Editorial | Development without sacrificing stability key for China’s year ahead
- Top economic meeting makes it clear that the way forward for the nation in complex conditions is to build resilience and capacity for longer-term growth
Two tone-setting statements have thrown light on the focus of China’s economic policy direction next year. Development was the biggest political priority, Beijing said after its just-concluded annual central economic work conference.
In the context of prioritising development or security, this signals a tilt towards economic growth, while security remains very much a focus.
This came after the official account of a meeting of the Politburo revealed a more cautious approach to addressing structural problems to reduce the risk of disruption to businesses and the wider economy.
One of the most discussed passages in the Politburo statement focuses on the need to build new structures before removing the old, instead of the other way round. It ultimately comes down to the paramount goal of stability.
“Next year we must persist in seeking progress while maintaining stability, promoting stability through advancement, and establishing the new before abolishing the old,” the statement said.
