Xi’s Article on Economic Work Published

BEIJING, Feb. 16 (Xinhua) — An article by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on major issues pertaining to the country’s current economic work, was published Thursday.

The article by Xi, also Chinese president and chairman of the Central Military Commission, was published in this year’s fourth issue of the Qiushi Journal, a flagship magazine of the CPC Central Committee.

The article says that the economic work in 2023 is complicated, and it is necessary to bear in mind the overall strategic picture, focus on the major problems and start with improving public expectations and boosting confidence in development.

It stresses efforts to expand domestic demand by prioritizing the recovery and expansion of consumption, and effectively driving investment of the whole society through government investment and policy incentives.

Efforts should also be made to give full play to the supporting role of exports in the economy and accelerate the transformation of China into a trader of quality, according to the article.

In terms of modernizing the country’s industrial system, the article points out that China has the most complete industrial system and a domestic market with the greatest potential in the world. It urges efforts to improve the country’s resilience and the security of the industrial and supply chains, while paying close attention to addressing weaknesses and enhancing strengths.

Calling for ensuring smooth circulation in the economy, the article says that China’s economy must ensure national security, meeting people’s basic living needs, as well as the normal operation of infrastructure and basic industries.

China should also accelerate and upgrade its industrial system by planning ahead in key areas and comprehensively modernizing its industrial system, so as to consolidate its leading position in traditional advantageous industries and create new competitiveness, according to the article.

The article stresses the importance of continuing reforms to develop the socialist market economy, and solidly implementing the principle of unswervingly consolidating and developing the public sector while encouraging, supporting and guiding the development of the non-public sector.

It is imperative to deepen the reform of state-owned capital and state-owned enterprises (SOEs), while enhancing the core competitiveness of the SOEs, the article says.

It also calls for efforts to improve the development environment for private firms and promote the development and expansion of the private sector.

Noting that international competition for attracting investment is becoming more intense, the article urges more efforts to attract and utilize foreign investment.

Efforts should be made to expand market access, comprehensively improve the business environment, and provide targeted services to foreign-funded enterprises, it says.

The article calls for efforts to effectively forestall and defuse major economic and financial risks, including the systemic risks arising from the property sector, financial risks and local government debt risks.

There is still a lot of important work to be done in 2023, says the article, citing tasks such as advancing rural revitalization on all fronts and planning a new round of reform across the board.