A recent meeting of the Politburo of the Chinese Communist Party (CCP) has sent seven signals on key focal points for its economic policy work in 2021.
The Politburo held its 2021 Economic Work Meeting on 11 December, where it reviewed economic policy work in 2020 as well as analysed upcoming policy work in 2021.
State media highlighted seven key “signals” from the Politburo Economic Work Meeting, including:
- Comprehensive establishment of a moderately prosperous society is in sight. According to the Politburo despite undergoing “an unprecedented storm” in 2020 the Chinese economy still managed to achieve a V-shaped rebound in the wake of the COVID-19 pandemic, and is on track to achieve the central government goal of creating a “moderately prosperous society.”
- The Chinese economy is gradually returning to normal. The meeting stressed the gradual return to normalcy of the Chinese economy – the first time that the Politburo has made such a statement in 2020.
- Further reference to the “Six Stabilisations” and the “Six Protections.” The Politburo made similar statements during a meeting held on 30 July.
- Strengthening of national strategic technological capability. The Fourth Plenary Session of the 19th Central Committee of the CCP held in December 2019 first proposed the goal of “strengthening capability in terms of national strategic technology.”
- First mention of the strengthening of anti-trust efforts and the prevention of the “disorderly expansion” of capital. At the start of 2020 the State Administration for Market Regulation (国家市场监管总局) issued an amended version of the Anti-Trust Law, which included new provisions on Internet companies, and on 10 November SAMR issued the draft version of Anti-Trust Guidelines for the solicitation of opinions from the public. SAMR has also just issued fines to Alibaba and Tencent for breaches of anti-trust restrictions.
- Expediting the stable and healthy development of real-estate markets.
- The terms “ecological environment” make a reappearance following a hiatus of two years.