China to ensure stability in growth, employment and prices to keep major economic indicators within a proper range

China will focus on ensuring stability in growth, employment and prices to keep major economic indicators within a proper range, further stabilize and sustain economic development and secure a good beginning for economic performance next year, according to the decisions made at the State Council executive meeting chaired by Premier Li Keqiang on Tuesday.

The meeting pointed out that the economy has sustained the momentum of recovery and stable growth, yet its foundation is not solid. It is imperative to implement the decisions of the Central Economic Work Conference, better coordinate COVID response with economic and social development and focus efforts on keeping growth, employment and prices stable.

"This year, in the face of shocks from factors beyond expectation, we have managed to keep employment, prices and the overall economic performance stable, which is no easy feat. Major economic indicators are on the whole kept within a proper range," Li said.

The meeting noted that implementation of the policy package for stabilizing the economy and its follow-up policies has played a key underpinning role in coping with shocks from factors beyond expectation, reversing the economic downturn, and bringing the economy back on a stable footing.

There is still room for bringing out the effects of the policy package, especially construction of key projects and equipment upgrading and renovation, which will continue to play a significant role in expanding investment and boosting consumption both at present and in the coming period.

"The effective work we do now will help maintain stable growth next year. It is crucial to seize the window of opportunity and maintain high vigilance. We have been improving COVID response measures, and as the situation in different localities varies, it is important to effectively implement policy measures in light of local conditions, and remove barriers and bottlenecks as needed," Li said.

The meeting urged that in implementing the policy package for stabilizing the economy, problems should be identified and fixed to ensure full delivery on the ground.

Construction of key projects and equipment upgrading and renovation will be pressed ahead to generate more physical gains. Projects that meet construction conditions in the winter should not be put on hold.

It is imperative to remain firmly committed to consolidating and developing the public sector, and to encouraging, supporting and guiding the development of the non-public sector, so as to shore up the confidence of private firms and support their greater development.

The sound and sustained development of the platform economy will be supported. Efforts will be made to promote the orderly recovery of consumption of services in light of actual conditions.

The 16 financial policies aimed at meeting people's basic housing needs and their wish to improve housing conditions, ensuring the delivery of pre-sold homes and supporting financing for the real estate sector, among others, will be implemented. Maximum convenience will be provided to foreign trade and investment negotiations.

As COVID response measures have been improved and implemented in a well-paced manner, it is imperative to make coordinated progress to maintain the momentum of economic stabilization, to lay a solid foundation for economic growth next year.

"The highlights of this year's policy package for stabilizing the economy and its follow-up policies are the two types of financial instruments, which have filled the gap of insufficient policy instruments. In addition, more than 10 teams have been sent to localities to supervise and assist their work on this front, which achieved excellent results," Li said.

The meeting stressed that competent departments should conduct supervision again in the near future on localities' implementation of the policy package for stabilizing the economy, to make sure that they assume their responsibilities for pursuing development as the top priority, advance the reform of government functions, and coordinate the settlement of difficulties and problems.

The meeting noted that China has maintained price stability this year against high global inflation. As New Year's Day and the Spring Festival are approaching, it is imperative to ensure the supply of daily necessities and keep their prices stable.

Efforts will be made to keep transportation and logistics smooth, and address the problem of "last-mile" delivery in certain localities without delay. The system of provincial governors assuming responsibility for the "rice bag" and city mayors for the "vegetable basket" will be fully enforced, to ensure sufficient supply and stable prices of essential necessities during New Year's Day and the Spring Festival.

Solid efforts will be made to meet people's needs for anti-COVID and medical supplies. Relevant enterprises will be supported to start production at full capacity. On top of that, international cooperation will be enhanced, and urgently-needed supplies imported as appropriate. Energy supply for daily life and production and residential heating for the winter will be ensured.

"We must promote the sound development of the platform economy as it plays an important role in stabilizing employment and boosting consumption. With New Year's Day and the Spring Festival approaching, governments at all levels should work to ensure supply and keep prices stable. The trunk lines should be kept smooth, and the same goes for the 'last-mile' in delivery. Thorough and meticulous work must be done to secure the needs of people in difficulty and let the people enjoy a safe and happy New Year's Day and Spring Festival," Li said.

The meeting noted that 12 million new urban jobs have been created this year. That said, there is still quite some pressure on keeping employment stable, and more solid work is needed to keep jobs stable and meet people's basic needs.

Emphasis will be given to promoting employment stability by supporting market entities. Policies to help enterprises overcome difficulties and stabilize and increase jobs must be implemented to good effect. Concrete efforts will be made to help college graduates land jobs.

Wage arrears for migrant workers will be redressed, and assistance will be provided to help them return to work on time after the holidays. Business start-ups will be supported to catalyze employment.

Work must be done to secure the needs of people in difficulty. Social protection and assistance will be expanded whenever needed. Subsistence allowance and other forms of relief funds will be issued on time and in full.

Temporary assistance will be provided to people facing difficulties due to COVID-19, with priority given to those in emergency situations. Solid work will be done to secure the basic living needs of disaster-stricken populations.