1. China’s 2020 Economic Agenda: Maintaining Stability Amid Flux
- Author:
- Yun Jiang and Adam Ni
- Publication Date:
- 12-2019
- Content Type:
- Journal Article
- Journal:
- China Brief
- Institution:
- The Jamestown Foundation
- Abstract:
- China’s top annual economic policy gathering, the Central Economic Work Conference (中央经济工作会议, Zhongyang jingji gongzuo huiyi), or CEWC, was held between December 10 and 12 in Beijing. This year’s CEWC focused on the theme of “achieving developmental progress on the basis of first ensuring stability” (稳字当头, 稳中求进 / wen zi dangtou, wen zhong qiu jin) (Xinhua, December 12)—thereby continuing a theme stressed during the meeting of the National People’s Congress in March of this year (China Brief, March 22). Given increasing economic risks and political challenges, both domestic and international, the party-state’s focus on the supremacy of stability is unsurprising. Importantly, the CEWC reiterates that the goal of achieving a “moderately prosperous society” (小康社会, xiaokang shehui) by the end of 2020 is “a priority among priorities” (重中之重, zhong zhong zhi zhong). This article examines the key outcomes of the 2019 CEWC, which set the overall direction of China’s economic policy agenda for 2020. In doing so, we highlight a central underlying tension: on the one hand, the Chinese Communist Party (CCP) wants to keep a steady ship at a time of economic and strategic flux; on the other, maintaining strong economic growth requires ambitious developmental goals and economic reform imperatives, which have added pressure for bold policy actions. How well Chinese policymakers can navigate this tension in 2020 has important ramifications for both China’s national development and the CCP’s political legitimacy.
- Topic:
- Security, Development, Economics, Legitimacy, and Strategic Interests
- Political Geography:
- China and Asia