The Committee on Economic Affairs of the Chinese People's Political Consultative Conference (CPPCC) National Committee held a symposium on Oct 18 to analyze the country's macro economy in the third quarter of the year, focusing on facilitating better effects of the new policies and measures to meet the growth targets of the year. 

CPPCC National Committee Vice-Chairman Wang Yong addressed the meeting, which was also attended by CPPCC National Committee Vice-Chairman Gao Yunlong.  

Officials from the National Bureau of Statistics provided an overview of the country's economic performance for the third quarter of 2024, and representatives from the All-China Federation of Industry and Commerce (ACFIC) provided an update on the development of private enterprises. CPPCC National Committee members joined the discussions. 

It was agreed that China's economic performance this year has been generally stable, achieving progress in preventing and defusing risks in major areas, and in steadily advancing high-quality development.

While identifying new developments and new issues in economic growth, the CPPCC members agreed that the fundamentals of China's economy and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged.

The CPPCC members suggested further efforts should be made to implement the guiding principles of the meeting held by the Political Bureau of the Communist Party of China Central Committee on economic development on Sept 26.

They also proposed that effective measures conducive to long-term growth be taken to boost confidence in development and buoy the determination to tackle difficulties.

It is imperative to accelerate the formation of an effective endogenous growth mechanism for investment and establish a sound long-term mechanism for expanding consumption, they noted. 

The CPPCC members also highlighted efforts to align the development of major projects with the protection of people's livelihoods, and to support enterprises in stabilizing employment. 

The deepened reform of the fiscal and tax systems and prompt implementation of monetary policies are also needed to boost effective domestic demand, they added. 

The meeting participants called on members of the CPPCC National Committee's Committee on Economic Affairs, the ACFIC and the economic sector to maximize the CPPCC's strengths to ensure that policies are fully implemented in key areas of work and to boost the country's high-quality economic development.

Representatives from the National Development and Reform Commission, Ministry of Finance, and People's Bank of China were present and engaged in discussions with the CPPCC members.