An employee of Lin'an Rural Commercial Bank counts banknotes at the bank's branch in Xitianmu area in Hangzhou, Zhejiang province, on Feb 25, 2020. (HU JIANHUAN / FOR CHINA DAILY)
BEIJING – China will continue implementing proactive fiscal policies and prudent monetary policies so as to pursue steady progress in the economic development of next year, according to a statement released after a tone-setting economic meeting.
The annual Central Economic Work Conference was held in Beijing from Wednesday to Friday as Chinese leaders mapped out priorities for the economic work in 2022.
The country will seek to boost market confidence, advance the implementation of fair-competition-related policies, ramp up the crackdown on monopolies and ensure fair competition through fair oversight
In a speech at the conference, Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, reviewed the country's economic work in 2021, analyzed the current economic situation and arranged next year's economic work.
According to the statement, China will wield its microeconomic policies to continuously stimulate the vitality of market entities in 2022.
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The country will seek to boost market confidence, advance the implementation of fair-competition-related policies, ramp up the crackdown on monopolies and ensure fair competition through fair oversight.
Efforts should be made to intensify the protection of intellectual property rights to create a favorable environment where companies of all types of ownership thrive.
The meeting also emphasized the need to uphold the spirit of contract and effectively curb arrears and evasion of debts.
An employee works at an iron and steel plant in Ma'anshan, Anhui province. (UO JISHENG / FOR CHINA DAILY)
Deepen supply-side reform
China will deepen the supply-side structural reform in 2022 with a focus on smoothing the circulation of the national economy, according to the statement.
The digitalization drive will be quickened to promote the upgrade of traditional industries
While deepening the reforms, priorities will be given to smoothing domestic circulation, removing the supply-side constraints and choke points as well as ensuring unimpeded flow in production, distribution, circulation and consumption.
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Efforts will be made to enhance the core competitiveness of the manufacturing sector, and accelerate the establishment of a safe and efficient logistics network which will enable the domestic and external markets to interconnect with each other, according to the statement.
The digitalization drive will be quickened to promote the upgrade of traditional industries, it reads.
Vitalize development through opening-up
China will vitalize development through polices of reform and opening-up in 2022. It will pilot comprehensive reforms of the market-based allocation of production factors and implement the registration-based initial public offering mechanism across the board.
Efforts should be made to complete missions laid out in the three-year action plan for state-owned enterprises reform and advance reforms in natural monopoly industries including power grids and railways, according to the statement.
Aerial photo taken on May 26, 2021 shows the Yangpu international container port at Yangpu economic development zone in South China's Hainan province. (XINHUA)
Enhance strategic sci-tech strength
China will firmly advance the implementation of policies related to science and technology in 2022, the statement added.
The country will carry out a three-year action plan on the reform of sci-tech management system, and formulate and implement a 10-year plan for basic research.
The meeting called for efforts to enhance China's strategic sci-tech strength, give full play to the role of national laboratories, reconstruct key national laboratories, and promote the reform of research institutes.
A potential homebuyer (right) looks at a property model in Zhuhai, Guangdong province. (PROVIDED TO CHINA DAILY)
Healthy property market
China will support the property market to better cater to the reasonable demand of home buyers and adopt city-specific policies to boost the virtuous cycle and healthy development of the sector, according to the statement.
China will support the property market to better cater to the reasonable demand of home buyers and adopt city-specific policies to boost the virtuous cycle and healthy development of the sector
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Sticking to the principle that "housing is for living in, not for speculation," China will strengthen guidance on market expectations, explore new development modes, boost the development of home renting market, and promote the construction of government-subsidized housing projects.
Balanced regional development
The nation will promote more balanced and coordinated regional development in 2022. The country will thoroughly implement major regional development strategies and the strategy for coordinated regional development, so that the eastern, central, western and northeastern regions will develop in a more concerted manner, read the statement.
A Fuxing bullet train runs on the Lhasa-Nyingchi railway in the Tibet autonomous region on June 24, 2021. (JIAO HONGTAO / FOR CHINA DAILY)
China will also comprehensively promote rural vitalization and improve the quality of development of new-type urbanization.
Safeguard people's well-being
China will make sure its social policies well safeguard people's well-being, aiming to promote both the economic development and the well-being of its people and make basic public services more available.
Villagers walk in Xiaodi village, Hesha town in Handan, North China's Hebei province, May 29, 2020. (XINHUA)
Efforts will be made to boost the employment of young people, including college graduates, and optimize flexible employment and social security policies, the statement read.
China will also enhance the national unified management for basic old-age insurance, and further the implementation of the new childbirth policies amid efforts to deal with an aging population.