CEWC Outlines Pro-growth Economic Plan
Dec 17-2021
The annual Central Economic Work Conference (CEWC), which concluded on December 10th, outlined key tasks in seven aspects to boost high-quality development. In a media interview, Prof. Yu Miaojie believes that five new development ideas are enshrined in the well-designed economic plan, namely innovation, coordination, sustainability, openness, and sharing. He’s Associate Dean and CCP Party Secretary of the NSD.
According to Prof. Yu, policies in the seven aspects are precisely targeted and saddled with clearly-defined requirements. For example, macroeconomic policies shall stay prudent and effective; microeconomic ones shall continue to energize the vitality of market players; and structural policies shall focus on smoothening the circulation of the national economy. The other policies concern science and technology, reform and opening up, regional development, and social development.
Besides making economic stability the top priority, the policymakers at the meeting decided that supportive measures should be implemented ahead of schedule to buttress growth against strong headwinds. Prof. Yu says that under the threefold pressure from contraction of demand, supply shocks, and weaker expectations, an efficient market needs to join forces with an effective government which sets rational and active policies to promote the healthy development of market entities.
Of all the major goals, common prosperity comes first. Prof. Yu believes that a bigger cake should be made in order to achieve better income distribution. He also notices that the Work Conference continued to mention ‘anti-monopoly’ and ‘anti-unfair competition’ and put attention on capital. For Prof. Yu, it’s important to let capital play its positive role while mitigating its negative sides such as monopolistic behaviors, a drag on economic efficiency, and aggravation of unfair income distribution.
