The National Committee of the Chinese People's Political Consultative Conference (CPPCC) held a seminar on Jan 18 to review and analyze China's macroeconomic situation in the fourth quarter of 2020. 

CPPCC National Committee vice-chairmen He Lifeng, Gu Shengzu and Gao Yunlong spoke at the meeting where Sheng Laiyun, deputy head of the National Bureau of Statistics, briefed the attendees on the performance of China's economy over that period. 

After analyzing and identifying the characteristics and trajectory of China's macro-economy, 11 attendees, including members of the CPPCC National Committee, economic experts and scholars, shared their thoughts and insights on how to further boost the economy in 2021 and beyond. 

China's GDP grew by 2.3 percent last year despite the impact of the pandemic, making the country the only major economy in the world with positive growth in 2020. 

In the face of intricate situations at home and abroad last year, especially the rampant spread of COVID-19, the CPC Central Committee still managed to ensure that China's economy sustained the pandemic and steadily recovered with major economic targets beating expectations and the economic momentum keeping going up, said the participating members. 

Looking ahead, with the fallout of the pandemic and many other uncertain factors, the members noted that China's economic development still faces many challenges and risks. They suggested maintaining a dynamic balance between high-quality growth and economic security, while keeping macro policies consistent, stable and sustainable. 

They proposed bringing enthusiasm of all market entities into full play, boosting domestic consumption as a key macroeconomic control instrument, and considering the formulation of policies to further stimulate consumption potential. 

The innovation in the manufacturing industry was stressed by the members, who suggested giving more impetus to building China into a strong manufacturing power and ramping up efforts to enhance such innovation. 

The seminar called for continuality of the policy of stabilizing foreign trade and investment, faster pace in building an independent, controllable global industry chain, and high-standard free trade zones open to the world. 

The supervision over the financial sector should be tightened to better serve the real economy, according to the members' suggestion, which also involves financial risk prevention and more inclusiveness in financial service. 

The attendees also put forward proposals on grain at the seminar. They suggested rolling out a reform plan on grain growth to meet demands in the new era and achieve sustainable grain growth by developing technologies. 

The seminar also urged efforts to further improve the business environment and ensure business relief policies are all in place.