Key meeting works as compass for China's economy in 2024

Cheng Shi, chief economist at ICBC International, told China News Service this year's meeting emphasized the importance of high-quality development, particularly in fostering technological innovation and internal growth momentum.

The policy tone placed greater focus on the coordination and coherence among macro policies, said Cheng. Through a combination of fiscal and monetary policies, the objective is to stabilize market expectations and bolster confidence among economic actors.

He noted the meeting stressed the significance of effectively expanding demand. The fundamental role of consumption and the critical role of investment need to be leveraged to promote a beneficial interplay between the two.

This strategy aims to create a positive cycle between consumption and investment, effectively offsetting potential pressures from a contraction in external demand, thereby strengthening the domestic economic cycle.