Conference hailed for emphasis on reforms

Experts have hailed the Central Economic Work Conference, held in Beijing from Dec 11 to 12, as a pivotal moment in shaping China's economic future. The meeting, which set the stage for 2025 and beyond, has drawn international attention for its emphasis on domestic consumption, sectoral reforms and sustainability.

President Xi Jinping's keynote speech provided a clear strategic vision, outlining priorities aimed at balancing growth and resilience in the face of evolving global and domestic challenges, according to experts.

Lawrence Loh, a professor at the National University of Singapore Business School, praised Xi's address as a "timely and critical strategic blueprint". Loh likened the conference's directives to a GPS, offering clear guidance for navigating economic uncertainties.

"Amid the multifarious challenges facing the country, both domestically and globally, President Xi has laid out a clear road map for the economic directions to be pursued. It's like a GPS guiding everyone through the journey ahead," he said.

Domestic consumption

A key takeaway, Loh noted, was the emphasis on boosting domestic consumption. While global growth remains important, strengthening China's internal market is a crucial move. Loh stressed the need for international businesses to adapt to China's unique market conditions, emphasizing the importance of innovation and responsiveness to consumer demands.

The conference also reviewed China's economic performance in 2024 and charted a course for the coming year. Leaders emphasized that the fundamentals of China's economy remain strong, calling for proactive macroeconomic measures to sustain growth and ensure a solid foundation for the transition to the 15th Five-Year Plan (2026-30).

Loh noted that the conference reaffirmed China's commitment to opening key sectors for global collaboration.

"The expansion of pilot programs in sectors such as telecom and healthcare is especially welcome. Global players can benefit from these expanded business opportunities through purpose-driven investments that are mutually beneficial to both China and international partners," he added.

He also highlighted China's push for green development, exemplified by plans for zero-carbon parks, which offer significant potential for regional and international cooperation in sustainability.

Tom Harper, a lecturer and researcher specializing in China's international relations at the University of East London, echoed this view.

"The priorities outlined thus far reflect China's long-term goal of transitioning its development to engage in areas once dominated by advanced nations," he said.

He added, "This also demonstrates how China is now pursuing a strategy that reduces its dependency on exports for growth, a move that is particularly timely given the increasing protectionism in the global economy."

Christopher Bovis, a professor of international business law at the University of Hull, emphasized the balanced approach adopted by Chinese policymakers. He said the combination of assertive fiscal measures and flexible monetary policies reflects a strategic effort to maintain liquidity while supporting industrial and regulatory reforms.