Key Points of the 2024 Central Economic Work Conference

Key Points of the Economic Work Conference

The conference identified a current issue: insufficient effective demand. This was unexpected, as last year the focus was on domestic circulation. However, the anticipated advantages of a large domestic market and strong productivity were not realized, leading to insufficient effective demand and stagnation in the circulation. The central focus remains on economic development.

To ensure successful economic work in the coming year, the plan is to maintain stability while making progress, deepen reforms, achieve high-level technological self-reliance, expand domestic demand, and promote urbanization and rural revitalization. Policies should support stabilizing expectations, growth, and employment, with a continuation of proactive fiscal and prudent monetary policies. The scope for using local government special bonds as capital will be reasonably expanded. Tax reductions and fee cuts will be implemented in technology innovation and manufacturing sectors. There will be increased support for technological innovation, green transformation, inclusive finance for small and micro enterprises, and the digital economy.

Innovation and Entrepreneurship: Support for disruptive and cutting-edge technologies is expected to bring new industries, models, and momentum. The digital transformation of traditional industries like manufacturing will be promoted, along with the development of new industries such as bio-manufacturing, commercial space, low-altitude economy, quantum technology, and life sciences. The focus will be on cultivating new productive forces (new technologies like next-generation information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, and aerospace; creating new value; adapting to new industries; and reshaping new momentum).

Expanding Domestic Demand: Focus on the three drivers (consumption, investment, export), including digital consumption, health consumption, smart homes, cultural tourism, sports events, trendy domestic products, new energy vehicles, electronics, trade-ins, and new infrastructure, covering nearly all conceivable consumer demands.

Key Areas of Reform: Strengthening state-owned enterprises, supporting private enterprises, eliminating local protectionism, reducing logistics costs, and planning a new round of fiscal and tax reforms.

Risk Prevention and Mitigation: Focus on addressing the three major risks (real estate, local government debt, and risks in small and medium financial institutions) and promoting the three major projects (affordable housing construction, dual-use public infrastructure, and urban village renovation).

Agricultural and Rural Work: The goal is to build a strong agricultural nation, promote the experience of the “Ten Thousand Villages Campaign,” and continue rural revitalization. Counties are the main battleground for linking urbanization with rural revitalization, and their development will be promoted. The development of the marine economy will be encouraged. Dual-carbon and livelihood protection projects will be pursued to the extent possible. Focus on improving the three levels (industrial development, rural construction, and rural governance) while maintaining the bottom line of food security and preventing systemic poverty recurrence. The standards for high-standard farmland construction will be raised. A broad view of agriculture and food security will be promoted, considering not only farmland but also forests, grasslands, rivers, lakes, seas, and modern agriculture to secure food from diverse sources.

Regional Structure: Major economic provinces (Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Sichuan) will take the lead, compensating for the economic development lag in major grain-producing provinces (Heilongjiang, Henan, Shandong, Anhui, Jilin, Hebei, Jiangsu, Inner Mongolia, Sichuan, and Hunan), and strengthening the strategic hinterland (Sichuan, Chongqing, Guizhou, Shaanxi, Henan, Hubei, Hunan, Jiangxi).

Key Points of the 2024 Rural Work Conference

The approach to ensuring food security remains: stabilizing acreage, increasing yield, diversifying food sources, building high-standard farmland, and increasing investment in technology. The future goal for agricultural development is to build a strong agricultural nation, with rural revitalization as the overall strategy. Next year, the focus will be on promoting the Ten Thousand Villages Campaign. Food security will be a shared responsibility of both the Party and the government. The 2024 No. 1 Central Document will discuss “Learning from the ‘Ten Thousand Villages Campaign’ Experience to Effectively Promote Comprehensive Rural Revitalization.”