The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on April 28 to analyze and discuss the current economic situation and economic work. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened its overall leadership over economic work, adopted a holistic approach and made forward-looking arrangements. All regions and departments have acted proactively and implemented comprehensive measures. As a result, the Chinese economy has been off to a robust start, with key indicators beating expectations, underscoring its resilience and dynamism. However, the economy still faces difficulties and challenges, and the foundation for the country's sustained economic recovery needs to be further consolidated. It is necessary to enhance confidence, and make greater efforts and take more concrete measures to bolster economic work.

The meeting said it is necessary to adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, and move faster to create a new pattern of development. It is essential to give full consideration to both domestic and international imperatives, ensure both development and security, and unswervingly deepen reform and opening up. Efforts should be made to achieve self-reliance and strength in science and technology, and to build independent and controllable industrial chains. China should implement a more proactive fiscal policy and apply an appropriately accommodative monetary policy in a targeted and effective way, continuously expand domestic demand and improve supply, and optimize the allocation of new resources while making best use of existing ones. The meeting called for efforts to keep employment, enterprise operations, markets and expectations stable, boost the internal momentum of economic growth, strengthen the domestic economy, and promote positive interplay between domestic and international economic flows, so as to get the 15th Five-Year Plan period (2026-2030) off to a good start.

The meeting stressed that it is a must to make full use of macro policies. It is imperative to continuously optimize the structure of fiscal expenditure and make sure that basic living needs are met, salaries are paid and governments function normally at the primary level. The monetary policy should be more forward-looking, flexible and targeted, and maintain adequate liquidity. The RMB exchange rate should be kept generally stable at an adaptive, balanced level. It is essential to do a good job in assessing the consistency of macro policy orientation.

The meeting pointed out the need to tap the potential of domestic demand. Work should be done to expand the supply of high-quality consumer goods and services, and promote the upgrading of consumption. It is essential to continue to carry out initiatives to enhance the capacity and quality of the service sector. Efforts should be made to step up the planning and construction of water networks, new-type power grids, computing infrastructure, new-generation communications networks, urban underground pipelines and logistics systems, and promote the commencement of major projects where conditions are ripe.

The meeting emphasized the need to accelerate the building of a modernized industrial system. The share of manufacturing in the national economy should be kept at an appropriate level. It is imperative to intensify efforts to build a unified national market and intensively address involution-style competition. The "AI plus" initiative should be advanced across the board, so as to create new forms of smart economy and improve AI governance. It is essential to further deepen the reform of state capital and state-owned enterprises. The meeting called for efforts to systematically deal with external shocks and challenges, enhance the security of energy and resource supplies, and respond to all uncertainties with solid results of high-quality development.

China should effectively prevent and defuse risks in key areas, strive to stabilize the property market and make steady progress in advancing urban renewal. The country should resolve local government debt risks in an orderly manner, make dedicated efforts to settle overdue payments owed to enterprises, advance reforms in small and medium-sized financial institutions, and stabilize and boost confidence in capital markets.

The meeting stressed the employment-first policy and vowed to strengthen public services in education, healthcare and childcare. Efforts should be made to boost agricultural production and stabilize the prices of agricultural products, including live hogs. China should improve policies for regular assistance to low-income groups to prevent any large-scale relapse into or occurrence of poverty. Work should be done to ensure workplace safety, disaster prevention and mitigation, and food and drug safety. Efforts should be intensified to carry out a campaign on establishing and practicing a correct understanding of what it means to perform well, and to translate its outcomes into tangible results in advancing high-quality development.

Other matters were also discussed at the meeting.