China’s development biggest political priority at key economic meeting as leaders vow to counter risks, lift confidence in 2024

Beijing’s two-day central economic work conference ended with a clear message that leaders are keen on injecting life into the nation’s struggling economy

Many of the leadership’s decisions made behind closed doors – including China’s economic growth goal for next year – will remain under wraps until March

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President Xi Jinping delivers a speech at the annual central economic work conference in Beijing. Photo: Xinhua

Ji Siqiin Beijing,Frank Chenin ShanghaiandMia Nurmamatin Hong Kong

Published: 12:00am, 13 Dec 2023Updated: 9:26am, 13 Dec 2023

China’s development is its biggest political priority, Beijing said after its just-concluded annual tone-setting economic conference, signalling what could be a strong tilt towards economic growth in 2024.

And to that end, leadership pledged to orchestrate a variety of pro-growth policies and ramp up their coordination, including that of non-economic departments, to deliver much-needed economic stability in a time of considerable uncertainties and headwinds.

“We must centre on economic construction and high-quality development, turning Chinese-style modernisation blueprints into reality,” a statement said after the two-day central economic work conference that concluded on Tuesday, according to party mouthpiece Xinhua.

The meeting took place as Beijing stands at a critical juncture in its efforts to consolidate the nation’s economic recovery, revive business confidence and bolster new sectors, including the digital economy, to power economic growth over the long run.

[Beijing] needs to create an internal impetus for the economy through greater reforms and opening up

Ding Shuang, Standard Chartered Bank

China is trying to stay on a path toward doubling its gross domestic product (GDP) by 2035, relative to 2020 levels – meaning the economy must grow by at least 4.8 per cent annually.

“We will unveil more policies that are able to stabilise expectations, growth and jobs,” the readout said.

A number of government advisers and economists have said they expect Beijing to announce a 2024 GDP growth target of “around 5 per cent” – the same as the target set for 2023 – on the condition of more expansionary policies.

Leadership has acknowledged that insufficient demand, overcapacity in some industries, and weak expectations were major risks hampering growth.