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Growth Stabilization Should Become the Top Priority at Present

Release date:2023-03-02 11:04 Views:1858

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Liu Shangxi

Public Finance Research Briefing No. 1, 2023 (Total No. 780)

January 5, 2023


 

Abstract

As pointed out in the report to the 20th CPC National Congress, high-quality development will be crucial for getting our efforts to build a modern socialist country in all respects off to a good start. However, it was set in the medium and long term. Starting from system-based thinking of balancing short-term and long-term development, our overarching task should be stabilizing growth, providing a foundation and support for our medium and long-term goal of high-quality development. The Central Economic Work Conference identified that China’s economic recovery is not yet on a solid foundation, under great threefold pressure composed of increasing demand shrinkage, supply shocks and flagging market expectations. Furthermore, the volatile external environment is increasingly impacting China’s economy. Therefore, it is necessary to prioritize stabilizing growth, employment, and prices, thus promoting the economy to improve across the board. As the saying goes, “Needs must when the Devil drives.” The current macroeconomic situation has made it clear that stabilizing growth is of paramount importance.

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