A symposium focusing on analyzing China's macroeconomic situation in the third quarter was held by the National Committee of the Chinese People's Political Consultative Conference (CPPCC) in Beijing on Oct 19.

The CPPCC National Committee holds a symposium to analyze China’s macroeconomic situation in the third quarter of 2020 in Beijing on Oct 19. [Photo/cppcc.gov.cn]

Wang Yang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the CPPCC National Committee, stressed high-quality economic growth in his speech at the meeting.

Wang noted that China's efforts in coordinating epidemic control with economic and social development have achieved hard-earned outcomes under the leadership of the CPC Central Committee with Xi Jinping at its core.

He urged an objective and calm attitude towards the difficulties and challenges in the current economic situation and called for the ability to find out long-run trends amid short-term fluctuations and measures to properly handle the complicated and ever-changing economic situation.

He also required adherence to the underlying principle of pursuing progress while maintaining stability so as to deal with the uncertainties in the international environment.

Sheng Laiyun, deputy head of the National Bureau of Statistics, briefed the meeting participants on the performance of the national economy in the third quarter.

The CPPCC National Committee members attending the seminar agreed that the achievements made by various regions and departments across China in ensuring stability on six fronts -- employment,  financial sector, foreign trade, foreign investment, domestic investment, and expectations -- while maintaining security in six areas -- jobs, basic living needs, operations of market entities, food and energy, stable industrial and supply chains, and the normal functioning of primary-level governments -- have fully demonstrated China's political and institutional advantages.

They noted that the country's economic performance has improved month by month since the second quarter with more positive factors emerging, market expectations constantly improving, and the overall social situation keeping stable.

The CPPCC National Committee members also listed such unfavorable factors as uncertainties in the domestic economic situation, an unstable foundation for sustained economic recovery, insufficient consumption demand, employment pressure, and enterprises' operational difficulties.

They called for efforts to balance the near-term goal of realizing stable growth and risk prevention for the long haul, maintain the continuity of macro-control policies, make timely adjustments according to changes, and further refine the pertinence and effectiveness of macro-control, so as to stabilize market expectations.

They suggested specifying the measures for expanding domestic demand, giving priority to ensuring enterprises' viability and the public's employment, and promoting stable economic recovery by stimulating consumption.

They noted that efforts should be made to further implement policies and measures to support private enterprises, establish and improve a long-lasting bailout mechanism for them.

They also called for optimizing the financing structure, beefing up financial support for innovation and development, while strengthening the prevention and control of financial risks.

In addition, they suggested efficient linkage of reform and development, greater synergy of reforms in the economy, society and other fields, and adherence to an opening-up strategy featuring mutual benefit and win-win outcomes so as to create a more enabling environment for "bringing in" overseas capital, technology, talent and managerial expertise and sharpen Chinese enterprises' competitive edge of "going global".

CPPCC National Committee vice-chairpersons Zhang Qingli, Li Bin, Gao Yunlong and Gu Shengzu attended the meeting, at which Gu delivered a speech.