Macroeconomic adjustments key for nation's growth

Improved macroeconomic adjustment measures and effective macropolicy coordination, a key part of President Xi Jinping's economic thought, will continue to guide China's future growth and help sustain the country's stable economic performance and secure its short-to-long term development targets, according to policymakers and senior advisers.

China is formulating a new development paradigm and the country's recent proposals for the next five-year plan and its development goals for 2035 reflected the changing and challenging environment, they said. These will effectively utilize the Chinese government's capacity to comprehensively coordinate macroeconomic policies to pursue high-quality growth and structural reform on the supply side, they added.

The idea of the necessity to continuously improve macroeconomic adjustment is a part of Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era, which took shape in 2017 and has since guided the country's economic governance.

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, delivered a speech at the 2017 Central Economic Work Conference, emphasizing that macroeconomic adjustments require "making discretionary choices and issuing corresponding prescriptions".

Beijing's proposals for China's 14th Five-Year Plan (2021-25) and development goals for 2035 have mapped out a clear path to a high-quality growth model, while also recognizing key challenges facing the economy resulting from the technological revolution, rising geopolitical uncertainties affecting its adoption of foreign technology, income inequality and pollution, and highlighting the importance of enhancing productivity and self-sufficiency, according to economists.

The National People's Congress, China's top legislature, will review the Government Work Report and release the full version of the 14th Five-Year Plan next year, which will include action plans pertaining to the key initiatives already revealed at the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, which was held in Beijing in October.