A meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee to analyze the current economic situation and economic work was held in Beijing on Friday. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

Stressing the need to maintain the general tone of seeking progress while maintaining stability, the meeting urged efforts to fully, accurately and comprehensively implement the new development philosophy, accelerate the building of a new development pattern and deepen reform and opening-up, aiming to form a strong driving force to promote high-quality development.

China's economy got off to a good start 

The meeting noted that since the beginning of the year, China's economy and society have fully resumed normal operations.

With front-loaded and synergized macro policies, the "triple pressure" of shrinking demand, supply shocks and weakening expectations has been eased, while economic growth has been better than expected, market demand has been gradually recovering, economic development has shown an upward momentum, and economic operation has got off to a good start, the meeting said.

China's gross domestic product (GDP) grew 4.5 percent year on year to 28.5 trillion yuan (about $4.14 trillion) in the first three months, data from the National Bureau of Statistics (NBS) shows.

The pace accelerated from a 3-percent GDP growth for 2022 and a 2.9-percent increase in the fourth quarter of last year.

Data also showed retail sales of consumer goods went up 5.8 percent year on year in the first quarter, reversing a decline of 2.7 percent in the final quarter of last year.

Promote high-quality development

Stressing the need to maintain the general tone of seeking progress while maintaining stability, the meeting urged efforts to fully, accurately and comprehensively implement the new development philosophy, accelerate the building of a new development pattern and deepen reform and opening-up, aiming to form a strong driving force to promote high-quality development.

The meeting called for accelerating the construction of a modern industrial system supported by the real economy.

The foundation of self-reliance and self-improvement in science and technology should be consolidated, it said, calling for expanding the development advantages of new energy vehicles, and accelerating the construction of charging piles, energy storage, as well as grid transformation.

It urged the need to attach importance to the development of general artificial intelligence, create an innovative ecology, and pay attention to risk prevention.

Noting that restoring and expanding demand is the key to the continuous recovery of the current economy, the meeting called for a strengthened proactive fiscal policy and a prudent monetary policy to form a joint force to expand demand.

The meeting pointed out that it is necessary to break down legal and regulatory obstacles and hidden barriers that affect fair competition and common development of enterprises of various ownerships, and continue to boost the confidence of business entities and help with their recovery.

Deepen reform, expand high-level opening-up

The meeting emphasized the need to comprehensively deepen reform and expand high-level opening-up.

Attracting foreign investment should be placed in a more important position, it said, adding that the basic market of foreign trade and investment should be stabilized.

It is necessary to support the integration of qualified pilot free trade zones (FTZs) and free trade ports with high-standard international economic and trade rules, and carry out reform and opening-up first, said the meeting.

According to the State Administration of Foreign Exchange, over the past five years, the rate of return on foreign direct investment in China is 9.1 percent, that in Europe and the U.S. is about 3 percent, and that in emerging economies such as Brazil, South Africa and India is around 4 to 8 percent.

In 2022, the actual use of foreign capital in the high-tech industries of the 21 pilot FTZs increased by 53.2 percent year on year. The pilot FTZs have implemented, formed and promoted 278 institutional innovations across the country, according to the Ministry of Commerce.

The meeting called for supporting rigid and improved housing needs, doing a good job in ensuring the delivery of buildings, people's livelihood and stability to promote the stable and healthy development of the real estate market, and the establishment of a new model for the development of the real estate industry.

Emphasizing the need to effectively guarantee and improve people's livelihood, it also urged efforts to expand employment channels for college graduates, and stabilize the employment of key groups such as migrant workers.

(With input from Xinhua)

(Cover: A view of Guangzhou City, capital of south China's Guangdong Province. /CFP)