Editor's note: Dong Shaopeng is the executive deputy editor-in-chief of the Securities Daily. The article reflects the author's opinions and not necessarily the views of CGTN.

The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Dec. 6 to analyze economic work in 2023 and to develop plans for the current stage of economic development, pandemic prevention and control, reform and opening up. Among the efforts, the four "dares" embody the policy guidance of making solid efforts, stimulating vitality and boosting confidence during this critical period. They will help unify thinking, better coordinate pandemic prevention and control with economic and social growth, better coordinate expansion with security, effectively respond to difficulties and challenges, and win the initiative of development.

"We should adhere to the principle of real work, stimulate the entrepreneurial vitality of all social workers, and let cadres dare to do things, local governments dare to do things, enterprises dare to do things, and the masses dare to take the initiative," the meeting said.

These statements capture the main contradictions in the current economic and social development and clarify the focus of work, which is very timely and necessary. In the face of a complex development situation, we should not only do a good job in pandemic prevention and control, but also avoid taking excessive steps; We should not only ensure an appropriate rate of economic growth and strive to ensure stability in supply, price and employment, but also accelerate structural adjustments and improve the quality of development by relying on domestic demand and innovation; We should also make a good overall plan for both domestic and foreign resources and markets, respond to the adverse factors in the international arena, promote a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other, and guide the international economy towards sustainable recovery and mutually beneficial cooperation with the certainty and stability of China's development.

To achieve these goals and tasks, hesitation, impatience and rash advance are not allowed, not to mention the lack of systematic thinking. We must work hard to achieve positive and stable results with scientific and effective strategies. "Dare" is a combination of knowledge and practice. To achieve the four "dares," the most fundamental thing is to strengthen the Party's overall leadership over economic work, comprehensively study, and grasp and implement the spirit of the 20th CPC National Congress while completely, accurately and comprehensively implementing the new development concept.

The meeting highlighted the word "stability," emphasized two "better overall planning," and clarified five policy requirements. With regard to the word "stability," the meeting pointed out that "next year, we should stick to the principle of stability and seek progress while maintaining stability" and "focus on stabilizing growth, employment and prices." The meeting also put forward requirements on "effectively preventing and defusing major economic and financial risks, and keeping the bottom line of avoiding systematic risks." These deployments are all aimed at achieving progress while maintaining stability. We should fully realize that in difficult situations, stability is the only way to advance, and it is valuable to advance on the basis of stability. Striving for progress while maintaining stability is a kind of ability to grasp and forge ahead, which requires courage and success.

The two "better coordination," namely "better coordination of pandemic prevention and control, economic and social development, and better coordination of development and security" are exactly the difficulties of the current work and the key to the mutual unity of "stability" and "progress."

With regard to the five policy requirements, the meeting pointed out that "active fiscal policies should be strengthened to improve efficiency, prudent monetary policies should be precise and powerful, industrial policies should be developed and safe at the same time, science and technology policies should focus on self-reliance, and social policies should ensure the bottom line of people's livelihood."

These statements reflect the continuity and stability of policies, and also have some new ideas. Among them, the fiscal policy emphasizes "enhancing efficiency" while the monetary policy emphasizes "precision and effectiveness." That shows that the toolbox of the two macro policies is sufficient to continue to guide and boost the real economy, while improving the art of policy implementation. The industrial policy emphasizes "simultaneous development and security." First, we should maintain the stability and security of the industrial chain and supply chain, and deal with the interference and destruction of unilateralism. Second, we should actively tighten the cooperative relationship between China's advantageous industries and relevant countries and regions, and promote development and security through cooperation.