People's Daily commentator: Focus on the overall situation, grasp the overall requirements and policy orientation of next year's economic work - on studying and implementing the spirit of the Central Economic Work Conference

How will we do our economic work next year?  

We must adhere to the general tone of seeking progress while maintaining stability, better coordinate domestic economic work and international economic and trade struggles, better coordinate development and security, implement more proactive and effective macro policies, enhance policy foresight, targeted coordination, and continuously expand domestic demand, optimize supply, optimize increment, and revitalize stock. We must understand and implement the overall requirements for next year's economic work proposed by the Central Economic Work Conference in the context of the overall development of the Party and the country.

Since the beginning of this year, China's economic development has faced multiple difficulties and challenges, with tariffs looming over global trade. International institutions such as the International Monetary Fund and the World Bank have lowered their global economic growth expectations. Under the strong leadership of the Central Committee of the Communist Party of China, China quickly counterattacked and took multiple measures, effectively responding with a combination of countermeasures in multiple fields, always firmly grasping the initiative, and winning the respect of the international community.

Over the past year, we have focused on promoting the transformation of traditional industries, the growth of emerging industries, and the growth of future industries. In the first three quarters of this year, the added value of high-tech manufacturing above designated size increased by 9.6% year-on-year; Firmly implementing the strategy of expanding domestic demand, the contribution rate of final consumption expenditure to economic growth in the first three quarters reached 53.5%... From accelerating the construction of a modern industrial system, to building a unified national market, strengthening the domestic circulation, and building a solid foundation to cope with risks and challenges, the scenery of "China's governance" is unique here.

In the extraordinary development process of the past year, we have gained a deeper understanding of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, which listed "adhering to coordinated development and security" as one of the major principles that must be followed for economic and social development during the 15th Five Year Plan period. We have also gained a deeper understanding of the two clear requirements for "better coordination" put forward at this meeting.

At present, the world's century long changes are accelerating, and the relationship between major powers is affecting the international situation. The evolution of the international situation profoundly affects domestic development. China's development still faces various uncertain and unpredictable risk factors, and the task of coordinating development and security is even more arduous and heavy. Practice has taught us that in the face of complex external environments, maintaining strategic determination, firm confidence in victory, using hard work to cope with external challenges, steadfastly doing our own things well, expanding high-level opening-up, focusing on stabilizing employment, enterprises, markets, and expectations, continuously strengthening, optimizing, and expanding the real economy, comprehensively enhancing independent innovation capabilities, and responding to various uncertainties with the certainty of high-quality development can win strategic initiative.  

The meeting clarified the policy orientation for next year's economic work, pointing out the need to "seek progress while maintaining stability, improve quality and efficiency, leverage the integrated effect of existing and incremental policies, and increase countercyclical and cross cyclical adjustment efforts." This will effectively guide the expectations for economic and social development and help fully unleash and enhance the effectiveness of macroeconomic policies. The tone for next year's fiscal and monetary policies requires the continued implementation of a more proactive fiscal policy and a moderately loose monetary policy, which is consistent with this year's policy orientation and reflects the continuity and stability of macro policies. It is a major decision deployment to continuously consolidate and expand the positive momentum of economic stability.

Since this year, from arranging 1.3 trillion yuan of super long-term special treasury bond to support "dual" and "new", to creating and implementing a number of structural monetary policy tools to provide support for scientific and technological innovation, boosting consumption, etc., to strengthening the livelihood orientation of macro policies, and making more capital resources "invest in people"... One policy is formulated, launched according to the situation, and worked together to stimulate strong momentum for high-quality economic development. Practice has fully proved that effective macroeconomic policies and precise macroeconomic regulation are crucial for promoting the stable and healthy development of China's economy.

One important aspect of grasping the policy orientation for next year's economic work is to "improve quality and efficiency". Adhere to a proactive and pragmatic goal orientation, grasp the intensity, pace, and timing of policy implementation, leverage the "integrated effect," and continuously improve policy accuracy and effectiveness; Strengthening the system concept and enhancing the consistency and coherence of macro policy orientation?? Efficiency enables various policy measures to work together and form a synergy. By leveraging macroeconomic policies as a stabilizer for the economy and achieving greater breakthroughs in improving their quality and effectiveness, we can promote sustained improvement in economic performance and market expectations, and continuously transform institutional advantages into governance effectiveness and development momentum.

Confidence, in the present, in the future. From the overall requirements and policy orientation of next year's economic work, we have gained confidence and a better understanding of China.