Central Economic Work Conference readout & notes

A near-full tranlsation with analysis

Below is a near-full translation of today’s - okay technically, in GMT+8, yesterday’s - readout (Chinese) of the annual Central Economic Work Conference, with some notes from Chinese experts and your Pekingnologist.

Errors may well exit. Also, this does NOT represent official translation or views. If this is not clear enough, please read the About page.

习近平在会上发表重要讲话，总结2021年经济工作，分析当前经济形势，部署2022年经济工作。李克强在讲话中对明年经济工作作出具体部署，并作了总结讲话。

Xi Jinping delivered an important speech at the meeting, summarizing the economic work in 2021, analyzing the current economic situation, and deploying economic work in 2022. Li Keqiang made specific plans for next year's economic work and gave a concluding speech.

会议认为，今年是党和国家历史上具有里程碑意义的一年。我们隆重庆祝中国共产党成立一百周年，实现第一个百年奋斗目标，开启向第二个百年奋斗目标进军新征程，沉着应对百年变局和世纪疫情，构建新发展格局迈出新步伐，高质量发展取得新成效，实现了“十四五”良好开局。我国经济发展和疫情防控保持全球领先地位，国家战略科技力量加快壮大，产业链韧性得到提升，改革开放向纵深推进，民生保障有力有效，生态文明建设持续推进。这些成绩的取得，是以习近平同志为核心的党中央坚强领导的结果，是全党全国各族人民勠力同心、艰苦奋斗的结果。

The meeting held that this year is a landmark year in the history of the Party and the country. We celebrated the centenary of the founding of the Communist Party of China, achieved the first centenary goal, opened a new march to the second centennial goal, calmly cope with changes unseen in a century and the epidemic of the century, took new stepts toward builing a new development paradigm, achieved new results in high-quality development, achieved a good start to the "14th Five-Year" period. China sustained a leading position globally in economic development and epidemic prevention and control. The national strategic scientific and technological forces accelerated their growth. The resilience of the industrial chain has been enhanced. The reform and opening up deepened. Protection of people's livelihood proved powerful and effective. Ecological civilization construction continued. These achievements are the result of the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, and the result of the dedicated efforts and hard work of the entire Party and the people of all ethnic groups.

会议指出，在充分肯定成绩的同时，必须看到我国经济发展面临需求收缩、供给冲击、预期转弱三重压力。世纪疫情冲击下，百年变局加速演进，外部环境更趋复杂严峻和不确定。我们既要正视困难，又要坚定信心。我国经济韧性强，长期向好的基本面不会改变。无论国际风云如何变幻，我们都要坚定不移做好自己的事情，不断做强经济基础，增强科技创新能力，坚持多边主义，主动对标高标准国际经贸规则，以高水平开放促进深层次改革、推动高质量发展。

The meeting pointed out that, while fully affirming the achievements, it must be seen that China's economic development is facing a triple pressure of demand contraction, supply turbulence, and weakening expectations. Impacted by the epidemic of the century, changes unseen in a century accelerated, and the external environment is more complex and severe and uncertain. We must face up to the difficulties, but also be fully confident. Our economy is resilient, the long-term positive fundamentals will not change. Regardless of how the international landscape changes, we must firmly do our own work, and continue to strengthen the economic base, enhance the ability of science and technology innovation, adhere to multilateralism, take the initiative to use high standards of international economic and trade rules as the benchmark, with a high level of openness to promote deep reform and promote high-quality development.

Note: Economists including Zhang Liqun and Wang Xiaosong told China News Service this meeting emphasizes preserving employment, people's livelihood, and market entities, reflecting the idea of safeguarding the baseline. The focus for next year should be on the most difficult aspects. Against the background of the gradual withdrawal of the extraordinary fiscal and monetary policies in response to the epidemic, consumer demand and investment demand have shown a significant decline since this year. The continuous rise in international commodity prices has brought cost pressure to many industries; the return to normal monetary policy has led to narrower funding, difficulties in corporate financing, and shrinking production, thus also bringing about a shortage of supply. From the purchasing managers' index and residents' confidence index of future income, the current market players are less optimistic about future expectations, which will further lead to less spending and insufficient corporate investment, thus exacerbating the demand contraction.

In the last sentence highlighted in the paragraph, the implementation of RCEP and China’s application to join CPTPP comes to mind. Pekingnology published Prof. Zheng Yongnian’s piece a few days ago where he said it is indeed necessary for China to join the CPTPP to advance domestic reforms, not merely to integrate into the world.

必须坚持高质量发展，坚持以经济建设为中心是党的基本路线的要求，全党都要聚精会神贯彻执行，推动经济实现质的稳步提升和量的合理增长。必须坚持稳中求进，调整政策和推动改革要把握好时度效，坚持先立后破、稳扎稳打。必须加强统筹协调，坚持系统观念。

We must adhere to high-quality development. Taking economic development as the central task is the requirement of the Party's basic line, and the entire Party must concentrate on its implementation of the implementation, and promote the economy to achieve a steady improvement in quality and reasonable growth in quantity. We must stick to making progress while ensuring stability. When adjusting policies and promoting reforms, we should grasp the timing, scale, and effectiveness; adhere to establishing the new first and then abolish the old; go ahead steadily and strike sure blows. We must enhance coordination and apply systems thinking

Note: Economic development is extremely important. It doesn’t work if you spend time & energy doing a lot of other stuff but the economy is in trouble. Do not make abrupt changes that have not taken everything into consideration.

会议强调，明年将召开党的二十大，这是党和国家政治生活中的一件大事，要保持平稳健康的经济环境、国泰民安的社会环境、风清气正的政治环境。

The meeting stressed that next year we will hold the 20th Party Congress, which is a major event in the political life of the Party and the country. We shall maintain a stable and healthy economic environment, a peaceful and secure social environment, and a clean and righteous political environment.

　

会议要求，明年经济工作要稳字当头、稳中求进，各地区各部门要担负起稳定宏观经济的责任，各方面要积极推出有利于经济稳定的政策，政策发力适当靠前。

The meeting requested that next year's economic work shall highlight stability and make progress while ensuring stability. All regions and departments shall assume responsibility for the stability of the macroeconomy, all parties/aspects shall actively launch policies conducive to economic stability, and the release of the force of the policies shall be appropriately earlier.

Note: The reduction of the reserve requirement ratio for banks this week comes to mind.

Wang Jun, an economist with Zhongyuan Bank, says these are obviously clear and firm signals of stabilizing growth. Because high-quality development and building a new development paradigm need to be achieved under the premise of stable growth. To this end, the stabilization of the macro-economic macroeconomic first needs a realistic, practical, and feasible numerical target which could play the role of stabilizing expectations and encouraging confidence in economic growth.

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一是宏观政策要稳健有效。要继续实施积极的财政政策和稳健的货币政策。积极的财政政策要提升效能，更加注重精准、可持续。要保证财政支出强度，加快支出进度。实施新的减税降费政策，强化对中小微企业、个体工商户、制造业、风险化解等的支持力度，适度超前开展基础设施投资。党政机关要坚持过紧日子。严肃财经纪律。坚决遏制新增地方政府隐性债务。稳健的货币政策要灵活适度，保持流动性合理充裕。引导金融机构加大对实体经济特别是小微企业、科技创新、绿色发展的支持。财政政策和货币政策要协调联动，跨周期和逆周期宏观调控政策要有机结合。实施好扩大内需战略，增强发展内生动力。

First, the macro policy should be stable and effective. We shall continue to implement a proactive fiscal policy and prudent monetary policy. The proactive fiscal policy shall enhance its effectiveness, pay more attention to precision and sustainability. We shall ensure the intensity of fiscal spending and accelerate the progress of spending. Implement new policies to reduce taxes and fees, strengthen support for small and medium-sized enterprises, individual business households, manufacturing, and risk resolution, and carry out appropriate forward-thinking infrastructure investment. Party and government organs should insist on tightening their belt and apply strict fiscal discipline. We shall resolutely curb the addition of hidden local government debt. The stable monetary policy should be flexible and moderate to maintain a reasonable abundance of liquidity. We shall guide financial institutions to increase support for the real economy, especially for small and micro enterprises, science and technology innovation, and green development. Fiscal policy and monetary policy should be coordinated and linked, and cross-cycle and counter-cyclical macroeconomic policies should be organically combined. Implement a good strategy to expand domestic demand and enhance the endogenous power of development.

Note: Fiscal especially infrastructure spending shall come - Build Ahead Better.

二是微观政策要持续激发市场主体活力。要提振市场主体信心，深入推进公平竞争政策实施，加强反垄断和反不正当竞争，以公正监管保障公平竞争。强化知识产权保护，营造各类所有制企业竞相发展的良好环境。

Second, micro policy should continue to stimulate the vitality of market entities. We shall boost the confidence of market entities, deepen the implementation of fair competition policy, strengthen anti-monopoly and anti-unfair competition, and safeguard fair competition with fair supervision. Strengthen the protection of intellectual property rights and create a good environment for enterprises of all ownership types to compete for development.

三是结构政策要着力畅通国民经济循环。要深化供给侧结构性改革，重在畅通国内大循环，重在突破供给约束堵点，重在打通生产、分配、流通、消费各环节。要提升制造业核心竞争力，启动一批产业基础再造工程项目，激发涌现一大批“专精特新”企业。加快形成内外联通、安全高效的物流网络。加快数字化改造，促进传统产业升级。要坚持房子是用来住的、不是用来炒的定位，加强预期引导，探索新的发展模式，坚持租购并举，加快发展长租房市场，推进保障性住房建设，支持商品房市场更好满足购房者的合理住房需求，因城施策促进房地产业良性循环和健康发展。

Third, structural policies should focus on the smooth flow of the national economic cycle. We shall deepen the supply-side structural reform focusing on the smooth domestic circulation, focusing on breaking through the blockage and constraints of supply, focusing on streamlining the production, distribution, circulation, and consumption links. We shall enhance the core competitiveness of the manufacturing industry, start a number of industrial infrastructure re-establishing projects, and stimulate the emergence of a large number of "specialized, refined, featured, and novel" enterprises. Accelerate the formation of internal and external connectivity, safe and efficient logistics network. Accelerate the digital transformation and promote the upgrading of traditional industries. Adhere to the positioning of houses are for living in, not for speculation; strengthen the guidance of expectations, explore new development models, adhere to cultivate both renting and purchasing, accelerate the development of long-term rental housing market, promote the construction of subsidized housing, support the commercial housing market to better meet the reasonable housing needs of homebuyers, and promote the virtuous cycle and healthy development of the real estate industry via specific policies for specific cities.

Note: The term “专精特新”企业 "specialized, refined, featured, and novel" enterprises have been popular in official speeches and documents for quite some time.

The term 产业基础再造工程项目 industrial infrastructure re-establishing projects is not totally new, but it’s fairly new, in your Pekingnologist’s observation.

“Houses are for living in, not for speculation” is repeated.

四是科技政策要扎实落地。要实施科技体制改革三年行动方案，制定实施基础研究十年规划。强化国家战略科技力量，发挥好国家实验室作用，重组全国重点实验室，推进科研院所改革。强化企业创新主体地位，深化产学研结合。完善优化科技创新生态，形成扎实的科研作风。继续开展国际科技合作。

Fourth, science and technology policies should be solidly implemented on the ground. We shall implement the three-year action plan for the reform of the science and technology system, and design and implement a ten-year plan for basic research. Strengthen the national strategic science and technology forces, enable national laboratories to play a good role, reorganize the national key laboratories, and promote the reform of research institutes. Strengthen that the enterprises should be the main innovative entities, deepen the combination of industry, academia, and research. Improve and optimize the science and technology innovation ecology, and form a style that emphasizes solid research. Continue to carry out international cooperation in science and technology.

五是改革开放政策要激活发展动力。要抓好要素市场化配置综合改革试点，全面实行股票发行注册制，完成国企改革三年行动任务，稳步推进电网、铁路等自然垄断行业改革。调动地方改革积极性，鼓励各地因地制宜、主动改革。扩大高水平对外开放，推动制度型开放，落实好外资企业国民待遇，吸引更多跨国公司投资，推动重大外资项目加快落地。推动共建“一带一路”高质量发展。

Fifth, the reform and opening-up policy shall activate the development momentum. We shall grasp the pilot comprehensive reforms in market-oriented allocation of (production) factors, fully implement registration-based IPOs, the completion of the three-year action task of reform of state-owned enterprises, and steadily promote the reform of power grids, railroads, and other natural monopolies. Incentivize local reform, encourage local levels to initiate reforms based on local conditions. Expand the high level of opening up to the outside world, promote institutional opening-up, implement the national treatment of foreign-invested enterprises, attract more multinational companies to invest, and promote the speedy implementation of major foreign investment projects. Promote the joint, high-quality development of the Belt and Road.

Note: The main boards at Shanghai and Shenzhen stock exchanges haven’t implemented registration-based IPOs. So they will be.

Keep opening-up.

六是区域政策要增强发展的平衡性协调性。要深入实施区域重大战略和区域协调发展战略，促进东、中、西和东北地区协调发展。全面推进乡村振兴，提升新型城镇化建设质量。

Sixth, regional policies shall enhance the balance and coordination of development. We should implement major regional strategies and regional coordinated development strategies, and promote the coordinated development of the East, Central, West, and Northeast regions. We shall comprehensively promote the revitalization of the countryside and improve the quality of new urbanization construction.

七是社会政策要兜住兜牢民生底线。要统筹推进经济发展和民生保障，健全常住地提供基本公共服务制度。解决好高校毕业生等青年就业问题，健全灵活就业劳动用工和社会保障政策。推进基本养老保险全国统筹。推动新的生育政策落地见效，积极应对人口老龄化。

Seventh, social policies shall hold firmly the baseline of people's livelihood. We shall coordinate the promotion of economic development and livelihood protection, and improve the system of providing basic public services in people’s permanent residence. Solve the employment problems of college graduates and other young people, and improve labor and social security policies on flexible employment. Promote the national coordination of basic pension insurance. Promote the implementation of the new maternity policy to take effect, and actively cope with an aging population.

The new policy on population needs to 见效 take effect. We shall see.

Also, more basic public services shall be provided to people at their 常住地 permanent residence, which apparently aims to further basic delink public services with 户口所在地 household registration places.

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会议认为，进入新发展阶段，我国发展内外环境发生深刻变化，面临许多新的重大理论和实践问题，需要正确认识和把握。

The meeting held that entering a new development stage, the internal and external environment of China's development has undergone profound changes, and we are facing many new major theoretical and practical issues, which need to be correctly understood and grasped.

Note: On the “new major theoretical and practical issues”, there are five of them listed in the readout

common prosperity;

regulation of capital;

primary products (agricultural production, energy resources, etc.);

resolving risks;

carbon peak & carbon neutrality;

要正确认识和把握实现共同富裕的战略目标和实践途径。在我国社会主义制度下，既要不断解放和发展社会生产力，不断创造和积累社会财富，又要防止两极分化。实现共同富裕目标，首先要通过全国人民共同奋斗把“蛋糕”做大做好，然后通过合理的制度安排把“蛋糕”切好分好。这是一个长期的历史过程，要稳步朝着这个目标迈进。要在推动高质量发展中强化就业优先导向，提高经济增长的就业带动力。要发挥分配的功能和作用，坚持按劳分配为主体，完善按要素分配政策，加大税收、社保、转移支付等的调节力度。支持有意愿有能力的企业和社会群体积极参与公益慈善事业。要坚持尽力而为、量力而行，完善公共服务政策制度体系，在教育、医疗、养老、住房等人民群众最关心的领域精准提供基本公共服务。

We shall correctly understand and grasp the strategic goals and practical ways to achieve common prosperity. Under China's socialist system, it is necessary to continuously liberate and develop the productive forces in society, create and accumulate wealth in society, and prevent polarization. To achieve the goal of common prosperity, we must first make the "cake" bigger and better through the common endeavor of the whole nation, and then cut and divide the "cake" well through reasonable institutional arrangements. This is a long-term historical process, and we should steadily move toward this goal. We shall promote high-quality development to strengthen the orientation that prioritizes employment, and improve economic growth’s contribution to empowering employment. We shall enable the function and role of distribution, adhere to distribution according to work as the mainstay, improve the policies on distribution according to factors, and increase the adjustment (of distribution) via taxation, social security, transfer payments, etc..

Support the enterprises and social groups with the willingness and ability to actively participate in public welfare and charity. We should insist on doing our best and also within our means, improve the policy, system, and institutions on public policy, and provide basic public services precisely in the areas of education, medical care, pensions, housing, and other areas of greatest concern to the people.

Note:

This paragraph lays out what policies are in play within the framework of common prosperity. That this is a long-term pursuit signal what Beijing has stated, in one way or another, it would not kill the goose that lays the golden eggs just for the meat which could fill the stomach for a very limited period of time.

What Beijing sees as common prosperity is not necessarily understood on the outside. For example, the paragraph talks about transfer payments 转移支付, which means transferring money from richer parts (say eastern, coastal provinces) to poorer (say Western inland) parts. So that counts, in Beijing’s understanding, part of efforts to promote common prosperity.

Jia Ruoxiang, an expert with a research institute under the economic planner NDRC, says highlighting education, medical care, pensions, housing, and other areas of greatest concern to the people because people need to be able to feel the effects of common prosperity - making it visible and touchable.

要正确认识和把握资本的特性和行为规律。社会主义市场经济是一个伟大创造，社会主义市场经济中必然会有各种形态的资本，要发挥资本作为生产要素的积极作用，同时有效控制其消极作用。要为资本设置“红绿灯”，依法加强对资本的有效监管，防止资本野蛮生长。要支持和引导资本规范健康发展，坚持和完善社会主义基本经济制度，毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展。

We must correctly understand the character and regularity of capital. The socialist market economy is a great innovation, with capital in various forms. We shall incentivize the capital’s role as an active part of the production factors and control its negative effects. We should be establish “traffic lights” for capital to strengthen supervision in accordance with the law, and the barbaric expansion of capital should be prevented. We must support and guide the healthy development of capital and uphold and enhance the basic economic system of socialism. We should unswervingly consolidate and develop the state-owned enterprises, encourage, support, and guide the economic development of non-state-owned enterprises.

Note:

Su Jian, a PKU expert, told China News Service that the monopoly and unfair competition are examples of the “negative effects”.

Sinocism says “Traffic lights 红绿灯” for capital are coming, whatever that means, but if I am a capitalist in China I am not thinking it is positive.”

Lu Zhengwei, the chief economist of Industrial Bank Co., Ltd, said if the rules can be set in advance, it would help stimulate vitality - publicize the rules so people wouldn’t worry about accidents.

Zhang Chenying, a member of the Expert Group of the Anti-monopoly Committee of the State Council and Director of the Competition Law Research Center of Tsinghua University School of Law, said in an interview tonight with China News Service that setting "traffic lights" means that the line between legal and illegal will be clearly drawn and regulated according to the law. This could entail clarifying the legal rules, through a variety of guidelines, interpretation, model cases, etc. There will be clear, detailed rules improving the transparency of legal rules, encouraging compliance, and prevention (before it is too late). Also, enforcement for all entities could be based on the same set of rules and even-handed.

要正确认识和把握初级产品供给保障。要坚持节约优先，实施全面节约战略。在生产领域，推进资源全面节约、集约、循环利用。在消费领域，增强全民节约意识，倡导简约适度、绿色低碳的生活方式。要增强国内资源生产保障能力，加快油气等资源先进开采技术开发应用，加快构建废弃物循环利用体系。要把提高农业综合生产能力放在更加突出的位置，持续推进高标准农田建设，深入实施种业振兴行动，提高农机装备水平，保障种粮农民合理收益，中国人的饭碗任何时候都要牢牢端在自己手中。

We should be correctly aware and understand the importance of ensuring the supply of primary products. We must prioritize the spirit of thriftiness by implementing the strategy of conservation across the board. In the production area, we should promote all-around conservation, integration, and circulation of resources. In the area of consumption, we have to boost the awareness of thriftiness and encourage a moderate, green, and low-carbon lifestyle. We should strengthen the ability to ensure resource production at home and accelerate the development and application of advanced technology to exploit petroleum and natural gas. We must establish a system to recycle and reuse waste. We must put the overall agricultural production capacity at a more important place by promoting the development of high-standard farmlands, deepening the vitalization of the seed industry, improving the equipment of agricultural machinery, and protecting the revenue of farmers, ensuring the safety of our own agricultural production.

要正确认识和把握防范化解重大风险。要继续按照稳定大局、统筹协调、分类施策、精准拆弹的方针，抓好风险处置工作，加强金融法治建设，压实地方、金融监管、行业主管等各方责任，压实企业自救主体责任。要强化能力建设，加强金融监管干部队伍建设。化解风险要有充足资源，研究制定化解风险的政策，要广泛配合，完善金融风险处置机制。

We have to be correctly aware of the prevention and resolution of major risks. We must continue the work to handle the risk in accordance with the policy of ensuring stability of the BigPicture, strengthening coordination, implementing policy in a differentiated manner, and defuse bombs in a targeted manner. We must strengthen the legal development of finance by ensuring the responsibilities of the regions, financial regulators, the departments in charge of the industry are fulfilled. We shall ensure the primary responsibility to conduct self-rescue rests with the enterprises. We must strengthen the competence of cadres who regulate finance. Resolving risks requires ample resources, it requires universal cooperation on studying and instating policies to resolve risks and enhancement of the mechanism to tackle financial risks.

Note: Evergrande comes to mind. As with the real estate giant, the responsibility to rescue them from crisis first and foremost rests with the companies themselves, which shall exhaust all its own resources first and foremost.

要正确认识和把握碳达峰碳中和。实现碳达峰碳中和是推动高质量发展的内在要求，要坚定不移推进，但不可能毕其功于一役。要坚持全国统筹、节约优先、双轮驱动、内外畅通、防范风险的原则。传统能源逐步退出要建立在新能源安全可靠的替代基础上。要立足以煤为主的基本国情，抓好煤炭清洁高效利用，增加新能源消纳能力，推动煤炭和新能源优化组合。要狠抓绿色低碳技术攻关。要科学考核，新增可再生能源和原料用能不纳入能源消费总量控制，创造条件尽早实现能耗“双控”向碳排放总量和强度“双控”转变，加快形成减污降碳的激励约束机制，防止简单层层分解。要确保能源供应，大企业特别是国有企业要带头保供稳价。

We must have a correct understanding of reaching carbon peak andcarbon neutrality. They are internal requirements of promoting high-quality development, which we should implement steadfastly but cannot wish to realize all of a sudden. We must stick to the principle of exercising nationwide planning/coordination, prioritizing conservation, leveraging the strengths of the government and the market, coordinating efforts on the domestic and international fronts, and guarding against risks. The phase-out of traditional energies should base on the replaceability of secure and reliable new energies. Based on the basic condition of this nation where coal is the main energy supply, we must promote the clean and effective use of coal, increase the capacity to absorb new energies into power grids, promote an enhanced combination of coal and new energies. We must redouble our efforts to make breakthroughs on green and low-carbon technologies. We should conduct scientific examinations, we should exclude the energy consumption of reusable energies and its raw materials from the restrain on the total energy consumption. We must create opportunities for achieving the transformation from controlling both the total amount and intensity of energy to controlling the total amount and intensity of carbon emissions. We should accelerate the establishment of an incentivization and control mechanism to reduce waste and carbon emissions and avoid simply setting an overall quota and passing down the quota down the chain of command. We must ensure the supply of energy. Major enterprises especially state-owned enterprises should take the initiative to guarantee supply and price stability.

Note:

Beijing doesn’t want to repeat the electricity rationing situation in Autumn.

Lin Boqiang, a known expert on energy at Xiamen University, told China News Service In the future, the way China's energy structure is transformed is still relatively clear - not from coal to oil and natural gas, but directly from coal to renewable energy. However, this process, how coal power and wind/solar power complement each other, is an important guarantee for a smooth low-carbon transition. That new energy is hereby NOT included in the total energy consumption control can encourage development.

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围绕保持经济运行在合理区间，加强和改善宏观调控，加大宏观政策跨周期调节力度，提高宏观调控的前瞻性针对性。市场主体承载着数亿人的就业创业。要继续面向市场主体实施新的减税降费，帮助他们特别是中小微企业、个体工商户减负纾困、恢复发展。加大对实体经济融资支持力度，促进中小微企业融资增量、扩面、降价……推动财力下沉，更好支持基层政府落实助企纾困政策和保基本民生保工资保运转。加强煤电油气运等调节，促进电力充足供应。要深化重点领域改革，更大激发市场活力和发展内生动力，运用市场化机制激励企业创新投入。促进多种所有制经济共同发展，优化民营经济发展环境，依法保护各类市场主体产权和合法权益，政策要一视同仁、平等对待。扩大高水平开放，多措并举稳定外贸，保障产业链供应链稳定，加大吸引外资力度。

Strengthen and improve macroeconomic regulation and control around maintaining economic operation in a reasonable range. Increase the cross-cycle adjustment of macroeconomic policies, and improve the foresight and targeting of macroeconomic regulation and control. Market entities carry hundreds of millions of people's employment and entrepreneurship. We should continue to implement new tax cuts and fee reductions for market entities to help them, especially small, medium and micro-enterprises and individual business households, reduce their burden and help them resume development.

Increase support for the financing of the real economy, and promote the financing of small and medium-sized micro-enterprises to increase, expand and reduce prices/interest payments…Promote financial resources to stream down, better support grassroots governments to implement policies to help enterprises to alleviate difficulties and to protect basic livelihoods and wages to ensure operation. Strengthen the adjustment of coal, electricity, oil, gas, and transportation, etc., to promote the adequate supply of electricity.

Deepen the reform of key areas, stimulate greater vitality and development of endogenous power of the market; use market-based mechanisms to incentivize enterprises to invest in innovation. Promote the common development of enterprises of all ownership types, optimize the environment for the development of the private economy, protect the property rights and legitimate rights and interests of all types of market entities in accordance with the law. Policies and treatment shall be equal for all. Expand high-level opening, take multiple measures to stabilize foreign trade, protect the stability of the industrial chain and supply chain, and increase efforts to attract foreign investment.

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