Despite diverse challenges, the year 2021, which marks the beginning of the 14th Five-Year Plan (2021-25) period, has seen new progress on China’s high-quality development, according to the annual Central Economic Work Conference, taking place in Beijing from December 8 to 10. The meeting reviewed this year’s economic performance and outlined priorities for 2022.
Economic work for 2022 should prioritize stability while pursuing progress, as China is facing pressure from demand contraction, supply shocks and weakening expectations, as well as external uncertainties caused by the lingering impacts of the COVID-19 pandemic, according to the meeting.
Facing these challenges, it underlined the need to improve China’s economic foundations, enhance technological innovation, and expand opening up, stressing that the country’s strong economic resilience and fundamentals will continue to underpin its steady growth…