Adhere to the Five "Must-Coordinate" Principles for Sound Economic Work

The national economy is a complex macro-system, and sound economic work requires overall planning and comprehensive balancing. The purpose of coordination is to achieve balance, that is, to be adept at viewing issues from an overall perspective, balancing the relationships among various aspects of economic and social development, and strengthening the coordination of various policies to form a joint force for promoting high-quality development. Since the 18th National Congress of the CPC, General Secretary Xi Jinping has creatively applied the basic principles of dialectical materialism to China's economic practice, emphasizing the need to adhere to a systems perspective, and has put forward requirements for correctly handling several major relationships around a series of key tasks. The Central Economic Work Conference held in December 2024 proposed that "we must coordinate the relationship between an effective market and a competent government to form an economic order that is both 'vibrant' and 'well-regulated'", "we must coordinate the relationship between aggregate supply and aggregate demand to smooth the circulation of the national economy", "we must coordinate the relationship between cultivating new drivers of growth and upgrading old ones to develop new quality productive forces in light of local conditions", "we must coordinate the relationship between optimizing increments and revitalizing stock to comprehensively improve resource allocation efficiency", and "we must coordinate the relationship between improving quality and expanding aggregate volume to consolidate the material foundation of Chinese-path modernization". The five "must-coordinate" principles are a regular understanding summarized by our Party from the practice of China's economic work, a concrete manifestation of using the methodology of dialectical materialism and historical materialism to analyze and resolve prominent contradictions in the current economic field, and they further enrich and develop Xi Jinping's economic thought. They are not only principles that must be adhered to in doing economic work but also a scientific methodology for achieving high-quality development and advancing Chinese-path modernization.

国民经济是一个复杂的大系统，做好经济工作必须统筹兼顾、综合平衡。统筹的目的是兼顾，就是要善于从全局看问题，平衡好经济社会发展中各方面的关系，加强各类政策协调配合，形成推动高质量发展的合力。党的十八大以来，习近平总书记把唯物辩证法基本原理创造性运用到中国经济实践中，强调坚持系统观念，并围绕一系列重点工作，提出正确处理若干重大关系的要求。2024年12月召开的中央经济工作会议提出，“必须统筹好有效市场和有为政府的关系，形成既‘放得活’又‘管得住’的经济秩序”，“必须统筹好总供给和总需求的关系，畅通国民经济循环”，“必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力”，“必须统筹好做优增量和盘活存量的关系，全面提高资源配置效率”，“必须统筹好提升质量和做大总量的关系，夯实中国式现代化的物质基础”。五个“必须统筹”是我们党从我国经济工作实践中总结出来的规律性认识，是用辩证唯物主义和历史唯物主义方法论，分析和解决当前经济领域突出矛盾的具体体现，进一步丰富和发展了习近平经济思想，既是做好经济工作必须坚持的原则，也是实现高质量发展、推进中国式现代化的科学方法论。

I. We must coordinate the relationship between an effective market and a competent government

一、必须统筹好有效市场和有为政府的关系

The relationship between government and market is a worldwide challenge in economics. Our Party has continuously sought ways to resolve it in the great pioneering endeavor of building a socialist market economy. General Secretary Xi Jinping pointed out, "The market's decisive role in resource allocation is a general law of the market economy; a market economy is essentially an economy where the market determines resource allocation." The Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform, adopted at the Third Plenary Session of the 18th Central Committee of the CPC, proposed that economic system reform is the focus of comprehensively deepening reform, and the core issue is to properly handle the relationship between government and market, enabling the market to play a decisive role in resource allocation and better leveraging the role of government. This is another major advancement by our Party in both theory and practice, a new breakthrough in understanding the laws governing the construction of socialism with Chinese characteristics. The report of the 20th National Congress of the CPC proposed "building a high-level socialist market economy system", emphasizing "fully leveraging the market's decisive role in resource allocation and better leveraging the role of government". The Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform to Advance Chinese-Path Modernization, adopted at the Third Plenary Session of the 20th Central Committee of the CPC, emphasizes that "we must better leverage the role of market mechanisms, create a fairer and more vibrant market environment, and achieve optimal resource allocation efficiency and maximum benefits".

政府和市场关系是一道经济学上的世界性难题。我们党在建设社会主义市场经济的伟大创举中不断探寻破解之道。习近平总书记指出，“市场决定资源配置是市场经济的一般规律，市场经济本质上就是市场决定资源配置的经济”。党的十八届三中全会通过的《中共中央关于全面深化改革若干重大问题的决定》提出，经济体制改革是全面深化改革的重点，核心问题是处理好政府和市场的关系，使市场在资源配置中起决定性作用和更好发挥政府作用。这是我们党在理论和实践上的又一重大推进，是对中国特色社会主义建设规律认识的一个新突破。党的二十大报告提出，“构建高水平社会主义市场经济体制”，强调“充分发挥市场在资源配置中的决定性作用，更好发挥政府作用”。党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》强调，“必须更好发挥市场机制作用，创造更加公平、更有活力的市场环境，实现资源配置效率最优化和效益最大化”。

Both the theory of socialist political economy with Chinese characteristics and the practice of socialist economic construction with Chinese characteristics have fully proven that market allocation of resources is the most efficient form, conducive to producing as many products as possible with as few resource inputs as possible and achieving the greatest possible benefits. At the same time, it must also be recognized that the market has defects it cannot overcome on its own and problems it finds difficult to solve, and it cannot play a complete role in resource allocation. This inevitably requires the government to remedy market failures and regulate market order. For China, the major premise of developing a market economy is adhering to the leadership of the Communist Party of China and adhering to the socialist system. In building a socialist market economy, we must emphasize dialectics and a two-sided approach, continuously working on the integration of the basic socialist system with the market economy, requiring both an "effective market" and a "competent government". In deepening economic system reform, we must also properly handle the core issue of the relationship between government and market, making good use of both the "invisible hand" and the "visible hand". Only in this way can we leverage the positive effects of efficient market resource allocation while also bringing out the superiority of the socialist system, and effectively prevent the drawbacks of a capitalist market economy.

中国特色社会主义政治经济学的理论和中国特色社会主义经济建设的实践都已经充分证明，市场配置资源是最有效率的形式，有利于以尽可能少的资源投入生产尽可能多的产品、获得尽可能大的效益。同时也要看到，市场具有其自身无法克服的缺陷和难以解决的问题，在资源配置中并不能起全部作用。这就必然需要政府来弥补市场失灵、规范市场秩序。对于我国来说，发展市场经济的大前提是坚持中国共产党领导和坚持社会主义制度。我们建设社会主义市场经济，要讲辩证法、两点论，不断在社会主义基本制度与市场经济的结合上下功夫，既要“有效的市场”，也要“有为的政府”。我们深化经济体制改革，也要处理好政府和市场关系这个核心问题，“看不见的手”和“看得见的手”都要用好。只有这样，才能既发挥出市场有效配置资源的积极效应，又发挥出社会主义制度的优越性，同时有效防范资本主义市场经济的弊端。

In recent years, we have adhered to better combining an effective market with a competent government, focusing on solving problems such as an imperfect market system and inadequate government supervision, further stimulating the vitality of economic development. In 2024, the number of registered business entities nationwide reached 189 million, an increase of 3.1% over the previous year. With the government's forward-looking strategic guidance, scientific planning, and various policy supports, and with enterprises seizing opportunities, vigorously conducting R&D, and engaging in full competition, new products such as the "new three items" (new energy vehicles, lithium batteries, and photovoltaic products) have continuously emerged. Among them, the production of new energy vehicles rapidly increased from 18,000 units in 2013 to over 13 million units in 2024, propelling China from a major automobile country towards a powerful automobile country. The leapfrog development of new energy vehicles since the New Era is a vivid practice of correctly handling the relationship between government and market.

近年来，我们坚持有效市场和有为政府更好结合，着力解决市场体系不完善、政府监管不到位等问题，进一步激发经济发展活力。2024年，全国登记在册的经营主体1.89亿户，较上年增长3.1%。在政府前瞻战略引领、科学规划指导、各项政策支持下，在企业抢抓机遇、大力研发、充分竞争中，“新三样”（新能源汽车、锂电池、光伏产品）等新产品不断涌现。其中，新能源汽车产量从2013年的1.8万辆迅速增加到2024年的超过1300万辆，推动我国从汽车大国迈向汽车强国。新时代以来新能源汽车的跨越式发展，是正确处理政府和市场关系的一个生动实践。

The 2024 Central Economic Work Conference emphasized that we must coordinate the relationship between an effective market and a competent government to form an economic order that is both "vibrant" and "well-regulated". Currently, to better coordinate this major relationship, we must accelerate the construction of a unified national market. This is a strategic move on the new journey to further aggregate resources, drive growth, stimulate innovation, optimize division of labor, and promote competition, allowing the significant advantages of China's super-large market to be more fully realized. The exertion of this advantage and role requires the government to maintain macroeconomic stability, strengthen and optimize public services, ensure fair competition, strengthen market supervision, maintain market order, and promote sustained and healthy economic development. We must resolutely break down local protectionism and market segmentation, and must never indulge in building closed small markets or self-circulating small loops, nor hinder unified markets and fair competition. We will issue guidance on regulating market supervision and law enforcement behavior and codes of conduct, strengthen source governance of arbitrary charges against enterprises, and improve the legal and regulatory system for long-term supervision of enterprise-related fees. We will promote the effective implementation of the construction of a unified national market, facilitating the coordinated efforts of an effective market and a competent government.

2024年中央经济工作会议强调，必须统筹好有效市场和有为政府的关系，形成既“放得活”又“管得住”的经济秩序。当前，更好统筹这一对重大关系，必须加快建设全国统一大市场。这是新征程上进一步集聚资源、推动增长、激励创新、优化分工、促进竞争的战略之举，能够让我国超大规模市场的显著优势更加充分发挥出来。这一优势和作用的发挥，需要政府保持宏观经济稳定，加强和优化公共服务，保障公平竞争，加强市场监管，维护市场秩序，推动经济持续健康发展。坚决破除地方保护和市场分割，决不能热衷于封闭小市场、自我小循环，决不能妨碍统一市场和公平竞争。出台规范市场监管执法行为指导意见及执法行为规范，加强涉企乱收费源头治理，健全涉企收费长效监管法律法规体系。推动全国统一大市场建设落地见效，促进有效市场和有为政府协同发力。

II. We must coordinate the relationship between aggregate supply and aggregate demand

二、必须统筹好总供给和总需求的关系

Aggregate supply refers to the total quantity of products and services actually provided by social production activities to the market for final use within a certain period in a country or region. Aggregate demand refers to the total purchasing power for products or services actually formed by expenditures available for investment or consumption in a society within a certain period in a country or region. Coordinating the relationship between aggregate supply and aggregate demand means continuously achieving a high-level dynamic balance in the operation of the national economy. Supply and demand are two fundamental aspects of unity and opposition in the operation of a market economy. Without supply, demand cannot be met; without demand, supply cannot be realized; new supply creates new demand, and new demand gives rise to new supply. General Secretary Xi Jinping emphasized, "We must comprehensively grasp the new changes in the aggregate supply-demand relationship and conduct macro-control scientifically," and "Macro-control must adapt to the stage characteristics of development and changes in the economic situation, expanding demand when necessary, adjusting supply when necessary, making discretionary choices, and prescribing the right medicine." Precisely because supply and demand are interdependent and mutually conditional, in macroeconomic governance, we must synergistically use the two basic means of supply-side management and demand-side management.

总供给是指一个国家或地区在一定时期内由社会生产活动实际提供给市场可供最终使用的产品和服务总量。总需求是指一个国家或地区在一定时期内由社会可用于投资或消费的支出所实际形成的对产品或服务的购买力总量。统筹好总供给和总需求的关系，就是要在国民经济运行中不断实现高水平动态平衡。供给和需求是市场经济运行中对立统一的两个基本方面，如果没有供给，需求就无法满足；如果没有需求，供给就无从实现；新的供给创造新的需求，新的需求催生新的供给。习近平总书记强调，“必须全面把握总供求关系新变化，科学进行宏观调控”，“宏观调控必须适应发展阶段性特征和经济形势变化，该扩大需求时要扩大需求，该调整供给时要调整供给，相机抉择，开准药方”。正是由于供给和需求相互依存、互为条件，在宏观经济治理中，必须协同用好供给侧管理和需求侧管理这两个基本手段。

The report of the 20th National Congress of the CPC proposed “integrating the implementation of the strategy of expanding domestic demand with deepening supply-side structural reform.” This means leveraging the advantages of supply-side management in solving structural problems, improving the quality and efficiency of the supply system by optimizing factor allocation and adjusting the production structure; at the same time, leveraging the advantages of demand-side management in solving aggregate problems, effectively regulating demand by adjusting taxes, fiscal expenditure, and monetary credit. In the practice of coordinating the expansion of domestic demand and supply-side structural reform, it is necessary to apply Marxist contradiction analysis. When structural problems become the principal contradiction constraining economic development and the principal aspect of the contradiction lies on the supply side, the intensity of supply-side structural reform must inevitably be increased. When the adverse effects of aggregate and cyclical factors rise markedly and the problem of insufficient domestic demand becomes prominent, expanding domestic demand must be placed in a more important position. In short, whether economic policy focuses on the supply side or the demand side must be correctly chosen based on the economic situation; the key is to adapt to the dynamic changes in the principal contradiction of economic development and its principal aspect.

党的二十大报告提出，“把实施扩大内需战略同深化供给侧结构性改革有机结合起来”。这就是要发挥供给侧管理在解决结构性问题上的优势，通过优化要素配置和调整生产结构来提高供给体系质量和效率；同时，发挥需求侧管理在解决总量性问题上的优势，通过调节税收、财政支出、货币信贷来有效调节需求。在统筹扩大内需和供给侧结构性改革的实践中，必须运用好马克思主义的矛盾分析法。当结构性问题成为制约经济发展的主要矛盾、矛盾的主要方面在供给侧时，必然要加大供给侧结构性改革力度。当总量性和周期性因素的不利影响明显上升、国内需求不足问题凸显时，就要把扩大内需摆上更加重要位置。总之，经济政策是以供给侧为重点还是以需求侧为重点，要根据经济形势作出正确抉择，关键是要适应经济发展主要矛盾以及矛盾主要方面的动态变化。

Since the second and third quarters of 2024, new changes have occurred in the relationship between China’s aggregate supply and aggregate demand, and the challenge posed by insufficient domestic demand has become more severe. The Party Central Committee with Comrade Xi Jin

2024年二、三季度以来，我国总供给和总需求的关系发生新的变化，国内需求不足带来的挑战更加严峻。以习近平同志为核心的党中央沉着应变、综合施策，特别是2024年9月26日中央政治局会议果断部署一揽子增量政策，有力促进了消费和投资需求，使社会信心有效提振，经济明显回升。一揽子增量政策准确把握供求关系，是科学运用习近平经济思想指导经济工作的生动实践。

The 2024 Central Economic Work Conference emphasized that we must coordinate the relationship between aggregate supply and aggregate demand to smooth the circulation of the national economy. Among the nine key tasks identified for 2025, the first is "vigorously boost consumption, improve investment efficiency, and expand domestic demand in all respects." By implementing special actions to boost consumption, moderately increasing central budget investment, intensifying and expanding the implementation of the "two new" policies [6]6 The "two new" policies refer to large-scale equipment renewals and the trade-in of consumer goods., and providing greater support for the "two major" projects [7]7 The "two major" projects refer to major national strategies and security capacity building in key areas., we will surely give fuller play to the foundational role of consumption and the key role of investment, forming a higher-level dynamic equilibrium where demand drives supply and supply creates demand. This will continuously enhance the endogenous driving force and reliability of the domestic cycle and make the domestic and international dual circulation smoother.

2024年中央经济工作会议强调，必须统筹好总供给和总需求的关系，畅通国民经济循环。在会议确定的2025年要抓好的九个方面重点任务中，排在第一位的是“大力提振消费、提高投资效益，全方位扩大国内需求”。通过实施提振消费专项行动，适度增加中央预算内投资，加力扩围实施“两新”政策，更大力度支持“两重”项目，一定能够让消费的基础性作用和投资的关键作用更加充分发挥出来，形成需求牵引供给、供给创造需求的更高水平动态平衡，进而让国内大循环的内生动力和可靠性不断增强，让国内国际双循环更加畅通。

III. We must coordinate the relationship between cultivating new drivers of growth and renewing old drivers of growth

三、必须统筹好培育新动能和更新旧动能的关系

Both new and old drivers of growth are external manifestations of productive forces, and industry is an important carrier of social productive forces and development drivers. General Secretary Xi Jinping emphasized that "we must rely on innovation, especially scientific and technological innovation, to achieve a transformation of driving forces and a shift in growth drivers" and "insist on advancing the transformation and upgrading of traditional industries and the cultivation and expansion of emerging and future industries side by side." In the process of developing new quality productive forces according to local conditions, we must coordinate the upgrading of traditional industries, the expansion of emerging industries, and the cultivation of future industries, promoting a smooth and orderly transition and transformation between old and new growth drivers.

新动能和旧动能都是生产力的外在表现，产业是社会生产力和发展动能的重要载体。习近平总书记强调，“必须依靠创新特别是科技创新实现动力变革和动能转换”，“坚持传统产业转型升级和培育壮大新兴产业、未来产业齐头并进”。在因地制宜发展新质生产力过程中，必须统筹推进传统产业升级、新兴产业壮大、未来产业培育，推动新旧动能平稳接续转换。

From the internal mechanism of industrial structure upgrading and development driving force transformation, it is inevitable that emerging industries and traditional industries promote each other, and new and old growth drivers coordinate with each other. On the one hand, we must fully utilize the new technologies, new products, and new business forms accompanying emerging industries and new growth drivers to create conditions and open up pathways for the transformation of traditional industries and the renewal of old growth drivers. On the other hand, we must fully utilize the basic base, coverage, and existing advantages of traditional industries and old growth drivers to provide experimental fields and broaden application scenarios for the expansion of emerging industries and the cultivation of new growth drivers. Developing new quality productive forces does not mean neglecting or abandoning traditional industries. Cultivating new growth drivers does not mean rejecting or eliminating old ones. In the interdependence between new quality productive forces and traditional productive forces, and in the mutual transformation between new and old growth drivers, we must continuously generate new growth points and power sources.

从产业结构升级和发展动力变革的内在机理看，必然要求新兴产业与传统产业相促进、新动能与旧动能相统筹。一方面，要充分利用与新兴产业和新动能相伴生的新技术、新产品、新业态等，给传统产业的转型和旧动能的更新创造条件、开辟路径。另一方面，要充分利用传统产业和旧动能拥有的基本盘、覆盖面、既有优势等，给新兴产业的壮大和新动能的培育提供试验田、拓宽应用场。发展新质生产力，不是忽视、放弃传统产业。培育新动能，也不是排斥、消灭旧动能。要在新质生产力与传统生产力的相互依存中，在新动能与旧动能的相互转化中，源源不断形成新的增长点和动力源。

Currently, the world economy is in a period of shifting growth drivers, with the pulling effect of traditional growth engines on the economy weakening. New technologies such as big data, cloud computing, artificial intelligence, and quantum information are constantly emerging, giving rise to new industries. China's economy has shifted from a stage of high-speed growth to a stage of high-quality development and is in a critical period of transforming the development model, optimizing the economic structure, and switching growth drivers. Seizing the valuable opportunities of the new round of technological revolution and industrial transformation, opening up new fields and new tracks for development through scientific and technological innovation, and shaping new growth drivers and new advantages are both a general trend and an urgent requirement for high-quality development. As of the end of November 2024, the total number of fifth-generation mobile communication network base stations in China exceeded 4.19 million, digital transformation is covering more and more enterprises, and new industries and new growth drivers are showing enormous development potential and growth space.

当前，世界经济正处在动能转换的换挡期，传统增长引擎对经济的拉动作用减弱。大数据、云计算、人工智能、量子信息等新技术不断涌现，催生了新的产业。我国经济已由高速增长阶段转向高质量发展阶段，正处在转变发展方式、优化经济结构、转换增长动力的攻关期。抢抓新一轮科技革命和产业变革的宝贵机遇，以科技创新开辟发展新领域新赛道、塑造发展新动能新优势，是大势所趋，也是高质量发展的迫切要求。截至2024年11月末，我国第五代移动通信网络基站总数超过419万个，数字化改造正在覆盖越来越多的企业，新产业、新动能表现出巨大的发展潜力和成长空间。

The 2024 Central Economic Work Conference emphasized that we must coordinate the relationship between cultivating new drivers of growth and renewing old drivers of growth, and develop new quality productive forces according to local conditions. According to the conference's deployment, the focus is on leading the development of new quality productive forces with scientific and technological innovation and building a modern industrial system. Through practical measures such as launching large-scale application demonstration actions for new technologies, new products, and new scenarios, and the "AI+" action, adhering to the industrial development direction of digitalization, intelligence, and greenification, we will allow new quality productive forces to further stimulate new development momentum in traditional agriculture, traditional manufacturing, and traditional services. Let traditional industries, strategic emerging industries, and future industries all become fertile ground for catalyzing revolutionary breakthroughs in technology, innovative allocation of production factors, and deep transformation and upgrading of industries. In this process, we must accelerate the formation of relations of production compatible with new quality productive forces, make every effort to remove blockages and bottlenecks that constrain the development of new quality productive forces, and strive to eliminate institutional and mechanism obstacles that hinder the transformation between old and new growth drivers. We must thoroughly implement the deployment of the Third Plenary Session of the 20th Central Committee of the CPC [8]8 The Third Plenary Session of the 20th Central Committee of the CPC, held in July 2024, focused on further deepening reform comprehensively to advance Chinese modernization. and promote the concentration of all types of advanced production factors towards the development of new quality productive forces.

2024年中央经济工作会议强调，必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力。按照会议部署，重点是以科技创新引领新质生产力发展，建设现代化产业体系。通过开展新技术新产品新场景大规模应用示范行动、“人工智能+”行动等务实举措，坚持数字化、智能化、绿色化的产业发展方向，让新质生产力进一步激发传统农业、传统制造业、传统服务业新的发展动力，让传统产业与战略性新兴产业、未来产业都成为催生技术革命性突破、生产要素创新性配置、产业深度转型升级的沃土。在此进程中，要加快形成同新质生产力相适应的生产关系，着力打通束缚新质生产力发展的堵点卡点，着力破除制约新旧动能转换的体制机制障碍。必须深入贯彻落实党的二十届三中全会部署，促进各类先进生产要素向发展新质生产力集聚。

IV. We must coordinate the relationship between optimizing increments and revitalizing stock

四、必须统筹好做优增量和盘活存量的关系

China's total economic output has long ranked second in the world, maintaining a super-large volume in many fields. Due to the large base, every small increase represents a relatively large increment. When profoundly elaborating on the new characteristics of China's economic development stage, General Secretary Xi Jinping pointed out that China's economic structure is undergoing a deep adjustment, shifting from mainly expanding capacity to simultaneously adjusting stock and optimizing increments. When determining development ideas, formulating economic policies, and implementing macroeconomic regulation, we must consider both the issue of increments and the factor of stock.

我国经济总量规模长期稳居全球第二位，诸多领域保持超大体量。由于基数很大，每一个小幅增长都是一个较大的增量。习近平总书记在深刻阐述我国经济发展阶段新特征时指出，我国经济结构正在从增量扩能为主转向调整存量、做优增量并存的深度调整。在确定发展思路、制定经济政策、实施宏观调控时，既要考虑增量问题，也要考虑存量因素。

Coordinating the relationship between increments and stock fully reflects the consideration of balancing the present and the long term, fully embodies the method of differential treatment and classified policy implementation, and fully demonstrates the objective requirement of addressing both symptoms and root causes. In many fields, General Secretary Xi Jinping has emphasized the use of this scientific method. For example, regarding urbanization work, he has repeatedly stressed that promoting the urbanization of the agricultural transfer population must adhere to the principles of voluntariness, classification, and order, prioritizing the resolution of stock and guiding increments in an orderly manner. Regarding the coordinated development of the Beijing-Tianjin-Hebei region, he emphasized combining controlling increments and dispersing stock, grasping both internal functional reorganization and outward relocation and transfer, and promoting the dispersion work forcefully, effectively, and orderly. Regarding preventing and defusing risks, he emphasized doing a good job in the debt swap of local governments' stock debt and strictly controlling increments. Regarding economic structural adjustment, he emphasized guiding increments, optimizing stock, and actively reducing capacity, actively promoting the development of new technologies, new industries, new business forms, and new models, and accelerating the cultivation of new economic growth points. Regarding real estate work, he emphasized combining the new changes in the supply-demand relationship of the real estate market with the people's new expectations for quality housing, coordinating the study of policy measures to digest stock housing and optimize incremental housing, promoting the construction of a new model for real estate development, and promoting high-quality development of the real estate industry.

统筹好增量和存量关系，充分体现了兼顾当前和长远的考量，充分体现了区别对待、分类施策的方法，充分体现了治标和治本的客观要求。在很多领域，习近平总书记都着重强调用好这一科学方法。比如，针对城镇化工作，反复强调推进农业转移人口市民化要坚持自愿、分类、有序，优先解决存量，有序引导增量。针对京津冀协同发展，强调控增量和疏存量相结合，内部功能重组和向外疏解转移两手抓，有力有序有效推进疏解工作。针对防范化解风险，强调要做好地方政府存量债务置换工作，严格控制增量。针对经济结构调整，强调要引导增量、优化存量、主动减量，积极推动新技术、新产业、新业态、新模式发展，加快培育新的经济增长点。针对房地产工作，强调要结合房地产市场供求关系的新变化、人民群众对优质住房的新期待，统筹研究消化存量房产和优化增量住房的政策措施，推动构建房地产发展新模式，促进房地产高质量发展。

The 2024 Central Economic Work Conference emphasized that it is necessary to coordinate the relationship between improving the quality of increments and revitalizing existing stock, comprehensively enhancing the efficiency of resource allocation. The conference made new deployments in this regard. For example, it proposed vigorously implementing urban renewal, rationally adjusting and allocating urban space and public resources to achieve "metabolism." This involves a large number of issues concerning existing stock and increments; the implementation of urban renewal must be closely integrated with the renovation and upgrading of existing housing stock, and efforts must be intensified to renovate urban villages and dilapidated houses, thereby enhancing social welfare, improving quality of life, and promoting high-quality urban development. For another example, it proposed reasonably controlling the supply of new land for real estate development, revitalizing existing land and commercial office space, and advancing the disposal of existing commercial housing stock. To accomplish these tasks, coordination must be achieved in objectives, setting different task indicators and measurement standards for stock and increments; coordination must be achieved in policies, handling the pace, intensity, and sequence to ensure concerted efforts and synchronized resonance; and coordination must be achieved in risk management, preventing existing risks from spiraling out of control and properly resolving newly emerging risks.

2024年中央经济工作会议强调，必须统筹好做优增量和盘活存量的关系，全面提高资源配置效率。会议对此作出新的部署。比如，提出要大力实施城市更新，对城市空间、公共资源进行合理调整配置，实现“新陈代谢”。这就涉及大量存量和增量问题，要把实施城市更新和存量住房改造提升紧密结合起来，加力实施城中村和危旧房改造，增进社会福祉，提高生活品质，促进城市高质量发展。又比如，提出要合理控制新增房地产用地供应，盘活存量用地和商办用房，推进处置存量商品房工作。做好这些工作，要在目标上统筹好，对存量和增量设置不同的任务指标、衡量标准等；要在政策上统筹好，处理好节奏、力度、时序，确保同向发力、同频共振；要在风险管控上统筹好，防止既有风险失控，妥善化解新发风险。

The Third Plenary Session of the 20th Central Committee of the CPC proposed "exploring the implementation of national macro balance sheet management." [9]9 “经济大合唱” (economic chorus): A metaphor used by Chinese leaders to describe the need for all sectors and regions to coordinate and work in harmony in economic work, akin to a well-conducted choir performance. Balance sheets focus on the stock analysis of assets and liabilities, providing a new perspective for analyzing the macroeconomy from micro-level entities such as enterprises and households. This complements traditional flow analysis like GDP, helping to reveal the correspondence between major economic activities, accurately depict the asset-liability situations of the nation, localities, and various sectors, and organically integrate economic increment analysis with stock analysis, as well as aggregate supply and aggregate demand analysis, thereby enabling more precise macroeconomic policy formulation. This work is extremely important and has a certain foundation; it requires continuously expanding the monitoring, early warning, and management functions of balance sheets in practice.

党的二十届三中全会提出，“探索实行国家宏观资产负债表管理”。资产负债表以资产和负债的存量分析为主，提供了从企业、居民等微观层面分析宏观经济的新视角，与国内生产总值等传统流量分析形成互补认识，有利于揭示主要经济活动之间的对应关系，有利于准确刻画全国、地方和各部门的资产负债情况，有利于把经济增量分析与存量分析、总供给与总需求分析有机结合起来，更加准确提出宏观经济政策。这项工作极为重要，也有一定基础，需要在实践中不断拓展资产负债表的监测、预警和管理功能。

V. Must Coordinate the Relationship Between Improving Quality and Expanding Aggregate Volume

五、必须统筹好提升质量和做大总量的关系

The law of the mutual transformation of quality and quantity is one of the three fundamental laws of dialectical materialism. General

质量互变规律是唯物辩证法的三大规律之一。习近平总书记指出，“经济发展是一个螺旋式上升的过程，上升不是线性的，量积累到一定阶段，必须转向质的提升，我国经济发展也要遵循这一规律”。新时代的发展必须是高质量发展，没有高质量发展，就谈不上社会主义现代化。

High-quality development contains both qualitative and quantitative stipulations. In economic development, “quality” is usually manifested in structure, efficiency, and security, and qualitative change is the fundamental change and abrupt leap that occurs in these aspects. “Quantity” is usually manifested in scale, degree, and speed, and quantitative change is the continuous, gradual, and insignificant change in these aspects. In the stage of high-quality development, economic operation presents a form of nonlinear evolution, wave-like development, and tortuous progress, with the cyclical changes of economic fluctuations intertwined with long-term trends, technical factors, institutional factors, and so on. The dividend of quantitative factors is gradually giving way to the dividend of quality-efficiency factors, and the production possibility frontier of the Chinese economy has broken through original boundaries and is continuously expanding outward. The mode of production is shifting toward networking and intelligence; industrial innovation capacity, demand-capturing ability, brand influence, and core competitiveness are continuously strengthening; the national economic circulation is becoming smoother; the distribution mode is being optimized and adjusted in a direction more conducive to promoting common prosperity for all the people; and economic development, through the continuous accumulation of “quantity,” is increasingly approaching a new leap in “quality.”

高质量发展包含质的规定性和量的规定性。在经济发展中，“质”通常表现为结构、效益和安全性，质变是这些方面发生的根本性变化、突变性飞跃。“量”通常表现为规模、程度和速度，量变是这些方面连续的、逐渐的、不显著的变化。在高质量发展阶段，经济运行呈现出非线性演进、波浪式发展、曲折式前进的形态，经济波动的周期性变化与长期趋势、技术性因素、体制性因素等相互交织。数量型要素红利逐步让位于质量效益型要素红利，中国经济的生产可能性边界突破原有界限、不断外展。生产方式转向网络化、智能化，产业创新力、需求捕捉力、品牌影响力、核心竞争力不断增强，国民经济循环更加畅通，分配方式向着更有利于推动全体人民共同富裕的方向优化调整，经济发展在“量”的不断积累中日益接近“质”的新飞跃。

Based on the new historical orientation and in accordance with changes in the times and circumstances, firmly grasping high-quality development as the primary task, the Party and government continuously strengthen top-level design. Strategic plans, support systems, policy measures, and working mechanisms for key areas, key regions, and key industries are being accelerated and improved, and the positive effects of policies are being continuously released. The endogenous driving force of high-quality development is strengthening, the supporting conditions are improving, social consensus and conscious action are significantly enhanced, and the Chinese economy is in a spiraling and accelerating upward stage from quantitative accumulation to qualitative effective improvement.

立足新的历史方位，根据时和势的变化，牢牢把握高质量发展这个首要任务，党和政府不断加强顶层设计，重点领域、重点地区、重点行业的战略规划、支持体系、政策举措、工作机制加快完善，政策利好效应不断释放。高质量发展的内生动力在增强、支撑条件在改善，社会共识和行动自觉明显提高，中国经济正处在由量的积累到质的有效提升的螺旋式加快上升阶段。

The 2024 Central Economic Work Conference emphasized that it is necessary to coordinate the relationship between improving quality and expanding total volume, so as to consolidate the material foundation of Chinese-path modernization. High-quality development is mainly reflected in “high” and “new,” including building a high-standard market system, promoting high-level institutional opening up, accelerating the formation of new quality productive forces, and creating a high-quality life. The conference made new deployments and put forward new requirements in this regard. On the one hand, it precisely increases efforts in expanding total volume, including expanding domestic demand in all aspects, actively developing the debut economy, the ice and snow economy, and the silver economy, vigorously developing the county economy, the marine economy, and the bay area economy, cultivating new growth points such as green buildings, expanding service consumption, and actively cultivating new growth poles, and so on. On the other hand, it precisely increases efforts in improving quality, including actively using digital technology and green technology to transform and upgrade traditional industries, completing the deepening and upgrading action of state-owned enterprise reform with high quality, expanding pilot projects in fields such as telecommunications, medical care, and education, and steadily expanding institutional opening up, and so on.

2024年中央经济工作会议强调，必须统筹好提升质量和做大总量的关系，夯实中国式现代化的物质基础。高质量发展主要体现在“高”和“新”上，包括建设高标准市场体系，推进高水平制度型开放，加快形成新质生产力，创造高品质生活等。会议对此作出新部署、提出新要求，一方面在扩大总量上精准加力，包括全方位扩大国内需求，积极发展首发经济、冰雪经济、银发经济，大力发展县域经济、海洋经济、湾区经济，培育绿色建筑等新增长点，扩大服务消费，积极培育新的增长极，等等；另一方面在提升质量上精准加力，包括积极运用数字技术、绿色技术改造提升传统产业，高质量完成国有企业改革深化提升行动，扩大电信、医疗、教育等领域开放试点，稳步扩大制度型开放，等等。

Coordinating the five major relationships—between an effective market and a competent government, between aggregate supply and aggregate demand, between cultivating new drivers and upgrading old drivers, between optimizing increments and revitalizing stock, and between improving quality and expanding total volume—profoundly reveals, in terms of understanding, the basic law that systematic thinking must be used to do a good job in economic work; enriches and substantiates, in terms of method, the toolbox for singing the “economic chorus” well; provides, in terms of practice, an action guide for improving macroeconomic governance; and forms, in terms of theory, an innovative achievement of contemporary Chinese Marxist political economy. It should be adhered to for a long time and correctly applied. Especially under the situation of increasing external pressure and growing internal difficulties, it is even more necessary to adhere to the Party’s overall leadership, especially the centralized and unified leadership of the Party Central Committee, to coordinate a series of major relationships in economic and social development, to comprehensively coordinate work in all aspects, and to continuously form a strong synergy for effectively responding to risks and challenges and solidly promoting high-quality development.

统筹好有效市场和有为政府、总供给和总需求、培育新动能和更新旧动能、做优增量和盘活存量、提升质量和做大总量这五对重大关系，在认识上深刻揭示了必须运用系统观念做好经济工作的基本规律，在方法上丰富充实了唱好“经济大合唱”的工具箱，在实践上提供了完善宏观经济治理的行动指南，在理论上形成了当代中国马克思主义政治经济学的创新成果，应当长期坚持好、正确运用好。特别是在外部压力加大、内部困难增多的形势下，更需要坚持党的全面领导特别是党中央集中统一领导，统筹好经济社会发展中的一系列重大关系，全面协调各方面工作，不断形成有效应对风险挑战、扎实推动高质量发展的强大合力。

Online editor: Paul

网络编辑：保罗