Beijing Review: Nipping Economic Risks in the Bud

BEIJING, Dec. 14, 2023 /PRNewswire/ -- The annual Central Economic Work Conference was held in Beijing from December 11 to 12. President Xi Jinping delivered a speech during this conference, reviewing the country's economic performance in 2023, analyzing the current situation, and outlining next year's priorities. A notable emphasis during the meeting was to be more mindful of risks and effectively respond to them.

This commitment to vigilance echoes President Xi's remarks at the 2021 Central Economic Work Conference, where he underlined the importance of preparing for the worst and preventing major risks or crises. He quoted a famous line from Xichou's Remarks by He Tan, an official and scholar from the Song Dynasty (960-1279): "We must nip early risk factors and diseases in the bud." This cautionary statement serves as a reminder for people to be aware of potential dangers lurking in the background.

China's economy has achieved a post-pandemic recovery, with solid progress made in high-quality development. In the first three quarters of 2023, China's GDP grew 5.2 percent year on year, and the target of achieving a 5-percent economic growth for the entire year is within reach. The average surveyed urban unemployment rate for the first three quarters was 5.3 percent, decreasing by 0.3 percentage points year on year. Foreign exchange reserves remain stable at over $3.1 trillion. The renminbi has gained widespread usage in international trade and financial transactions, surpassing the euro in October and becoming the second largest currency used in international trade after the U.S. dollar.

Steven Barnett, IMF Senior Resident Representative in China, said China remains the biggest engine of global economic growth in 2023, contributing one third of global economic growth.

Despite these commendable strides, challenges persist on the economic horizon. The report to the 20th National Congress of the Communist Party of China highlighted that China has entered a period of development in which strategic opportunities, risks, and challenges are concurrent and uncertainties and unforeseen factors are rising. Various "black swan" and "gray rhino" events may occur at any time.

Against the backdrop of increasing uncertainty both internationally and domestically, "we must nip early risk factors and diseases in the bud." The line does not only serve as a warning, but also as a reminder of the need for long-term vigilance.

At this critical stage in China's economic recovery, and in this crucial phase of the Chinese path to modernization with high-quality development, China must enhance its capacity to prevent and mitigate risks and will remain on high alert against systemic risks. This aims to ensure the stable development of the country's economy and society alike.

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SOURCE Beijing Review