Xi Jinping's Key Address at China's Central Economic Work Conference Sets Economic Priorities

In Beijing, the annual Central Economic Work Conference convened from Wednesday to Thursday, gathering top leaders including general secretary Xi Jinping, who delivered a pivotal speech outlining the economic roadmap for 2025. Senior officials such as Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi were in attendance as discussions centered on addressing the adverse effects of a changing external environment and domestic challenges while reassessing the long-term positive outlook for China’s economic development.

The conference acknowledged the severe impact of external challenges and domestic difficulties, yet underscored that the fundamental conditions for long-term growth remain intact. Leaders called for a realistic approach to these hurdles, emphasizing the need to convert potential advantages into tangible developmental achievements. The conference’s objectives included ambitious steps to boost consumption, enhance investment efficiency, and broaden domestic demand, all while establishing a solid foundation for transitioning to the next Five-Year Plan (2026-30).

Business leaders and economists, both from within China and abroad, responded positively to the conference’s agenda. Industry figures highlighted that the emphasis on innovation-driven growth and the improvement of the business environment, especially in sectors like technology, would likely pave the way for favorable reforms. Meanwhile, experts noted that measures such as expanding opening-up pilot programs and stabilizing foreign investment would be instrumental in driving domestic consumption and ensuring a more sustained economic recovery.

Moreover, the discussions reflected a strategic focus on launching a more supportive macro policy environment, including tactical moves to cut reserve requirement ratios and policy rates. By reinforcing investor confidence and nurturing market activitiy, these policies are poised to invigorate the real economy. Overall, the conference not only set the stage for China's targeted economic reforms in the near term but also highlighted its role as a critical engine of global growth.