China will step up policy adjustments to support an economic recovery in 2024, state media said on Tuesday, following an agenda-setting meeting of the country’s top leaders.
China will implement a proactive fiscal policy and a prudent monetary policy next year, state media said, citing the annual Central Economic Work Conference held from Dec. 11-12.
China will strengthen counter-cyclical and cross-cyclical macro policy adjustments, state media said.
“To further promote economic recovery, we need to overcome some difficulties and challenges,” state media said.
“The main problems are insufficient effective demand, overcapacity in some industries, weak public expectations, and many hidden risks.”
Top leaders also pledged to “facilitate stability through progress” for economic work next year and to “establish first before demolishing, state media said.
The Politburo, a top decision-making body of the ruling Communist Party, said on Friday that fiscal policy would be moderately strengthened and would be “flexible, moderate, precise, and effective” to help spur the economic recovery.
