December Politburo meeting ahead of the Central Economic Work Conference (CEWC)
The Politburo met Monday, and while there was no announcement of the Central Economic Work Conference this meeting usually signals the CEWC will convene in the next couple of days.
The headline of the readout is “CPC Central Committee Political Bureau Holds Meeting to Analyze and Research 2025 Economic Work, Study and Deploy Party Conduct, Clean Governance and Anti-Corruption Work, CPC General Secretary Xi Jinping Presides Over Meeting -中共中央政治局召开会议 分析研究2025年经济工作 研究部署党风廉政建设和反腐败工作 中共中央总书记习近平主持会议”.
I have done a quick translation of the official readout and highlighted several terms that seem interesting. Hong Kong stock market investors got very excited after the release of the readout, I think because of language like:
“implement more active macro policies, expand domestic demand”;
“stabilize the real estate and stock markets”;
“We should implement more active fiscal policy and moderately loose monetary policy, enrich and improve the policy toolbox, strengthen counter-cyclical regulation beyond normal measures, implement a combination of policies, and improve the forward-looking, targeted, and effective nature of macro-control. We must vigorously boost consumption, improve investment efficiency, and expand domestic demand in all aspects”.
Bloomberg reported that the last time the Politburo used “moderately loose monetary policy 适度宽松的货币政策” was in 2008 during the global financial crisis.
The section on Party conduct, clean governance and anti-corruption work is also interesting. Unsurprisingly the meeting “emphasized the need to strengthen Party leadership over economic work and ensure the implementation of various Central Committee decisions and deployments”. The Politburo also said discipline and inspection organs “must focus on strengthening political supervision to safeguard the "Two Upholds," strictly enforce political discipline and rules, include the implementation of major reforms in supervision, inspection, and inspection content, and ensure reform progresses smoothly through effective supervision”.
The readout:
“CPC Central Committee Political Bureau Holds Meeting to Analyze and Research 2025 Economic Work, Study and Deploy Party Conduct, Clean Governance and Anti-Corruption Work, CPC General Secretary Xi Jinping Presides Over Meeting -中共中央政治局召开会议 分析研究2025年经济工作 研究部署党风廉政建设和反腐败工作 中共中央总书记习近平主持会议”
The Political Bureau of the CPC Central Committee held a meeting on December 9 to analyze and research economic work for 2025 and to hear work reports from the Central Commission for Discipline Inspection and the National Supervisory Commission, studying and deploying party conduct, clean governance, and anti-corruption work for 2025. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting.
中共中央政治局12月9日召开会议，分析研究2025年经济工作；听取中央纪委国家监委工作汇报，研究部署2025年党风廉政建设和反腐败工作。中共中央总书记习近平主持会议。
The meeting noted that this year is crucial for achieving the goals of the "14th Five-Year Plan." Under the leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the party and people of all ethnic groups across the country responded calmly and implemented comprehensive measures. The economy operated steadily with progress, and China's economic strength, technological capabilities, and comprehensive national power continued to increase. New productive forces developed steadily, reform and opening up deepened continuously, risks in key areas were resolved in an orderly and effective manner, and livelihood protection was solid and strong. The main economic and social development goals for the year will be successfully completed.
会议认为，今年是实现“十四五”规划目标任务的关键一年，以习近平同志为核心的党中央团结带领全党全国各族人民，沉着应变、综合施策，经济运行总体平稳、稳中有进，我国经济实力、科技实力、综合国力持续增强。新质生产力稳步发展，改革开放持续深化，重点领域风险化解有序有效，民生保障扎实有力，全年经济社会发展主要目标任务将顺利完成。
The meeting emphasized that to do well in next year's economic work, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th Party Congress and the Second and Third Plenums of the 20th Central Committee, maintain the general principle of seeking progress while maintaining stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, solidly promote high-quality development, further deepen reform comprehensively, expand high-level opening up, build a modern industrial system, better coordinate development and security, implement more active macro policies, expand domestic demand, promote the integration of technological and industrial innovation, stabilize the real estate and stock markets, prevent and defuse risks in key areas and external shocks, stabilize expectations, stimulate vitality, promote sustained economic recovery and improvement, continuously improve people's living standards, maintain social harmony and stability, complete the "14th Five-Year Plan" goals with high quality, and lay a solid foundation for a good start to the "15th Five-Year Plan."
会议强调，做好明年经济工作，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届二中、三中全会精神，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，扎实推动高质量发展，进一步全面深化改革，扩大高水平对外开放，建设现代化产业体系，更好统筹发展和安全，实施更加积极有为的宏观政策，扩大国内需求，推动科技创新和产业创新融合发展，稳住楼市股市，防范化解重点领域风险和外部冲击，稳定预期、激发活力，推动经济持续回升向好，不断提高人民生活水平，保持社会和谐稳定，高质量完成“十四五”规划目标任务，为实现“十五五”良好开局打牢基础。
The meeting pointed out that next year, we must adhere to seeking progress while maintaining stability, promoting stability through progress, maintaining integrity while innovating, establishing new before breaking old, systematic integration, and coordinated cooperation. We should implement more active fiscal policy and moderately loose monetary policy, enrich and improve the policy toolbox, strengthen counter-cyclical regulation beyond normal measures, implement a “combination punch” of policies, and improve the forward-looking, targeted, and effective nature of macro-control. We must vigorously boost consumption, improve investment efficiency, and expand domestic demand in all aspects. We should use technological innovation to lead the development of new productive forces and build a modern industrial system. We should leverage the role of economic system reform and promote the implementation of landmark [标志性] reform measures. We should expand high-level opening up and stabilize foreign trade and investment. We must effectively prevent and defuse risks in key areas and firmly hold the bottom line of preventing systemic risks. We should continuously consolidate and expand the achievements in poverty alleviation, coordinate the promotion of new urbanization and comprehensive rural revitalization, and promote integrated urban-rural development. We should increase the implementation of regional strategies and enhance regional development vitality. We should coordinate the promotion of carbon reduction, pollution reduction, green expansion and growth, and accelerate the comprehensive green transformation of economic and social development. We must increase efforts to protect and improve people's livelihoods and enhance people's sense of gain, happiness, and security.
会议指出，明年要坚持稳中求进、以进促稳，守正创新、先立后破，系统集成、协同配合，实施更加积极的财政政策和适度宽松的货币政策，充实完善政策工具箱，加强超常规逆周期调节，打好政策“组合拳”，提高宏观调控的前瞻性、针对性、有效性。要大力提振消费、提高投资效益，全方位扩大国内需求。要以科技创新引领新质生产力发展，建设现代化产业体系。要发挥经济体制改革牵引作用，推动标志性改革举措落地见效。要扩大高水平对外开放，稳外贸、稳外资。要有效防范化解重点领域风险，牢牢守住不发生系统性风险底线。要持续巩固拓展脱贫攻坚成果，统筹推进新型城镇化和乡村全面振兴，促进城乡融合发展。要加大区域战略实施力度，增强区域发展活力。要协同推进降碳减污扩绿增长，加快经济社会发展全面绿色转型。要加大保障和改善民生力度，增强人民群众获得感幸福感安全感。
The meeting emphasized the need to strengthen Party leadership over economic work and ensure the implementation of various Central Committee decisions and deployments. We must fully mobilize the enthusiasm of all parties and stimulate the internal drive of cadres to work and innovate. We should adhere to seeking truth from facts, coordinate development and security, enhance collaborative linkage, strengthen expectation management, and improve overall policy effectiveness. We must do well in livelihood protection and security stability work to ensure overall social stability.
会议强调，要加强党对经济工作的领导，确保党中央各项决策部署落到实处。要充分调动各方面积极性，调动干部干事创业的内生动力。要坚持求真务实，统筹发展和安全，增强协同联动，加强预期管理，提高政策整体效能。要做好民生保障和安全稳定各项工作，确保社会大局稳定。
The meeting noted that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the Central Commission for Discipline Inspection, National Supervisory Commission, and discipline inspection and supervision organs at all levels have deeply studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially General Secretary Xi Jinping's important thoughts on the Party's self-revolution. Focusing on the central tasks of the Party and the state, they have continuously strengthened political supervision, deeply promoted discipline enforcement and anti-corruption efforts, carried out Party discipline learning and education, promoted the implementation of the Central Committee's eight-point decision on improving Party and government conduct, concentrated on rectifying unhealthy practices and corruption issues that affect the masses, worked to eliminate the soil and conditions for corruption, promoted the improvement of the comprehensive strict Party governance system and the Party and state supervision system, consolidated and expanded the achievements of themed education and education rectification, and promoted new achievements in the high-quality development of discipline inspection and supervision work in the new journey.
会议指出，在以习近平同志为核心的党中央坚强领导下，中央纪委国家监委和各级纪检监察机关深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平总书记关于党的自我革命的重要思想，围绕党和国家中心任务，持续强化政治监督，深入推进正风肃纪反腐，扎实开展党纪学习教育，推动贯彻落实中央八项规定精神走深走实，集中整治群众身边不正之风和腐败问题，着力铲除腐败滋生的土壤和条件，推动健全全面从严治党体系、完善党和国家监督体系，巩固拓展主题教育和教育整顿成果，推动新征程纪检监察工作高质量发展取得新成效。
The meeting emphasized that discipline inspection and supervision organs must adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, deeply understand the decisive significance of the "Two Establishes," resolutely implement the "Two Upholds," maintain high pressure on punishing corruption, unswervingly advance the anti-corruption struggle in depth, and provide strong guarantees for advancing Chinese modernization through new achievements in comprehensive strict Party governance. They must focus on strengthening political supervision to safeguard the "Two Upholds," strictly enforce political discipline and rules, include the implementation of major reforms in supervision, inspection, and inspection content, and ensure reform progresses smoothly through effective supervision. They must consolidate and deepen the results of Party discipline learning and education, and comprehensively leverage the constraining, safeguarding, and incentivizing roles of Party disciplinary education. They must improve mechanisms for investigating and treating both unhealthy practices and corruption, focusing on deepening the integration of improving conduct and fighting corruption. They must continuously deepen the rectification of unhealthy practices and corruption issues that affect the masses, promoting reform and development achievements to better and more fairly benefit the broad masses of people. They must strengthen the political responsibility of comprehensive strict Party governance, focusing on maintaining a strict tone throughout. They must strengthen the standardization, rule of law, and regularization of discipline inspection and supervision work, deepen the reform of the discipline inspection and supervision system, and build a discipline inspection and supervision iron army that is loyal, clean, responsible, and dares to struggle and is good at struggling.
会议强调，纪检监察机关要坚持以习近平新时代中国特色社会主义思想为指导，深刻领悟“两个确立”的决定性意义，坚决做到“两个维护”，始终保持惩治腐败高压态势，坚定不移把反腐败斗争向纵深推进，以全面从严治党新成效为推进中国式现代化提供坚强保障。要聚焦“两个维护”强化政治监督，严明政治纪律和政治规矩，把重大改革落实情况纳入监督检查和巡视巡察内容，以有力监督保障改革顺利推进。要巩固深化党纪学习教育成果，综合发挥党的纪律教育约束、保障激励作用。要健全不正之风和腐败问题同查同治机制，着力推动正风反腐一体深化。要持续深化整治群众身边不正之风和腐败问题，推动改革发展成果更好更公平惠及广大人民群众。要强化全面从严治党政治责任，着力推动严的基调一贯到底。要加强纪检监察工作规范化、法治化、正规化建设，深化纪检监察体制改革，打造忠诚干净担当、敢于善于斗争的纪检监察铁军。
Previously, General Secretary Xi Jinping presided over a meeting of the Standing Committee of the Political Bureau of the Central Committee to hear reports on the work of the Central Commission for Discipline Inspection and National Supervisory Commission in 2024 and preparations for the Fourth Plenary Session of the 20th Central Commission for Discipline Inspection.
此前，习近平总书记主持召开中央政治局常委会会议，听取中央纪委国家监委2024年工作情况和二十届中央纪律检查委员会第四次全体会议准备情况汇报。
The meeting agreed to hold the Fourth Plenary Session of the 20th Central Commission for Discipline Inspection from January 6 to 8 next year.
会议同意明年1月6日至8日召开二十届中央纪律检查委员会第四次全体会议。
The meeting also discussed other matters.
会议还研究了其他事项。