The Central Economic Work Conference kicked off in Beijing on the morning of the 10th. The meeting aimed to review the international and domestic economic landscape, evaluate the economic performance of 2013, and outline the key objectives and major tasks for the 2014 economic agenda. As the first year following the Third Plenary Session of the 18th CPC Central Committee, 2014 marked a critical stage in advancing comprehensive reforms and moving toward a moderately prosperous society in all respects. Effective economic management during this period was crucial for long-term stability and development.
On December 3, the Political Bureau of the CPC Central Committee emphasized that in 2014, the country should maintain the general tone of seeking progress while ensuring stability. It called for reform across all aspects of economic and social development, promoting innovation, improving regulatory methods, and enhancing the internal driving force behind the transformation of the economic model. The focus was also on accelerating structural adjustments, strengthening public service systems, and ensuring that the people could benefit from the outcomes of reform and development, ultimately supporting sustainable growth and social harmony.
The expected targets for this year’s economic development were largely met, setting a solid foundation for future economic work. Despite significant downward pressure on the economy at the start of the year, the Party and the State Council maintained a steady approach, balancing growth with structural adjustment and reform. They introduced innovative policies and strategies, leading to stable and progressive development in both the economy and society. Economists anticipate that the annual GDP growth rate will exceed the 7.5% target, inflation will remain below the 3.5% cap, and the goal of creating 9 million new jobs will be surpassed ahead of schedule.
Experts noted that while the overall economic situation remains positive, challenges persist. The external environment is still uncertain, with global economic recovery remaining slow and uneven. Domestic demand is yet to fully stabilize, and the internal drivers of growth need further reinforcement. Issues such as overcapacity, resource constraints, environmental pressures, and financial risks continue to pose significant hurdles. The path toward economic transformation and upgrading will be long and may involve difficult adjustments.
According to experts from the State Council’s Development Research Center, the most promising aspect of next year’s economic strategy lies in reform. By driving comprehensive reform, the government aims to inject momentum into the economy and society. The "Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening the Reform of Some Major Issues," adopted by the Third Plenary Session of the 18th CPC Central Committee, must be carefully implemented. Reforms should address the most pressing issues and meet the expectations of the public, laying a stronger foundation for economic growth and reinforcing the internal dynamics of development. Ultimately, these reforms are expected to promote fairness, justice, and long-term prosperity.
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