Xi’s comments, seen in a report released in the wake of the two-day conference, offer essential guidance for policymakers – and for observers, clear signs the country’s top leader sees movement has been lacking.
You cannot procrastinate, dragging on small things until they become big ones, and delaying big things until they explode
“To put it more bluntly, it shows that [the top leadership] is not satisfied with some of the specific measures and the progress of policy implementation so far,” said Wang Zichen, research fellow at Centre for China and Globalisation.
Officials were also instructed to act “vigorously, resolutely and pragmatically” when implementing the central government’s policies, and to “have the courage” to take on difficult tasks.
“You must have the awareness to act immediately,” he was quoted as saying.
Ultimately the prerequisite for any action, Xi said, is to clearly understand “without distortion” the intentions of the party’s Central Committee and hew to them closely.
“Underdoing is a distortion, but overdoing is also a deviation,” the president said.
The Chinese leader also took on “formalism” and “bureaucratism” among government officials, calling them “stubborn and chronic diseases, like psoriasis”.
China’s Xi Jinping appeals to decades-old mantra of reform, eyeing economic jolt
China’s Xi Jinping appeals to decades-old mantra of reform, eyeing economic jolt
Along with local government debt and solvency issues with small banks, this problem was mentioned at the conference as a major risk facing the country.
“You cannot procrastinate, dragging on small things until they become big ones, and delaying big things until they explode,” Xi said.
Beijing has told the country’s mostly state-owned financial institutions to meet all “reasonable” funding needs from property firms, and quickened the pace of development in three major projects – emergency facilities, urban renewal and affordable housing – to offset the decline in commodity housing construction.
Policymakers also emphasised policy coordination during the two-day meeting, according to the official report. Particularly, they vowed to incorporate non-economic measures into the overall macroeconomic outlook.
In the past, some regulations have had negative impacts on market sentiment and near-term economic growth.
For example, to meet carbon reduction targets, some local governments would withhold power for manufacturing factories.
A to-do list is expected following the lengthy statement, when participating cadres return home and relay Xi’s message across the country – but more detailed growth targets will only be disclosed at the National People’s Congress in March.
