He also emphasised that technology should be the leading force for development and pledged to vigorously cultivate and expand the emerging and future industries, facilitating a smooth transition between old and new growth engines.
On the same day, the Communist Party’s 24-member Politburo met in the lead up to the “two sessions”, the annual meetings of the National People’s Congress (NPC), China’s legislature, and the Chinese People’s Political Consultative Conference (CPPCC), the country’s top advisory body, which will begin in Beijing next week.
“(We will) implement more proactive macro policies, expand domestic demand, and foster the integration of tech and industrial innovation,” according to a readout of the meeting reported by Xinhua on Friday.
The government also reaffirmed its intention to stabilise the real-estate and stock markets, raise people’s standard of living, and continue to promote high-level opening up.
“(We will) prevent and resolve risks in key areas and the external shocks, stabilise expectations, stimulate vitality, and drive continuous economic recovery and improvements,” the readout said.
Ding Shuang, chief Greater China economist at Standard Chartered Bank, said that rather than introducing new policy directions, the readout served more as a reiteration of the previous policy trajectory outlined during the central economic work conference in December.
“Technological innovation has always been a key focus for Beijing,” Ding said. “It was placed at the forefront of last year’s government work report, and at the December economic work conference, it was moved to second place, just behind boosting consumption.”
