Deeply Study and Implement the Spirit of the Central Economic Work Conference, Solidly Promote the Implementation of the Party Central Committee’s Decisions and Deployments

At the Central Economic Work Conference held in December 2024, General Secretary Xi Jinping summarized the economic work of 2024, analyzed the current economic situation, and deployed the economic work for 2025, pointing the way forward and providing fundamental guidance for China’s high-quality economic development. We must deeply study and implement the spirit of the Central Economic Work Conference, effectively unify our thinking and actions with General Secretary Xi Jinping’s important speech and the decisions and deployments of the

习近平总书记在2024年12月召开的中央经济工作会议上，总结2024年经济工作，分析当前经济形势，部署2025年经济工作，为我国经济高质量发展指明了前进方向、提供了根本遵循。我们要深入学习贯彻中央经济工作会议精神，切实把思想和行动统一到习近平总书记重要讲话精神和党中央决策部署上来，坚持干字当头，增强信心、迎难而上、奋发有为，扎实做好经济社会发展各项工作，以高质量发展的实际成效全面推进强国建设、民族复兴伟业。

I. Comprehensively View the New Progress and New Achievements in China's Economic and Social Development

一、全面看待我国经济社会发展取得的新进展新成效

In 2024, facing a complex and severe situation with increased external pressure and growing internal difficulties, the Party Central Committee with Comrade Xi

2024年，面对外部压力加大、内部困难增多的复杂严峻形势，以习近平同志为核心的党中央沉着应变、综合施策，特别是9月下旬果断部署一揽子增量政策，精准有力实施宏观调控，有效应对风险挑战，有力提振市场信心，经济实现明显回升，高质量发展扎实推进，全年经济社会发展主要目标任务顺利完成。

Economic operations are generally stable, with progress amid stability. In the first three quarters of 2024, gross domestic product grew by 4.8% year-on-year. The growth rates of industry and the service sector rebounded. In November, the added value of industrial enterprises above the designated size increased by 5.4% year-on-year, with the growth rate accelerating by 0.1 percentage points from the previous month. The service industry production index grew by 6.1%, of which the real estate industry production index growth rate rebounded by 2.1 percentage points from the previous month. Investment and consumption continued to expand. In the first 11 months, fixed asset investment grew by 3.3% year-on-year, of which manufacturing investment grew by 9.3%, playing a significant supporting role. In November, total retail sales of consumer goods increased by 3.0% year-on-year, faster than the average growth rate of the third quarter. Employment and prices were generally stable. In the first 11 months, the average surveyed urban unemployment rate was 5.1%, 0.1 percentage points lower than the full-year figure for 2023. The supply of important livelihood commodities was adequate. In December, the consumer price index rose by 0.1% year-on-year, and the national producer price index for industrial products fell by 2.3% year-on-year, with the decline narrowing by 0.2 percentage points from the previous month. Market expectations steadily improved. In December, the manufacturing purchasing managers' index (PMI) was 50.1%, remaining in the expansion range for three consecutive months.

经济运行总体平稳、稳中有进。2024年前三季度国内生产总值同比增长4.8%。工业和服务业增速回升。11月份，规模以上工业增加值同比增长5.4%，增速比上月加快0.1个百分点。服务业生产指数增长6.1%，其中房地产业生产指数增速比上月回升2.1个百分点。投资和消费继续扩大。前11个月，固定资产投资同比增长3.3%，其中制造业投资增长9.3%，支撑作用明显。11月份社会消费品零售总额同比增长3.0%，快于三季度平均增速。就业和物价总体稳定。前11个月城镇调查失业率平均值为5.1%，比2023年全年低0.1个百分点。重要民生商品供给充足，12月份居民消费价格指数同比上涨0.1%，全国工业生产者出厂价格指数同比下降2.3%，降幅比上月收窄0.2个百分点。市场预期稳步改善，12月份制造业采购经理指数（PMI）为50.1%，连续3个月保持在扩张区间。

New quality productive forces developed steadily. The capacity for scientific and technological innovation continuously strengthened. In 2024, China's innovation index ranked 11th globally, making it one of the fastest-rising economies over the past decade. The accelerated transformation of innovation achievements and the sustained activity of technology transactions continued. In 2024, the number of valid domestic invention patents reached 4.756 million. In the first three quarters, the total transaction value of national technology contracts increased by 17.8% year-on-year. New drivers of development were accelerated in their cultivation and growth. In the first 11 months, the added value of high-tech manufacturing industries above the designated size increased by 9.0% year-on-year. The output of high-tech products such as integrated circuits, industrial robots, and photovoltaic cells grew by 23.1%, 11.1%, and 14.8%, respectively. China has cumulatively cultivated over 140,000 specialized and new small and medium-sized enterprises and 14,600 specialized and new "little giant" enterprises, forming 300 characteristic industrial clusters of small and medium-sized enterprises. The pace of green and low-carbon transformation accelerated. In 2024, the newly installed capacity of renewable energy nationwide exceeded 300 million kilowatts, accounting for over 85% of total new installed capacity. In the first 11 months, the production and sales of new energy vehicles reached 11.345 million and 11.262 million units, respectively, with year-on-year growth of 34.6% and 35.6%, and annual production and sales exceeded 10 million units for the first time.

新质生产力稳步发展。科技创新能力不断增强。2024年我国创新指数排名位居全球第11位，是10年来上升最快的经济体之一。创新成果加速转化，技术交易持续活跃，2024年国内发明专利有效量达475.6万件，前三季度全国技术合同成交总额同比增长17.8%。发展新动能加快培育壮大。前11个月，规模以上高技术制造业增加值同比增长9.0%，集成电路、工业机器人、光伏电池等高技术产品产量分别增长23.1%、11.1%、14.8%。我国累计培育专精特新中小企业超过14万家、专精特新“小巨人”企业1.46万家，形成300个中小企业特色产业集群。绿色低碳转型步伐加快。2024年全国可再生能源新增装机容量超过3亿千瓦，占新增装机总量超过85%。前11个月，新能源汽车产销分别完成1134.5万辆和1126.2万辆，同比增长34.6%和35.6%，年产销量首次突破1000万辆。

Reform and opening up continued to deepen. Economic system reform was vigorously advanced. The Third Plenary Session of the 20th Central Committee of the CPC made systematic arrangements for further deepening reform comprehensively, fully outlining the reform blueprint for the new journey of the New Era. The construction of a unified national market was deepened. The implementation of the action to deepen and upgrade the reform of state-owned enterprises was advanced, promoting the optimization and adjustment of layout and structure. The vitality of the private economy was continuously stimulated. In the first 11 months of 2024, private investment (excluding real estate development investment) increased by 6.2% year-on-year. Foreign trade exports grew relatively quickly. In the first 11 months, the total value of goods trade imports and exports was 39.79 trillion yuan, a year-on-year increase of 4.9%, of which exports grew by 6.7%. The export structure was continuously optimized, with exports of mechanical and electrical products increasing by 8.4%, accounting for 59.5% of total export value. The structure of utilized foreign capital continued to improve. In the first 11 months, the number of newly established foreign-invested enterprises nationwide increased by 8.9% year-on-year, the highest level for the same period in history. The actual use of foreign capital in high-tech manufacturing was 82.53 billion yuan, accounting for 11% of the national actual use of foreign capital, an increase of 0.3 percentage points compared to the same period in 2023. High-quality joint construction of the Belt and Road Initiative was solidly advanced. In the first 11 months, China's imports and exports with countries jointly building the Belt and Road Initiative increased by 6% year-on-year, of which exports grew by 8.2%. The China-Europe Railway Express operated stably and smoothly, with cumulative trips exceeding 100,000. In 2024, it operated 19,000 trips, transporting 2.07 million TEUs of goods, an increase of 10% and 9%, respectively.

改革开放持续深化。经济体制改革有力推进。党的二十届三中全会对进一步全面深化改革作出系统部署，全面擘画了新时代新征程的改革蓝图。纵深推进全国统一大市场建设。深入实施国有企业改革深化提升行动，推进布局结构优化调整。不断激发民营经济发展活力，2024年前11个月民间投资（扣除房地产开发投资）同比增长6.2%。外贸出口较快增长。前11个月，货物贸易进出口总值39.79万亿元，同比增长4.9%，其中出口增长6.7%。出口结构不断优化，机电产品出口增长8.4%，占出口总值的59.5%。利用外资结构持续优化。前11个月，全国新设立外商投资企业数量同比增长8.9%，为历史同期最高水平。高技术制造业实际使用外资825.3亿元，占全国实际使用外资的11%，较2023年同期提高0.3个百分点。高质量共建“一带一路”扎实推进。前11个月，我国对共建“一带一路”国家进出口同比增长6%，其中出口增长8.2%。中欧班列稳定通畅运行，累计开行突破10万列，2024年开行1.9万列、运送货物207万标准箱，分别增长10%、9%。

The resolution of risks in key areas was orderly and effective. The capacity to ensure security in key areas was continuously strengthened. Food security was further consolidated. In 2024, the annual grain output reached 1.41 trillion jin, an increase of 1.6% over 2023. On the basis of remaining stable at over 1.3 trillion jin for nine consecutive years, it crossed the new threshold of 1.4 trillion jin for the first time. The construction of the energy production, supply, storage, and sales system was continuously strengthened, with the energy self-sufficiency rate remaining stable at over 80%. The resilience and security level of the industrial chain and supply chain steadily improved. The added value of China's manufacturing industry remained stable at around 30% of the global share, and "China's supply" played an important role in the world economic cycle. Positive changes occurred in the real estate market. Comprehensive policies were implemented to promote the stabilization and recovery of the real estate market. In November, the online signing area of new commercial housing transactions nationwide achieved both year-on-year and month-on-month growth for two consecutive months, with housing market transactions becoming more active. Local government debt and risks of small and medium-sized financial institutions were being effectively mitigated and controlled, and the resolution of existing debts was solidly advanced. Currently, China's government debt ratio is around 70%, significantly lower than that of major economies and emerging market countries, and the debt risk is generally controllable. The reform and risk resolution of high-risk small and medium-sized financial institutions continued to advance, and no major risk incidents occurred in the financial sector.

重点领域风险化解有序有效。重点领域安全保障能力不断加强，粮食安全持续巩固，2024年全年粮食产量达到1.41万亿斤，比2023年增长1.6%，在连续9年稳定在1.3万亿斤以上的基础上，首次迈上1.4万亿斤的新台阶。能源产供储销体系建设持续加强，能源自给率稳定在80%以上。产业链供应链韧性和安全水平稳步提升，我国制造业增加值占全球比重稳定保持在30%左右，“中国供给”在世界经济循环中发挥重要作用。房地产市场出现积极变化，综合施策促进房地产市场止跌回稳，11月份全国新建商品房交易网签面积连续两个月实现同比环比双增长，楼市交易更趋活跃。地方政府债务和中小金融机构风险正在有效缓解和管控，存量债务化解扎实推进，目前我国政府负债率在70%左右，显著低于主要经济体和新兴市场国家，债务风险总体可控。高风险中小金融机构改革化险持续推进，金融领域未发生重大风险事件。

Livelihood guarantees were solid and effective. The income of urban and rural residents grew steadily. In the first three quarters of 2024, the national per capita disposable income of residents reached 30,941 yuan, a real year-on-year increase of 4.9%, 0.1 percentage points higher than the economic growth rate. The urban-rural income gap continued to narrow, with the ratio of per capita disposable income between urban and rural residents at 2.46, narrowing by 0.05 compared to the same period last year. The social security system became more robust. The number of people holding social security cards nationwide reached 1.388 billion, covering 98.5% of the national population. As of the end of November, the number of people covered by basic pension insurance, unemployment insurance, and work-related injury insurance was 1.076 billion, 246 million, and 304 million, respectively. The level of public services continuously improved. The supply of inclusive services in areas such as elderly care, childcare, education, and medical care was continuously strengthened. The service system for "one old, one young" [1]1 "One old, one young" (一老一小) is a Chinese policy shorthand referring to the elderly and the young children, two demographic groups requiring particular social care and service support. became more complete. There were nearly 100,000 institutions providing childcare services nationwide, and the total number of various types of elderly care service institutions and facilities exceeded 410,000.

民生保障扎实有力。城乡居民收入稳步增长。2024年前三季度，全国居民人均可支配收入达30941元，同比实际增长4.9%，高于经济增速0.1个百分点。城乡收入差距继续缩小，城乡居民人均可支配收入之比为2.46，比上年同期缩小0.05。社会保障体系更加健全。全国社保卡持卡人数达13.88亿人，覆盖全国98.5%的人口。截至11月底，基本养老保险、失业、工伤保险参保人数分别为10.76亿人、2.46亿人、3.04亿人。公共服务水平不断提升，养老、托育、教育、医疗等领域普惠性服务供给不断加强，“一老一小”服务体系更加完善，全国提供托育服务的机构已近10万家，各类养老服务机构和设施总数超41万个。

II. Accurately Grasp the Challenges and Opportunities Facing China's Economic Development

二、准确把握我国经济发展面临的挑战和机遇

To scientifically and comprehensively analyze and judge the economic situation, we must adhere to the "two-point theory" [2]2 "Two-point theory" (两点论) is a dialectical materialist method of analysis that requires looking at both aspects of a contradiction—the positive and the negative, the favorable and the unfavorable—rather than taking a one-sided view., recognizing both problems and identifying opportunities; seeing both the "form" of short-term fluctuations and the "trend" of long-term development. Currently, the adverse effects brought by changes in the external environment are deepening, and China's economic operations still face many difficulties and challenges. These are the growing pains that must be experienced in the process of promoting economic structural change and the industry's move toward the mid-to-high end, and they are unavoidable and cannot be bypassed in the course of development and progress. China's economy has always grown and strengthened by overcoming difficulties and cutting through thorns. China's economy has a stable foundation, many advantages, strong resilience, and great potential. The supporting conditions and basic trends for long-term improvement have not changed.

科学全面分析判断经济形势，要坚持“两点论”，既要认清问题，又要找准机遇；既要看到短期波动的“形”，更要看到长期发展的“势”。当前，外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战，这是推动经济结构变革、产业向中高端迈进过程中必须经历的阵痛，是发展和前进中躲不过也绕不开的。我国经济从来都是在攻坚克难、披荆斩棘中不断成长壮大。我国经济基础稳、优势多、韧性强、潜力大，长期向好的支撑条件和基本趋势没有变。

From an international perspective, the external environment is becoming more complex and severe. The momentum of world economic growth is insufficient; the International Monetary Fund predicts that the global economic growth rate over the next five years will be 3%, the “lowest record” since 1990, with an average annual growth rate of 1.7% for developed economies and 4% for emerging markets and developing economies. Major-power games are becoming more intense, geopolitical conflicts are intensifying, which may bring a new round of shocks to the global political and economic landscape. Economic globalization is encountering headwinds, economic and trade barriers are noticeably increasing, affecting the stability of global industrial and supply chains. Major economies are successively entering interest rate cut cycles, cross-border capital flows are becoming more frequent, which may exacerbate fluctuations in the international economic and financial markets.

从国际看，外部环境更趋复杂严峻。世界经济增长动能不足，国际货币基金组织预测未来5年全球经济增长率为3%，是1990年以来“最低纪录”，其中发达经济体年均增速为1.7%、新兴市场和发展中经济体为4%。大国博弈更加激烈，地缘政治冲突加剧，可能给全球政治经济格局带来新一轮冲击。经济全球化遭遇逆流，经贸壁垒明显增多，影响全球产业链供应链稳定。主要经济体陆续进入降息周期，跨境资本流动更加频繁，可能加剧国际经济金融市场波动。

However, it must also be seen that favorable factors remain numerous. Global trade still possesses strong resilience; the United Nations Conference on Trade and Development predicts that global trade volume in 2024 will reach a historic high of $33 trillion, growing by 3.3%, and global trade volume in 2025 is expected to set another new record, which is conducive to expanding new space for international trade development. The development momentum of emerging economies is good, making them an important engine for world economic growth, and their international influence continues to strengthen. According to IMF calculations, the share of emerging economies’ GDP in the global economy has risen from 21% in 2000 to 41.2% in 2023, and is expected to rise to 43.2% by 2028. Global technological innovation has entered a period of intensive activity; major frontier technologies such as artificial intelligence, quantum technology, biotechnology, and new energy technology are accelerating iteration, presenting new development opportunities for cultivating new economic growth points and promoting profound changes in industrial structure.

也要看到，有利因素仍然较多。全球贸易仍具备较强韧性，联合国贸易和发展组织预测，2024年全球贸易额将达33万亿美元的历史新高，增长3.3%，2025年全球贸易额预计将再创新高，有利于拓展国际贸易发展新空间。新兴经济体发展势头良好，成为世界经济增长的重要引擎，国际影响力持续增强，据国际货币基金组织测算，新兴经济体国内生产总值占全球经济比重从2000年的21%上升到2023年的41.2%，预计到2028年将升至43.2%。全球科技创新进入密集活跃期，人工智能、量子技术、生物技术、新能源技术等重大前沿技术加速迭代，培育经济新增长点、推动产业结构深度变革面临新的发展机遇。

From a domestic perspective, the difficulty of consolidating the momentum of sustained economic recovery and improvement is increasing. Domestic demand is insufficient; the masses face pressure in employment and income growth; the endogenous driving force of consumption is relatively weak; investment growth faces constraints; export difficulties are increasing; there is pain in the transition between old and new growth drivers; some enterprises face difficulties in production and operation; and risk hazards in certain areas remain numerous.

从国内看，巩固经济持续回升向好态势难度加大。国内需求不足，群众就业增收面临压力，消费内生动力偏弱，投资增长面临制约，出口困难增多，新旧动能转换存在阵痛，部分企业生产经营面临困难，一些领域风险隐患仍然较多。

At the same time, it must also be seen that China’s economy possesses strong development resilience and potential. The positive factors supporting high-quality development are continuously accumulating; China’s economic strength, technological strength, and comprehensive national power are steadily increasing; Chinese-path modernization has taken new solid steps; the foundation of economic development is stable, with many advantages, strong resilience, and great potential.

同时也要看到，我国经济具备强大的发展韧性和潜力。支撑高质量发展的积极因素在不断累积，我国经济实力、科技实力、综合国力持续增强，中国式现代化迈出新的坚实步伐，经济发展的基础稳、优势多、韧性强、潜能大。

——Political guarantees are strong and reliable. The Two Establishments [3]3 The Two Establishments (两个确立) refers to the establishment of Xi Jinping’s core position on the Party Central Committee and in the Party as are our greatest certainty, greatest confidence, and greatest guarantee for overcoming all difficulties and dangers and coping with all uncertainties. By adhering to the centralized and unified leadership of the Party Central Committee and the scientific guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will certainly be able to gather strong forces to promote healthy and stable economic and social development, firmly grasp the initiative in development and security, and overcome all difficulties and challenges.

——政治保障坚强有力。“两个确立”是我们战胜一切艰难险阻、应对一切不确定性的最大确定性、最大底气、最大保证。坚持党中央集中统一领导，坚持习近平新时代中国特色社会主义思想的科学指导，我们就一定能够汇聚起推动经济社会健康发展、行稳致远的强大力量，牢牢把握发展和安全主动权，战胜一切困难和挑战。

——Institutional advantages are increasingly evident. Since the 18th National Congress of the CPC, the Party Central Committee with Comrade Xi Jinping at its core has adhered to taking institutional improvement as the main line, strengthened top-level design, promoted comprehensive deepening of reform and opening up, and better transformed China’s institutional advantages into national governance effectiveness. Currently, over 300 major reform measures determined by the Third Plenary Session of the 20th Central Committee [4]4 “Cage-changing-for-birds” (腾笼换鸟) is a metaphor for phasing out outdated industries and replacing them with higher-value-added, cleaner industries, often used in the context of industrial park transformation. are being accelerated for implementation, which will effectively resolve deep-seated institutional and mechanistic obstacles and structural contradictions, providing strong impetus and institutional guarantees for advancing Chinese-path modernization.

——制度优势日益彰显。党的十八大以来，以习近平同志为核心的党中央坚持以制度建设为主线，加强顶层设计，推动全面深化改革，将我国制度优势更好转化为国家治理效能。当前，党的二十届三中全会确定的300多项重大改革举措加快落地，将有力破解深层次体制机制障碍和结构性矛盾，为推进中国式现代化提供强大动力和制度保障。

——Supply and demand potential remains enormous. From the supply side, China is the only country possessing all industrial categories in the UN industrial classification, and its manufacturing value added has ranked first in the world for 14 consecutive years. With the acceleration of industrial transformation and upgrading and the steady development of new quality productive forces, the quality and level of China’s supply system will be further enhanced. From the demand side, China has a population of over 1.4 billion, over 400 million middle-income groups, and over 180 million business entities, making it a super-large market with the greatest growth potential globally. With the deepening advancement of new-type industrialization, new-type urbanization, green and low-carbon transformation, and industrial digitalization, networking, and intelligent development, the potential of the domestic demand market will be effectively released.

——供需潜力仍然巨大。从供给看，我国是唯一拥有联合国产业分类中全部工业门类的国家，制造业增加值连续14年稳居世界第一。随着产业转型升级步伐加快、新质生产力稳步发展，我国供给体系质量和水平将进一步提升。从需求看，我国拥有14亿多人口、4亿多中等收入群体、1.8亿多户经营主体，是全球超大规模且最有增长潜力的市场。随着新型工业化、新型城镇化、绿色低碳转型和产业数字化、网络化、智能化发展等深入推进，内需市场潜力将得到有效释放。

——Macro policies are being strengthened and made more effective. A package of incremental policies and existing policies continue to play a role; policy tools are becoming more abundant; and there is still sufficient space for counter-cyclical adjustment policies. With the accelerated implementation of major measures such as the construction of “Two Major Projects” [5]5 “Replacing hidden debts with stock” refers to the policy of swapping local governments’ off-balance-sheet implicit liabilities (e.g., from local government financing vehicles) with officially recognized bonds to reduce financial risk. and the work of “Two New Initiatives” [6]6 “Two new” (两新) refers to the policy of promoting large-scale equipment renewal and the replacement of old consumer goods with new ones., and the strengthening and improvement of ultra-long-term special government bonds, local government special bonds, and central budget investment, the combined effect of policies is expected to be continuously released, forming strong support for sustained economic recovery and improvement.

——宏观政策加力提效。一揽子增量政策和存量政策持续发挥作用，政策工具更加丰富，逆周期调节政策仍有足够空间。随着“两重”建设、“两新”工作等重大举措加快推进，超长期特别国债、地方政府专项债券、中央预算内投资等加力提效，政策组合效应有望持续释放，对经济持续回升向好形成有力支撑。

In summary, we have the conditions, capabilities, and confidence to promote the stable and healthy development of China’s economy. As long as we maintain strategic focus, strengthen confidence, forge ahead with determination, work hard, unswervingly handle our own affairs well, and strive to transform positive factors from all sides into development achievements, we will be able to climb one new peak after another while cutting through thorns and brambles.

总之，我们有条件、有能力、有信心推动我国经济平稳健康发展，只要保持定力、坚定信心，开拓进取、奋力拼搏，坚定不移办好自己的事，努力把各方面积极因素转化为发展实绩，就能在披荆斩棘中攀上一个又一个新的高峰。

III. Deeply Understand the Regularity-Based Understanding of Doing Economic Work Well

三、深刻领会做好经济工作的规律性认识

At the Central Economic Work Conference, General Secretary Xi Jinping summarized and refined the practical experience of China’s economic construction, enriching and expanding our Party’s regularity-based understanding of economic work, providing scientific guidance for further doing economic work well and comprehensively advancing Chinese-path modernization with high-quality development. We must deeply study and comprehend this, and consciously implement it in all aspects and throughout the entire process of economic work.

在中央经济工作会议上，习近平总书记总结提炼我国经济建设的实践经验，丰富拓展了我们党对经济工作的规律性认识，为进一步做好经济工作、以高质量发展全面推进中国式现代化提供了科学指引，我们要深刻学习领会，自觉贯彻落实到经济工作各方面、全过程。

Deeply understand that the centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing economic work well. General Secretary Xi Jinping emphasized that the Party commands the overall situation and coordinates all parties; economic work is the central task, and Party leadership must naturally be fully reflected in the central task. Practice has proven that the larger China’s economy becomes and the greater the storms it faces, the more important it is to have a helmsman at the helm. At critical moments and important junctures, the Party Central Committee promptly assesses the situation and makes decisions and deployments, ensuring that China’s economic ship sails through wind and waves and proceeds steadily. To do economic work well on the new journey, we must deeply comprehend the decisive significance of the Two Establishments, strengthen the Four Consciousnesses [7]7 “Two major” (两重) refers to the policy of advancing major national strategies and building major security capabilities in key areas., firm up the Four Confidences [8]8 “Involution-style” (内卷式) competition refers to a zero-sum or self-defeating form of intense competition that leads to diminishing returns, often used in Chinese policy discourse to criticize excessive rivalry in industries., and achieve the Two Upholds [9]9 “Two unswervinglies” (两个毫不动摇) is a policy principle: unswervingly consolidate and develop the public sector, and unswervingly encourage, support, and guide the development of the non-public sector., continuously improve political judgment, political understanding, and political execution, and ensure that economic work always advances in the correct direction guided by General Secretary Xi Jinping and the Party Central Committee.

深刻领会党中央集中统一领导是做好经济工作的根本保证。习近平总书记强调，党是总揽全局、协调各方的，经济工作是中心工作，党的领导当然要在中心工作中得到充分体现。实践证明，中国经济体量越大、面临的风浪越大，掌舵领航越重要。在关键时刻、重要节点，党中央及时研判形势、作出决策部署，确保了我国经济航船乘风破浪、行稳致远。做好新征程经济工作，要深刻领悟“两个确立”的决定性意义，增强“四个意识”、坚定“四个自信”、做到“两个维护”，不断提高政治判断力、政治领悟力、政治执行力，确保经济工作始终沿着习近平总书记和党中央指引的正确方向前进。

Deeply understand that the relationship between an effective market and a well-functioning government must be properly coordinated to form an economic order that is both “able to be enlivened” and “able to be managed well.” Market determination of resource allocation is a general law of the market economy; the market economy is essentially an economy where the market determines resource allocation. However, it must also be seen that the market may have problems such as failure and disorder; the government must promptly fill the gaps, correct market failures, regulate competition order, and optimize the market environment. Only by promoting a better combination of an effective market and a well-functioning government, releasing fully and properly what should be released to the market, and managing well and properly what the government should manage, can economic activities be both vibrant and orderly. To do economic work well on the new journey, we must give full play to the decisive role of the market in resource allocation, better play the role of the government, stimulate the endogenous driving force and innovation vitality of the whole society, and achieve optimization of resource allocation efficiency and maximization of benefits.

深刻领会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。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。但也要看到，市场可能存在失灵、无序等问题，政府必须及时补位，矫正市场失灵，规范竞争秩序，优化市场环境。只有推动有效市场和有为政府更好结合，该放给市场的放足、放到位，该政府管理的管好、管到位，才能让经济活动既生机勃勃又井然有序。做好新征程经济工作，要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，激发全社会内生动力和创新活力，实现资源配置效率最优化和效益最大化。

Deeply understand that the relationship between aggregate supply and aggregate demand must be properly coordinated to smooth the national economic cycle. Supply and demand are a dialectical relationship of both opposition and unity. Without demand, supply cannot be realized; without supply, demand cannot be met. Currently, China’s domestic demand is insufficient, and external demand faces the adverse impact of increased unstable and unpredictable factors in the international situation. Expanding domestic demand concerns not only economic stability but also economic security; it is not an expedient measure but a strategic move. To do economic work well on the new journey, we must coordinate efforts on both the supply and demand sides, enhance the adaptability and balance between supply and demand, continue to deepen supply-side structural reform, accelerate the filling of shortcomings in domestic demand, especially consumption, and form a higher-level dynamic balance where demand drives supply and supply creates demand.

深刻领会必须统筹好总供给和总需求的关系，畅通国民经济循环。供给和需求是既对立又统一的辩证关系。没有需求，供给就无从实现；没有供给，需求就无法满足。当前，我国国内需求不足，外部需求面临国际形势不稳定难预料因素增多的不利影响。扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之举。做好新征程经济工作，要坚持供需两侧协同发力，增强供给与需求的适配性、平衡性，持续深化供给侧结构性改革，加快补上内需特别是消费短板，形成需求牵引供给、供给创造需求的更高水平动态平衡。

We must deeply understand the imperative to properly balance the relationship between cultivating new drivers of growth and upgrading old ones, and to develop new quality productive forces in light of local conditions. Traditional industries account for over 80% of China’s manufacturing sector. Developing new quality productive forces does not mean neglecting or abandoning traditional industries; rather, it means both promoting emerging industries to “stand up” and ensuring traditional industries “remain stable.” At present, different localities have different industrial foundations and comparative advantages for developing new quality productive forces. It is essential to adapt to local conditions, carry out scientific planning, and organically integrate the cultivation and expansion of new drivers of growth with the transformation and upgrading of old ones. To do economic work well on the new journey, we must both cultivate and strengthen emerging industries, plan and lay out future industries so that “new sprouts grow into big trees,” and also fully apply advanced and cutting-edge technologies to transform and upgrade traditional industries so that “old trees put forth new branches,” promoting a smooth transition and succession between old and new development drivers.

深刻领会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。传统产业在我国制造业中占比超过80%，发展新质生产力不是要忽视、放弃传统产业，而是既要推动新兴产业“立起来”，又要推动传统产业“稳得住”。当前，各地发展新质生产力的产业基础和比较优势不同，必须因地制宜、科学规划，把培育壮大新动能和改造提升旧动能有机结合起来。做好新征程经济工作，既要培育壮大新兴产业，谋划布局未来产业，让“新芽成大树”，也要充分运用先进技术、前沿技术来改造提升传统产业，让“老树发新枝”，推动新旧发展动能平稳接续转换。

We must deeply understand the imperative to properly balance the relationship between optimizing increments and revitalizing stock, and to comprehensively improve the efficiency of resource allocation. Optimizing increments can promote the upgrading of the economic structure and expand new space for development; revitalizing stock can enhance the vitality of economic development and stabilize the economic fundamentals. After long-term development, China has accumulated a huge stock of assets and also formed a relatively large scale of liabilities. It is necessary to strengthen both asset management and liability management. To do economic work well on the new journey, we must coordinate the use of various types of incremental and stock resources, continue to promote the “cage-changing-for-birds” [4]4 “Cage-changing-for-birds” (腾笼换鸟) is a metaphor for phasing out outdated industries and replacing them with higher-value-added, cleaner industries, often used in the context of industrial park transformation. transformation of industrial parks, implement policies such as replacing hidden debts with stock [5]5 “Replacing hidden debts with stock” refers to the policy of swapping local governments’ off-balance-sheet implicit liabilities (e.g., from local government financing vehicles) with officially recognized bonds to reduce financial risk. and revitalizing stock land, promote the coordination of major economic structures and the optimization of the layout of productive forces, and continuously enhance the endogenous drivers of economic development.

深刻领会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。做优增量可以促进经济结构升级，拓展发展新空间；盘活存量可以提升经济发展活力，稳固经济基本盘。经过长期发展，我国已经积累了规模巨大的资产，也形成了较大规模负债，必须加强资产管理和负债管理。做好新征程经济工作，要统筹用好各类增量资源和存量资源，持续推动产业园区“腾笼换鸟”，落实好置换存量隐性债务、盘活存量土地等政策，促进重大经济结构协调和生产力布局优化，不断增强经济发展内生动能。

We must deeply understand the imperative to properly balance the relationship between improving quality and expanding aggregate volume, and to consolidate the material foundation for Chinese-path modernization. Promoting high-quality development requires both taking the “quantitative change” of expanding scale and increasing aggregate volume as the foundation, and taking the “qualitative change” of improving quality and enhancing efficiency as the goal. At present, the problem of unbalanced and inadequate development in our country remains prominent. Advancing Chinese-path modernization places very high demands on the speed, structure, quality, and efficiency of economic development. To do economic work well on the new journey, we must leverage our country’s advantages, including its huge economic aggregate, ultra-large market, strong industrial supporting capacity, and large number of hardworking, intelligent, high-quality workers and entrepreneurial talents, to promote effective qualitative improvement and reasonable quantitative growth of the economy, and to lay a more solid material and technological foundation for advancing Chinese-path modernization through high-quality development.

深刻领会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。推动高质量发展，既要以扩大规模、做大总量的“量变”为基础，又要以提升质量、提高效率的“质变”为目标。当前我国发展不平衡不充分问题仍然突出，推进中国式现代化对经济发展的速度、结构、质量、效益都提出很高的要求。做好新征程经济工作，要用好我国巨大经济体量、超大规模市场、强大产业配套和大量勤劳智慧高素质劳动者及企业家人才等方面优势，推动经济实现质的有效提升和量的合理增长，以高质量发展为推进中国式现代化奠定更加坚实的物质技术基础。

IV. Implement and Fulfill the Party Central Committee’s Decisions and Deployments on Economic Work

四、落实落细党中央关于经济工作的决策部署

The Central Economic Work Conference made a comprehensive and systematic deployment of the overall requirements, policy orientation, and key tasks for economic work in 2025, emphasizing the need to adhere to seeking progress while maintaining stability, promoting stability through progress, upholding fundamental principles and breaking new ground, establishing the new before abolishing the old, and achieving systemic integration and coordinated cooperation. Facing the new situation, new tasks, and new requirements, we must unswervingly unify our thinking, unify our will, and unify our actions, ensure that all decisions and deployments of the Party Central Committee are implemented, promote the sustained recovery and improvement of the economy, complete the goals and tasks of the 14th Five-Year Plan with high quality, and lay a solid foundation for a good start to the 15th Five-Year Plan.

中央经济工作会议对2025年经济工作的总体要求、政策取向、重点任务作出全面系统部署，强调要坚持稳中求进、以进促稳，守正创新、先立后破，系统集成、协同配合。面对新形势新任务新要求，我们要坚定不移统一思想、统一意志、统一行动，确保党中央各项决策部署落到实处，推动经济持续回升向好，高质量完成“十四五”规划目标任务，为实现“十五五”良好开局打牢基础。

Intensify counter-cyclical adjustment of macroeconomic policies and expand domestic demand in all respects. Implement a more proactive fiscal policy and a moderately loose monetary policy, employ a “policy combination,” and strengthen the coordination and cooperation of fiscal, monetary, employment, investment, consumption, industrial, regional, price, environmental protection, and regulatory policies, as well as reform and opening up measures. Unify both economic and non-economic policies into the consistency assessment of macroeconomic policy orientation to improve overall policy effectiveness. Vigorously boost consumption, intensify efforts in the “two new” [6]6 “Two new” (两新) refers to the policy of promoting large-scale equipment renewal and the replacement of old consumer goods with new ones. work, implement a special action to boost consumption, promote income growth and burden reduction for middle- and low-income groups, innovate diversified consumption scenarios, and promote the expansion, quality improvement, and efficiency enhancement of consumption. Expand effective investment, make greater efforts to advance the “two major” [7]7 “Two major” (两重) refers to the policy of advancing major national strategies and building major security capabilities in key areas. construction, better coordinate “hard investment” and “soft construction,” form more physical workload as soon as possible, effectively drive social investment with government investment, and continue to promote the introduction of private capital into major projects. Strengthen the publicity and interpretation of the economic situation and policies, promptly respond to social concerns, and strengthen expectation management.

加大宏观政策逆周期调节，全方位扩大国内需求。实施更加积极的财政政策和适度宽松的货币政策，打好政策“组合拳”，加强财政、货币、就业、投资、消费、产业、区域、价格、环保、监管等政策和改革开放举措的协调配合。把经济政策和非经济性政策统一纳入宏观政策取向一致性评估，提高政策整体效能。大力提振消费，加力做好“两新”工作，实施提振消费专项行动，推动中低收入群体增收减负，创新多元化消费场景，促进消费扩量提质增效。扩大有效益的投资，更大力度推动“两重”建设，更好统筹“硬投资”和“软建设”，尽快形成更多实物工作量，以政府投资有效带动社会投资，持续推动重大项目引入民间资本。强化经济形势和政策宣传解读，及时回应社会关切，加强预期管理。

Accelerate the development of new quality productive forces and build a modern industrial system. Continuously enhance scientific and technological innovation capabilities, strengthen basic research and research on key core technologies, reinforce the construction of national strategic scientific and technological forces, and lay out major scientific and technological projects ahead of schedule. Vigorously support the high-quality development of the manufacturing industry, comprehensively rectify “involution-style” [8]8 “Involution-style” (内卷式) competition refers to a zero-sum or self-defeating form of intense competition that leads to diminishing returns, often used in Chinese policy discourse to criticize excessive rivalry in industries. competition, and strengthen the regulation of supply and demand as well as the connection between production and sales. Actively apply digital technology and green technology to transform and upgrade traditional industries. Accelerate the development of emerging industries and the cultivation of future industries, do a good job in the high-quality development of the digital economy, and cultivate a number of digital industry clusters with international competitiveness.

加快发展新质生产力，建设现代化产业体系。持续增强科技创新能力，加强基础研究和关键核心技术攻关，强化国家战略科技力量建设，超前布局重大科技项目。大力支持制造业高质量发展，综合整治“内卷式”竞争，加强供需调控和产销衔接。积极运用数字技术、绿色技术改造提升传统产业。加快新兴产业发展和未来产业培育，抓好数字经济高质量发展，培育一批具有国际竞争力的数字产业集群。

Leverage the leading role of economic system reform and promote the implementation of landmark reform measures. Highlight the construction of a unified national market, implement guidelines for building a unified national market, revise and issue a new version of the negative list for market access, and break down market access barriers. Carry out a special action to regulate law enforcement involving enterprises. Strengthen supervision and promote the healthy development of the platform economy. Adhere to and implement the “two unswervinglies” [9]9 “Two unswervinglies” (两个毫不动摇) is a policy principle: unswervingly consolidate and develop the public sector, and unswervingly encourage, support, and guide the development of the non-public sector., complete the special action to deepen and upgrade the reform of state-owned enterprises with high quality, and promote the enactment of the law on promoting the private economy. Accelerate the improvement of the modern circulation system and reduce logistics costs for the whole society.

发挥经济体制改革牵引作用，推动标志性改革举措落地见效。突出抓好全国统一大市场建设，实施全国统一大市场建设指引，修订出台新版市场准入负面清单，破除市场准入壁垒。开展规范涉企执法专项行动。加强监管，促进平台经济健康发展。坚持和落实“两个毫不动摇”，高质量完成国有企业改革深化提升行动，推动民营经济促进法出台。加快完善现代流通体系，降低全社会物流成本。

Coordinate the work of “bringing in” and “going global” and expand high-standard opening up. Orderly expand independent opening up and unilateral opening up, steadily expand institutional opening up, and accelerate the implementation of core policies for the Hainan Free Trade Port. Make every effort to stabilize foreign trade and foreign investment, actively develop service trade, green trade, and digital trade, steadily advance the opening up of the service industry, and expand pilot opening up in fields such as telecommunications, medical care, and education. Promote the high-quality joint construction of the Belt and Road Initiative to be deepened and substantiated, improve the overseas comprehensive service system, and coordinate the advancement of major landmark projects and “small but beautiful” livelihood projects. Make every effort to ensure the safe, stable, and smooth operation of the China-Europe Railway Express.

统筹做好“引进来”和“走出去”，扩大高水平对外开放。有序扩大自主开放和单边开放，稳步扩大制度型开放，加快推进海南自由贸易港核心政策落地。全力稳外贸、稳外资，积极发展服务贸易、绿色贸易、数字贸易，稳步推进服务业开放，扩大电信、医疗、教育等领域开放试点。推动高质量共建“一带一路”走深走实，完善海外综合服务体系，统筹推进重大标志性工程和“小而美”民生项目。全力保障中欧班列安全稳定畅通运行。

Effectively prevent and defuse risks in key areas, and better coordinate development and security. Consolidate the foundation of food security in all respects, implement the strategy of “storing grain in the land and storing grain in technology” [10]10 “Storing grain in the land and storing grain in technology” (藏粮于地、藏粮于技) is a strategy emphasizing protecting arable land quality and advancing agricultural technology to ensure long-term food security., implement the responsibility system for farmland protection and food security, and maintain the overall stability of grain sowing area. Vigorously enhance the capacity to ensure the security of energy and resource supply, and do a good job in ensuring energy supply during peak summer and winter periods. Make every effort to ensure the security of important industrial and supply chains. Continue to make sustained efforts to promote the stabilization and recovery of the real estate market, and promote the construction of a new model for real estate development. Do a good job in the replacement of local government hidden debts. Prudently handle risks of local small and medium-sized financial institutions.

有效防范化解重点领域风险，更好统筹发展和安全。全方位夯实粮食安全根基，落实“藏粮于地、藏粮于技”战略，落实耕地保护和粮食安全责任制，保持粮食播种面积总体稳定。大力提升能源资源安全保障能力，做好迎峰度夏、迎峰度冬能源保供工作。全力确保重要产业链供应链安全。持续用力推动房地产市场止跌回稳，推动构建房地产发展新模式。做好地方政府隐性债务置换工作。稳妥处置地方中小金融机构风险。

Promote coordinated development between urban and rural areas and among regions, and further expand the space for economic development. Actively advance the five-year action plan for the new urbanization strategy, accelerate the urbanization of the agricultural transfer population, and promote the coordinated development of large, medium, and small cities. Consolidate and expand the achievements of poverty alleviation, solidly promote comprehensive rural revitalization, and improve the comprehensive benefits and competitiveness of agriculture. Leverage the synergistic effects of the regional coordinated development strategy, major regional strategies, and the main functional area strategy, coordinate the deepening implementation of regional strategies and regional linkage and integrated development, and unswervingly and thoroughly implement major strategies. Enhance the innovation capacity and radiation-driven role of regions with economic development advantages, and actively cultivate new growth poles.

促进城乡区域协调发展，进一步拓宽经济发展空间。积极推进新型城镇化战略五年行动计划，加快农业转移人口市民化，促进大中小城市协调发展。巩固拓展脱贫攻坚成果，扎实推进乡村全面振兴，提高农业综合效益和竞争力。发挥区域协调发展战略、区域重大战略、主体功能区战略的叠加效应，统筹区域战略深化实施和区域联动融合发展，不折不扣抓好重大战略贯彻落实。提升经济发展优势区域的创新能力和辐射带动作用，积极培育新的增长极。

Effectively ensure and improve people’s livelihood, and continuously enhance the well-being of the people. Make greater efforts to stabilize employment and focus on promoting residents’ income growth. Strengthen the restoration and governance of ecosystems, continuously improve the quality of the ecological environment, actively and prudently promote the peak of carbon emissions and carbon neutrality, establish a new mechanism for the comprehensive transition from dual control of energy consumption to dual control of carbon emissions, and coordinately promote carbon reduction, pollution reduction, green expansion, and economic growth. Improve the social security system, enhance the level of public service supply, expand inclusive elderly care services, vigorously develop integrated childcare services, continue to do a good job in ensuring the supply of important livelihood commodities, and firmly hold and secure the bottom line of social and people’s livelihood.

切实保障和改善民生，不断增进民生福祉。更大力度稳定就业，着力促进居民增收。加强生态系统修复治理，持续改善生态环境质量，积极稳妥推进碳达峰碳中和，建立能耗双控向碳排放双控全面转型新机制，协同推进降碳减污扩绿增长。健全社会保障体系，提升公共服务供给水平，扩大普惠养老服务，大力发展托幼一体服务，继续做好重要民生商品供应保障，守住兜牢社会民生底线。

Online Editor: Tongxin

网络编辑：同心