and social development, pointing out the need to maintain stable economic growth, maintain overall stability in employment and prices, maintain basic balance in international payments, and promote synchronized growth of resident income and economic growth. These were proposed based on in-depth research, accurate judgment, and scientific analysis, considering both the present and the long-term, releasing a strong signal of promoting continuous economic improvement, and powerfully boosting confidence and motivation. Economic growth is a fundamental and highly correlated indicator. Whether stabilizing employment, preventing risks, benefiting people’s livelihood, strengthening confidence, or effectively responding to external environmental changes and challenges, resolving various contradictions in development requires maintaining a certain economic growth rate. Placing stability in growth, employment, and prices in a prominent position, while simultaneously proposing ‘seeking progress in stability, promoting stability through progress, maintaining integrity while innovating, establishing before breaking, systematic integration and collaborative coordination’ provides a clear direction and scientific methodology for doing next year’s economic work well.” 经济社会发展目标具有很强的导向作用。会议提出明年经济社会发展的主要预期目标，指出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。这是在深入调研、准确研判、科学分析基础上提出来的，既考虑当下、又着眼长远，释放了推动经济持续向好的强烈信号，有力提振信心鼓舞干劲。经济增长是关联性强的基础性指标，无论是稳就业、防风险、惠民生、强信心，还是有效应对外部环境变化挑战，在发展中破解各种矛盾问题，都需要保持一定的经济增长速度。将稳增长、稳就业、稳物价放到突出位置，同时提出“稳中求进、以进促稳，守正创新、先立后破，系统集成、协同配合”的要求，为做好明年经济工作指明了重点方向，提供了科学的方法论。
Scientific and effective macroeconomic regulation is an important guarantee for the steady and healthy development of the economy. The meeting emphasized that ‘more proactive and effective macroeconomic policies should be implemented next year’. It is clear that a more proactive fiscal policy will be implemented, the fiscal deficit ratio will be increased, the issuance of ultra-long-term special treasury bonds will be increased, and the issuance and use of local government special bonds will be increased. The tone of monetary policy has been adjusted from ‘prudent’ to ‘moderately loose’, which is the first time in 14 years. The tone of macroeconomic regulation has changed significantly, mainly due to the deepening of the adverse effects of the current changes in the external environment. China’s economic operation still faces many difficulties and challenges. To do a good job in economic work next year, we must face up to the difficulties and take positive actions, increase the intensity of counter-cyclical regulation, further enrich and improve the policy toolbox, and provide strong policy support for promoting the continued improvement of the economy.” 科学有效的宏观调控是经济平稳健康发展的重要保障。会议强调明年要“实施更加积极有为的宏观政策”。明确实施更加积极的财政政策，提高财政赤字率、增加发行超长期特别国债、增加地方政府专项债券发行使用。将货币政策基调由“稳健”调整为“适度宽松”，这是十四年来的首次。宏观调控的基调发生重大变化，主要是由于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，做好明年经济工作必须迎难而上、积极作为，加大逆周期调节力度，进一步充实完善政策工具箱，为推动经济持续向好提供有力政策支撑.
Two other pieces on the page, which I am not detailing, deal with rural revitalization efforts for the year. One of these is titled “Xi Jinping’s Feelings for Rural Areas” 习近平的乡土情. This essentially talks about Xi’s focus on developing rural China throughout his professional career.
Page 2: There’s a report from NBS on November’s economic data. Let’s look at the NBS’ English press release.
In November, the total value added of the industrial enterprises above the designated size grew by 5.4 percent year on year, 0.1 percentage points faster than that of the previous month, or up by 0.46 percent month on month. In terms of sectors, the value added of mining went up by 4.2 percent year on year, manufacturing up by 6.0 percent and the production and supply of electricity, thermal power, gas and water up by 1.6 percent. The value added of equipment manufacturing increased by 7.6 percent year on year, 1.0 percentage point faster than that of the previous month; that of high-tech manufacturing increased by 7.8 percent, 2.4 percentage points faster than that of the industrial enterprises above the designated size.
In November, the service industry production index increased by 6.1% year-on-year. Although it fell slightly from the previous month, it still remained above 6%, the second highest growth rate since the beginning of this year.
In November, the total retail sales of consumer goods reached 4,376.3 billion yuan, up by 3.0 percent year on year, or up by 0.16 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,759.6 billion yuan, up by 2.9 percent year on year; and that in rural areas reached 616.7 billion yuan, up by 3.2 percent…The effects of trade-in of consumer goods continued to manifest, with the retail sales of household appliances and audio-visual equipment, furniture, automobiles, building and decoration materials by enterprises above the designated size growing by 22.2 percent, 10.5 percent, 6.6 percent and 2.9 percent respectively.
From January to November, fixed asset investment reached 46,583.9 billion yuan, up by 3.3 percent year on year; the investment in fixed assets was up by 7.4 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 4.2 percent year on year, that in manufacturing grew by 9.3 percent, and that in real estate development declined by 10.4 percent. The floor space of newly-built commercial buildings sold was 861.18 million square meters, down by 14.3 percent year on year, a decline narrowed by 1.5 percentage points compared with that in the first ten months; the total sales of newly-built commercial buildings were 8,512.5 billion yuan, down by 19.2 percent, a decline narrowed by 1.7 percentage points.
The private investment declined by 0.4 percent year on year, or up by 6.2 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 8.8 percent year on year, of which the investment in high-tech manufacturing and high-tech services grew by 8.2 percent and 10.2 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicles and equipment and in manufacturing of electronic and communication equipment grew by 35.4 percent and 8.8 percent respectively.
In November, the total value of imports and exports of goods was 3,750.6 billion yuan, up by 1.2 percent year on year. The value of exports was 2,221.7 billion yuan, up by 5.8 percent, and the value of imports was 1,528.9 billion yuan, down by 4.7 percent. In the first eleven months, the total value of imports and exports of goods was 39,786.1 billion yuan, up by 4.9 percent year on year. The total value of exports was 23,038.3 billion yuan, up by 6.7 percent. The total value of imports was 16,747.7 billion yuan, up by 2.4 percent.
In November, the consumer price index (CPI) went up by 0.2 percent year on year, or down by 0.6 percent month on month.
Page 3: There’s a report (English report) on the Third China-Indian Ocean Region Forum on Blue Economy Development Cooperation, which was held in Kunming.
Wang Yong delivered the keynote address at the meeting. He said that “the construction of a maritime community with a shared future is evolving from a Chinese initiative into a shared international goal, and from a blue concept into practical actions, thanks to joint efforts from China, countries in the Indian Ocean region and other relevant parties. China is willing to continue deepening practical cooperation with other countries, consolidating consensus in the area of sustainable marine development, strengthening maritime dialogue and consultation processes, and promoting mutual learning among marine cultures, in an effort to make greater joint contributions to promoting cooperation in the development of the blue economy, and in realizing the harmonious coexistence of people and the ocean.” The report says that the forum attracted more than 300 guests from more than 50 countries and international organizations.