Fact Check
Stability powers progress
Editorial  ·  2021-12-17  ·   Source: NO.51 DECEMBER 23, 2021

The essence of China's economic policy for 2022 is to "prioritize stability while pursuing steady progress," as signaled by the annual Central Economic Work Conference which took place from December 8 to 10. This shows that the Chinese Government has a clear understanding of the risks hidden within the country's current economic operations and has thus far paid these the proportional attention. The conference also studied the current situation at home and abroad before setting clear targets for economic development in 2022.

The session further outlined the 2022 economic tasks from seven aspects: continuing the implementation of a proactive fiscal policy and prudent monetary policies, the uninterrupted stimulation of market entity vitality via macroeconomic policies, a deepening of supply-side structural reform with a focus on smoothing out national economy circulation, the promotion and concrete application of sci-tech policies, growth vitalization through reform and opening-up strategies, the upgrade to a more balanced and coordinated regional development, as well as the guarantee that China's social policies protect the people's wellbeing.

Here, the emphasis lies on both the quantity and quality of economic growth as these are the means to rapid and high-quality progress.

For the time being, China's economic growth faces unprecedented difficulties. The meeting pointed out that, whereas economic success should indeed be confirmed, downward pressures from shrinking demand, supply shocks and weakening expectations must not be ignored. This realization of current circumstances also implies that despite an upward trend, steady growth is not an easy feat amid unilateral practices on the part of certain countries and a devastating global pandemic. The Central Government presented corresponding policies to cope with the veiled perils, including tax and fee cuts in designated areas, sufficient fiscal expenditure, accelerating spending pace and investing in basic infrastructure reasonably in advance.

The key to steady economic growth wholly depends on China's own performance. In the coming year, the policies issued by the economic work conference will come into effect. To accurately identify challenges and adequately address them, executing aggressive reforms and adaptation when necessary, will help ensure a more effective, equitable and sustainable economic growth.

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