The Central Economic Work Conference was held in Beijing from December 10 to 11. Regarding next year's economic policies, people are not only concerned about "what to do" but also eager to know "what not to do." Based on the signals released at the conference, three things have been clearly ruled out.
First, there will be no "easing off the accelerator." Phrases such as "better coordination between domestic economic work and international trade disputes," "better coordination between development and security," and "implementation of more proactive and effective macro policies" were emphasized. Similar to the recent Politburo meeting, the Central Economic Work Conference used many comparative terms, with more detailed and clearer directions: —Policy intensity will not weaken. More proactive fiscal policies and appropriately accommodative monetary policies will continue, while effective policies on "two new initiatives" and "two key areas" will be optimized. The conference emphasized "leveraging the integrated effects of existing and incremental policies," indicating that new tools will be introduced as needed to address emerging challenges. —Policy quality will improve. Under the principle of "seeking progress while maintaining stability and enhancing quality and efficiency," the conference highlighted "strengthening counter-cyclical and cross-cyclical adjustments," "enhancing policy foresight, targeting, and coordination," and "improving macroeconomic governance efficiency." Thus, policies will not ease off but will be implemented with better timing, precision, and efficiency.
Second, there will be no "policy flip-flopping." The Central Economic Work Conference outlined next year's key tasks with "eight commitments." Whether focusing on domestic demand-driven growth, innovation-driven development, reform, or opening-up, the continuity with recent policy directions is evident. For China's economy, the stability of macro policies provides the greatest certainty. Despite external complexities, China adheres to its steady and progressive approach, follows economic laws, and maintains continuity in fiscal and monetary policies while making timely adjustments—avoiding erratic shifts or abrupt reversals. Persistence in planned actions has strengthened China's economic resilience and momentum, as recognized by institutions like the World Bank, IMF, and Asian Development Bank, which have recently upgraded China's growth forecasts. IMF Managing Director Kristalina Georgieva noted that China, with stable and robust policy support, is expected to maintain strong growth, contributing around 30% to global growth in the coming years.
Third, there will be no "going it alone." The conference frequently emphasized "coordination" and "synergy," signaling that next year's policies will not advance in isolation but through aligned efforts across fiscal and monetary policies, aggregate and structural measures, and existing and new initiatives. Macroeconomic regulation has never been a solo endeavor—it requires integrating measures from various fields, including seemingly "non-economic" policies that indirectly impact the economy. The conference stressed enhancing policy consistency and effectiveness, subjecting all economic and non-economic policies to macro-policy alignment assessments. By prioritizing integrated effects in policy design and implementation, China aims to achieve qualitative improvements and reasonable quantitative growth, laying a solid foundation for the 15th Five-Year Plan.
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