Key conference sets tone for 2024 economic work
China will step up policy adjustments to support an economic recovery in 2024 following an agenda-setting meeting of the country's top leaders. State media also said the country is confronting "difficulties and challenges" to its recovery, as the world's second-largest economy charts an uneven rebound from the pandemic. China will focus on boosting effective demand next year, and make concerted efforts to expand domestic demand, state media said, citing the annual Central Economic Work Conference held from December 11-12, during which top leaders set economic targets for 2024. China will strengthen counter-cyclical and cross-cyclical macro policy adjustments. "To further promote economic recovery, we need to overcome some difficulties and challenges," state media said. "The main problems are insufficient effective demand, overcapacity in some industries, weak public expectations, and many hidden risks." The conference also stressed the need to take measures to reduce the risks facing the property sector. At the conference, top officials "decided priorities for the economic work in 2024" and President Xi Jinping gave a speech. "It was noted at the meeting that China's economy has achieved a recovery," the report said. And according to the officials present, "favourable conditions outweigh unfavourable factors in China's development", state media reported. "Regarding the economic work next year, the meeting called for efforts to pursue progress while ensuring stability, consolidate stability through progress, and establish the new before abolishing the old," Xinhua News Agency said. The Politburo said on Friday that fiscal policy would be moderately strengthened and will be "flexible, moderate, precise, and effective" to help spur the economic recovery. Authorities will "consolidate and enhance the economic recovery", aiming for reasonable economic growth next year with an emphasis on higher quality expansion, state media said. (Agencies)