The Central Economic Work Conference made systematic arrangements for this year's economic work, clarifying the overall requirements, regulatory tone and key tasks. In order to implement the spirit of the meeting, we must adhere to the combination of goal orientation and problem orientation. We must pay attention to goal guidance, effectively grasp the policy orientation and timeliness and efficiency, and strive to achieve an optimized combination of stabilizing growth, stabilizing employment and a reasonable recovery in prices. We must also identify the focus and key points in response to the main contradictions and main aspects of the contradictions in economic operation, and promote the implementation of various key tasks from the point to the surface.

Promoting work is the process of grasping contradictions and solving problems

Economic work is full of things. We need to start from the overall strategic situation, focus on the main contradictions, grasp the major key links, and do a good job in the outline. Faced with the complex and severe internal and external environment, we must be guided by the scientific judgment of the Party Central Committee on the economic situation and the decisions and arrangements for this year's economic work, implement it with a clear problem-oriented approach, and take practical and practical measures to solve the shortcomings, bottlenecks and risk points in economic operation, so as to increase momentum by solving shortcomings, unlock bottlenecks and smooth circulation, and promote stability by resolving risks, and promote sustained recovery and improvement of the economy, laying a more solid foundation for the successful conclusion of the "14th Five-Year Plan" and the smooth start of the "15th Five-Year Plan".

Specifically, insufficient total demand is still the main contradiction in the current economic operation, mainly manifested in insufficient domestic demand and unstable external demand. At the same time, there are many deep-seated structural problems in economic development, such as central-local fiscal relations and private economy confidence. From the perspective of economic momentum, as traditional momentum such as real estate gradually weakens, it will take time for new momentum to grow and grow. The transformation of new and old momentum is at an important juncture, and the problem of stable succession needs to be solved urgently. From the perspective of micro-subjects, some enterprises have difficulties in production and operation, and problems such as "intra-roll" competition, serial arrears of accounts, "increase production but not increase income, increase income but not increase profits" are relatively prominent, and the administrative law enforcement issues involving enterprises have aroused social concern. Considering the deepening of adverse effects caused by changes in the external environment, it can be expected that the domestic and international situation this year will be more complex and changeable, and the difficulty of macro-control will be further increased.

Grasp the key links and complete key tasks of economic work

Whether it is a periodic contradiction or a structural problem, it is a problem in development and transformation, and can be completely overcome through hard work. We must enhance our confidence in the successful historical experience, find confidence in the resilience and potential of China's economy, be truthful and pragmatic, face problems directly, and use key breakthroughs to lead the continuous recovery and improvement of the economy.

In response to the prominent crux of insufficient demand, we will strive to boost domestic demand, especially residents' consumption demand. Overall, we must adhere to the coordinated efforts and dynamic balance between supply and demand. We must not only promote consumption with greater efforts and more precise measures, but also focus on filling in shortcomings and increasing momentum to expand effective investment. In terms of consumption, special actions to boost consumption will be implemented, and the benefits of people's livelihood and promoting consumption will be combined to strengthen the "two new" work, and use greater government resource investment to break the "incremental dilemma" of mutual causality and chain constraints between variables such as residents' income and consumption. Guided by encouraging and supporting the creation of more social wealth, we will introduce practical and hard measures as soon as possible in terms of income distribution, social security, etc. to stabilize and enhance the expectations and confidence of the whole society for future income growth, and effectively improve residents' consumption capacity. In line with the development trend of consumption, innovate consumption scenarios, expand service consumption, and achieve high-quality coordinated development of consumption supply and demand. In terms of investment, we will coordinate the promotion of "hard investment" and "soft construction", support the "two-level" projects with greater strength, complete the construction of major projects in the "14th Five-Year Plan" and plan major projects in the "15th Five-Year Plan" as soon as possible, and form more physical workloads. Accelerate the release of incremental investment space in areas such as new quality productivity, new urbanization, and new infrastructure construction, and effectively activate the renewed investment demand in the economic stock.

In response to the deep obstacles and external challenges that restrict development, we will unswervingly deepen reform and expand opening up. Overall, we must implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, give full play to the leading role of economic system reform, accelerate the implementation of landmark reform measures, actively expand high-level opening up to the outside world, and continuously enhance the driving force and vitality of economic and social development. In terms of deepening reform, we will take accelerating the construction of a unified national market and improving the basic system of the market economy as the key points, and coordinate the advantages of super-large-scale markets and strong production capacity to form new comparative advantages and continue to amplify them. Taking institutional and mechanism reform as the driving force, we will implement people-oriented new urbanization in depth, accelerate the urbanization of agricultural migrant population, and take the path of stable urbanization. Coordinate the reforms in the fields of finance, taxation, finance, etc., accelerate the reform of the central, local and provincial fiscal system, improve the central bank system, deepen the comprehensive reform of investment and financing in the capital market, and accelerate the formation of a high-quality development macroeconomic governance system. In terms of expanding opening up, guided by the comprehensive promotion of major-country diplomacy with Chinese characteristics, in response to changes in the geopolitical pattern, we will select key regions and key areas to expand independent opening up and unilateral opening in an orderly manner, steadily expand institutional opening up, and accelerate the exploration of the docking of rules and mechanisms between us and the external world. Consolidate and expand global trade and investment partnerships, enhance foreign trade enterprises' risk resistance and enhance foreign investment confidence in China. Coordinate the construction of an overseas interest protection system composed of legal support, mechanism construction, monitoring and early warning and capacity cultivation, and effectively safeguard the overseas legitimate rights and interests of our citizens and legal persons.

In response to the bottlenecks and constraints of industrial transformation and upgrading, we will promote the smooth continuous transformation of new and old kinetic energy. Overall, we must break through misunderstandings and follow the principle of "establishing first and then breaking, and driving with two wheels", we must not only promote the "stable" of traditional industries, but also promote the "stable" of emerging industries to ensure that we successfully cross the transition barrier between old and new kinetic energy. In terms of traditional momentum, we focus on breaking the misunderstandings such as "the old and new" and "traditional momentum equals backward momentum" and discriminatory practices of "only high-end" in practice, and attach great importance to and give full play to the fundamental role of traditional industries and traditional momentum in absorbing employment and stabilizing growth. Guided by national standards, and provided support for factors such as technology, capital and talents, we will effectively promote the increase of "intelligence" and "green" of traditional industries, and dig out the "rich mine" of new quality productivity of traditional industries. In terms of new momentum, focus on bottlenecks, checkpoints and key points, accelerate the research and formulation of top-level design documents for new quality productivity, promote the deep integration of scientific and technological innovation and industrial innovation, and build my country into a global highland for new quality productivity. Focus on deepening the "main battlefield" of new quality productivity in strategic emerging industries, and accelerate the breakthroughs in the industrial chain system, scale growth and competitiveness improvement with the construction of systems and mechanisms and industrial ecology as the main tasks; plan to build and layout a number of pilot areas for future industries, explore and open up bottlenecks and catch points in the industrialization chain from source innovation to industrialization. Comprehensively rectify "internal" competition, promote orderly competition and healthy development of industries through various means such as policy pressure, survival of the fittest, and industry self-discipline, and promote reasonable adjustment of production capacity in key areas.

In response to the concerns and demands in the operation of enterprises, strengthen policy support and optimize regulatory services. Overall, we must adhere to the combination of an effective market and an effective government, grasp the key of the government's "doing something and not doing something", focus on solving the concerns and demands in the operation of enterprises, and effectively allow enterprises to invest with confidence, operate with peace of mind, and develop attentively. In terms of "doing something", we will continue to build a rule of law economy and a credit economy, improve market rules and take the lead in abide by the rules, strive to correct market failures, standardize competitive order, let the market mechanism play its full role, and create a market-oriented, law-based and internationalized business environment. To improve government efficiency and save corporate service costs, increase precise policy support for enterprises in response to corporate operating difficulties, comprehensively improve the quality and efficiency of serving enterprises, and build a law-based government, innovative government, honest government and service-oriented government that satisfies the people at a high level. In terms of "doing something but not doing anything", we will improve the long-term supervision mechanism for charges involving enterprises and the legal and regulatory system for repaying accounts with arrears, and use debt reduction as an opportunity to establish a ledger for existing arrears and clear zeroes within a limited time. Prevent improper and illegal intervention in micro-subject activities, carry out special actions to standardize law enforcement involving enterprises, and seriously investigate and punish all kinds of illegal and irregular behaviors such as "ocean fishing". Vigorously promote the standardization and standardization of law enforcement, achieve unified standards, consistent standards, and standardized procedures, reduce discretionary space, resolutely prevent rough law enforcement, arbitrary law enforcement and profit-seeking law enforcement, and create a safe and stable development environment for all types of business entities.

In response to risks and hidden dangers in key areas, we will continue to work hard to promote risk treatment. Overall, we must insist on resolving risks in development, prevent risks in key areas from evolve into systemic risks, strengthen security guarantees in areas such as food, energy and resources, and achieve high-quality development and high-level safe and benign interaction. In terms of resolving risks in key areas, after the meeting of the Political Bureau of the Central Committee on September 26, 2024, a series of real estate support policies have been continuously implemented, local government debt solutions have gradually become clear, and various policy effects have emerged at a faster pace. In the next step, we must continue to work hard to promote the effective implementation of various policies and effectively resolve risks in key areas such as real estate, local debt, and small and medium-sized financial institutions. At the same time, we must strengthen institutional construction and source governance to effectively safeguard economic and financial security. Fully estimate the potential impact of external shocks, closely track the trends in key areas such as exchange rates and foreign trade, strengthen pre-research and prediction, and continuously improve response plans, avoid the superposition and resonance of internal and external risks, cause excessive impact on the stability of the economic and financial system, and firmly maintain the bottom line of no systemic risks. In terms of ensuring safety, we will consolidate the foundation of food security in all aspects, vigorously improve the ability to ensure energy and resource security, make every effort to ensure the security of important industrial chains and supply chains, and effectively ensure the bottom line of the "three guarantees" at the grassroots level. Strengthen the prediction and response of meteorological disaster risks, attach great importance to the impact of climate abnormalities on agricultural production, transportation, energy and electricity use, and do a good job in peak summer and winter.

Transform policy effectiveness into development performance with the guidance of implementing and implementing the

From decision-making and deployment to achieving goals, efforts are also required to be put into practice. Give full play to the enthusiasm of the central and local governments, effectively eliminate the problems of "fighting", "idling" and "good looking but not easy to use", improve the overall efficiency of policies, lead "enterprise efforts" with "powerful policies", and better gather the joint force to promote high-quality development.

Strengthen departmental coordination and improve the overall effectiveness of policies. In the process of formulating and implementing policies, extensive research and listening to opinions and suggestions to improve the pertinence and operability of policies. Improve the communication and consultation and feedback mechanism between departments, strengthen coordination and cooperation between policies and reform and opening up measures, and different types of policies, integrate economic policies and non-economic policies into the assessment of the consistency of macro-policy orientation, coordinate the entire process of policy formulation and implementation, and launch a "combination punch".

Fully mobilize the enthusiasm, initiative and creativity of grassroots. Strictly implement the "three distinctions", encourage and support local governments to connect with local reality, and truly unify responsibility to the superior and responsibility to the subordinates, give full play to the local initiative and carry out work creatively. Grasp the timing and effectiveness, take action quickly and take practical measures. Continue to amplify the effectiveness of government work and policies, strive to achieve a good start in the economy, and further lead the warming of social expectations and the recovery of market confidence.

("Study Times" Page 01, March 21, 2025, the author is the deputy director of the Decision-making Consulting Department of the Macroeconomic Research Institute of the National Development and Reform Commission)