Eight priorities outlined for China's economy in 2021

China | 19 Dec 2020 12:38 am

China's annual Central Economic Work Conference which ended in Beijing today outlined eight key tasks to focus on in the next year, state media reported.

The first task would be to strengthen the national strategic scientific and technological power: this includes setting the focus and direction for technological innovation and promoting the optimal allocation and resource sharing of scientific research forces.

Second, building more independent, controllable industrial supply chains, with focus on carrying out projects for researching key technologies, making up the shortcomings of the system, and enhancing the existing strength.

Third, adhering to the strategic basis of expanding domestic demand: To achieve the goal, it is necessary to make effective institutional arrangements in reasonably guiding consumption, saving, and investment. The government should also promote employment, combining the expansion of consumption with improvement of people's livelihood.

Fourth, promoting all-around reform and opening-up: Internationally, there is a need to strengthen coordination with international policies at the macro level. Domestically, the government should stimulate market vitality, broaden market access, and improve the governance of financial institutions.

Fifth, settling issues of farmland and seeds and guarantee food safety: It requires enhancement on the protection and utilization of germplasm resources so as to store the grains in the field with the help of technology.

Sixth, improving regulations on anti-monopoly and avoiding blind expansion of capital: To avoid the consequences of unfair competition, improvement in both regulations and market supervision is necessary as an approach to realize high-quality development in the economy. Innovation in the financing area should be conducted under thorough supervision.

Seventh, solving the housing problem in big cities: As an outstanding issue that closely related to people's livelihood, the statement reiterated houses should be mainly used for settlement rather than investment. Meanwhile, it also proposed regulations and controls on real estate's rental market.

Eighth, striving to reach the goal of reducing carbon emission: China is committed to peaking its emissions before 2030 and reaching carbon neutrality by 2060. Thus, the government will accelerate optimizing and upgrading the industrial structure and develop new energy in the fight against pollution.


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