China’s development biggest political priority at key economic meeting as leaders vow to counter risks, lift confidence in 2024
- Beijing’s two-day central economic work conference ended with a clear message that leaders are keen on injecting life into the nation’s struggling economy
- Many of the leadership’s decisions made behind closed doors – including China’s economic growth goal for next year – will remain under wraps until March
China’s development is its biggest political priority, Beijing said after its just-concluded annual tone-setting economic conference, signalling what could be a strong tilt towards economic growth in 2024.
And to that end, leadership pledged to orchestrate a variety of pro-growth policies and ramp up their coordination, including that of non-economic departments, to deliver much-needed economic stability in a time of considerable uncertainties and headwinds.
The meeting took place as Beijing stands at a critical juncture in its efforts to consolidate the nation’s economic recovery, revive business confidence and bolster new sectors, including the digital economy, to power economic growth over the long run.
[Beijing] needs to create an internal impetus for the economy through greater reforms and opening up
China is trying to stay on a path toward doubling its gross domestic product (GDP) by 2035, relative to 2020 levels – meaning the economy must grow by at least 4.8 per cent annually.