People gather in the Bund area as skyscrapers of the Pudong Lujiazui Financial District stand across the Huangpu River at night in Shanghai, China, on July 29, 2019.   (QILAI SHEN/ BLOOMBERG)

BEIJING - China will keep its macro policies consistent, stable and sustainable in 2021, according to a statement released Friday after a tone-setting economic meeting.

The country will continue to implement proactive fiscal policy and prudent monetary policy, amid efforts to maintain necessary support for economic recovery, according to the annual Central Economic Work Conference held in Beijing from Wednesday to Friday.

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China will implement a monetary policy that is flexible, precise, reasonable and moderate, according to the statement

In 2021, China will adopt a fiscal policy that offers stronger financial guarantees to major national strategies as well as promotes science and technology innovations, accelerates economic structural adjustment, and adjusts income distribution in a proactive manner.

In the meantime, solid efforts should be made to resolve hidden debts of local governments, the statement said.

China will implement a monetary policy that is flexible, precise, reasonable and moderate, according to the statement, which stressed that money supply and aggregate social financing should grow at basically the same level with the country's nominal economic growth.

Banks' capital should be replenished through multiple channels, and efforts should be made to improve the legal system in the bond market, according to the statement.

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The meeting also urged stronger financial support for science and technology innovations, the small and micro firms, and green development.

China will deepen the market-oriented reform of interest rates and exchange rates, and keep the yuan's exchange rate generally stable on a reasonable and balanced level, according to the statement.

In a factory in Linxia Hui autonomous prefecture in Gansu province, workers put the finishing touches to umbrellas. (FAN PEIKUN / XINHUA)

Reforms, opening-up in all-round way

China will promote reforms and opening-up in an all-round way, according to the statement.

The conference also urged efforts to promote the healthy development of the capital market, and improve the quality of listed companies

To build a new development paradigm, the country must establish a high-level socialist market economic system, pursue a high-level opening-up, and make reforms and opening-up reinforce each other, the conference heard.

More efforts should be made to improve macroeconomic governance, and strengthen the coordination of international macro policies.

The conference called for efforts to stimulate the vitality of market entities, ease market access, promote fair competition, protect intellectual property rights, build a unified market and create a market-oriented, law-based, and internationalized business environment.

The conference also urged efforts to promote the healthy development of the capital market, and improve the quality of listed companies.

China will positively consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and attach importance to the application of international norms to safeguard national security. 

Keep economy in appropriate range

China will work to ensure that its economy runs in an appropriate range, according to the statement.

China shall rely on innovation to advance the development of its real economy and promote high-quality development of the manufacturing sector, according to the statement

The country will appropriately manage the tempo and strength of its macro-control, and implement targeted and effective macro policies, the statement said.

Efforts should be made to continue spurring the vitality of market entities, especially the micro, small and medium-sized enterprises and individually-owned businesses, through improving the country's policies related to cutting taxes and administrative fees, improving inclusive financial services, and promoting reform and innovation, it said.

China shall rely on innovation to advance the development of its real economy and promote high-quality development of the manufacturing sector, according to the statement.

The potential of the domestic market should be fully tapped, the statement said, calling for the expansion of consumption and effective investment that is oriented toward improving people's livelihoods.

Efforts should be made to comprehensively advance rural vitalization, deepen reforms in key areas to improve business environment, strengthen pollution prevention and control, promote employment and continuously improve people's lives, according to the statement.  

Toughen supervision over monopoly, unfair competition

Efforts will be made to intensify anti-monopoly supervision and prevent disorderly capital expansion next year.

Anti-trust and anti-unfair competition are the inherent requirements for improving the socialist market economic system and promoting high-quality development, according to the statement.

The country supports platform enterprises to pursue innovative development and enhance international competitiveness, and supports the joint development of the public and non-public sectors.

Laws and regulations concerning the identification of platform monopolies, management of data collection and use and protection of consumers' rights and interests will be optimized, the meeting heard.

Financial innovation must be advanced under prudent supervision, it added. 

Further expand consumption, promote employment

China will promote employment, improve its social security system, optimize income distribution structure and expand the middle-income group as part of efforts to expand domestic consumption

China will promote employment, improve its social security system, optimize income distribution structure and expand the middle-income group as part of efforts to expand domestic consumption, the meeting heard.

The country will lift some administrative restrictions on purchases in an orderly manner and tap into the consumption potential of counties and townships, according to the statement.

Strengthen national strategic technologies

China will strengthen its national strategic technologies with efforts including giving full play to the state's role in organizing major science and technology innovations.

The country will step up efforts to resolve major difficulties that constrain national development and security, the conference heard. 

The meeting stressed giving full play to the institutional advantages of a new-type of system that pools national resources as well as the role of key academies, institutions and colleges which act as national teams. It also called for more efforts to optimize the allocation of scientific research strength and the sharing of resources.

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The meeting urged efforts to step up the formulation and implementation a 10-year action plan to boost basic research, and concentrated efforts in the layout of a number of basic discipline research centers.

It also pledged support for eligible local areas in building international and regional science and technology innovation centers.

The meeting stressed giving full play to the principal role of enterprises in science and technology innovation, and pledged support for leading firms in establishing innovation consortiums to drive innovation activities of small and medium-sized firms.

Develop digital economy

China will enhance its efforts to develop the digital economy and increase investments in new infrastructure.

China will seize time to formulate an action plan for peaking carbon dioxide emissions before 2030, the meeting heard

Efforts should be made to strengthen the sustainability of investment growth and allow it to continue to play a key role, according to the statement.

Action plan for peaking carbon dioxide emissions before 2030

China will seize time to formulate an action plan for peaking carbon dioxide emissions before 2030.

The country will support areas with favorable conditions to peak the emissions ahead of the schedule, according to the statement.

China has previously announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. 

The country will accelerate the adjustment and optimization of industrial and energy structure, take action to see that coal consumption reach its peak as soon as possible, and vigorously develop new energy, the meeting herad.

Efforts should be made to speed up the establishment of national markets for carbon emission and energy use permit trading.

Build more independent, controllable industrial, supply chains

China will make efforts to build more independent and controllable industrial and supply chains.

The security and stability of industrial and supply chains is the foundation of forming a new development paradigm, according to the statement.