Chinese leaders decide priorities for the economic work in 2024

At the annual Central Economic Work Conference in Beijing from Monday to Tuesday, Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivered an important speech at the conference.

Key quotes

“We must introduce more policies that are conducive to stabilizing expectations, stabilizing growth, and stabilizing employment,”

"It is necessary to strengthen counter-cyclical and cross-cyclical adjustments of macro policies, continue to implement a proactive fiscal policy and a prudent monetary policy, and strengthen innovation and coordination of policy tools."

“Plans include tax and fee cuts, new of fiscal and tax reforms, improved the structure of fiscal spending to support strategic tasks.”

“Will maintain reasonable and sufficient liquidity.”

“Will guide financial institutions to increase support for technological innovation, green transformation, inclusive small and micro businesses, and the digital economy.”

Market reaction

At the time of press, the AUD/USD pair was up 0.09% on the day at 0.6565.