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Experts believe China, amid its economic recovery and industrial transformation, is well-positioned to overcome challenges and sustain healthy development, Xinhua News Agency reported. The meeting on Friday of the Political Bureau of the Communist Party of China Central Committee outlined a focus on maintaining stability while seeking progress in the 2024 economic agenda. It emphasized enhancing the favorable trend of economic recovery, continuously promoting qualitative and efficient improvements as well as reasonable growth in the economy. Luo Zhiheng, chief economist at Yuekai Securities, told financial news outlet Yicai that the recent meeting's overall tone affirmed the year's economic accomplishments despite complex domestic and international conditions, characterizing it as a "recovery and improvement". Notably, the Chinese economy has been on a trajectory of post-pandemic recovery, initiating robustly in the first quarter due to a continual rebound in the service sector, Luo said. It faced increased downward pressure in the second quarter but showed sustained recovery in the third quarter, he added, and Luo expects that there is a good chance of achieving the annual targets. Dong Yu, executive vice-president of the China Institute for Development Planning at Tsinghua University,told Xinhua that next year's macroeconomic policies will be more precisely targeted. It is expected to focus on additional measures and adopt a more proactive supportive approach to address issues through developmental means, further boosting confidence, Dong said. Presently, the profound development of the new round of technological revolution and industrial transformation is unprecedented in its wide-ranging impact, he added. Dong believes that it's crucial to take technological innovation as the driving force, leading industrial transformation and elevating industrial capabilities. This involves cultivating new pivotal industries and new domains for development to create new momentum. FengWenmeng, a researcher with the Development Research Center of the State Council, told Xinhua that China is at a critical stage of economic recovery, and effectively ensuring and improving people's livelihoods is the overarching goal. Feng said the meeting further stressed the importance of ensuring the supply and stable prices of essential goods during the upcoming festivals, ensuring the timely and full payment of wages to migrant workers. Efforts should prioritize supporting those in need, implementing safety measures, and safeguarding lives and property. He said that the deployment from this meeting is directly related to the well-being of the people, especially during festivals. Chen Li, chief economist of Chuancai Securities, said the outlook for China's economy indicates a stable upturn, 21stCenturyBusiness Herald reported on Monday. Chen said that efforts to boost domestic demand and consumption are underway through a range of policies. The focus remains on securing employment, elevating incomes and fostering a conducive business environment for private enterprises. Sectors within the economic structure are experiencing organized recovery, and endeavors are anticipated to contribute to stabilizing and revitalizing the overall economy, he said. China's expansive population base and market size are notable strengths. With ongoing structural adjustments and optimization, the Chinese economy is poised to surmount considerable challenges, maintaining a steady and optimistic trajectory. Zheng Houcheng, chief macroeconomist at Yingda Securities, said the primary tone of monetary policy in 2024 is likely to be "stability with a slight easing", 21stCenturyBusiness Herald reported on Monday. Zheng said such a viewpoint is based on key observations, such as the Central Financial Work Conference in October emphasized maintaining the prudence of monetary policy, focusing more on cross-cycle and countercyclical adjustments. The conference's strong indication of "loosening" suggests a likelihood that the recent meeting also intends to adopt a "moderately loose" stance. The meeting emphasized "increasing macro-control intensity" and "promoting stability through progress", signaling a proactive approach, Zheng said. Furthermore, he anticipates that the proactive stance in fiscal policy during the first half of 2024 will exceed that of the latter half of the year.
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