President Xi Jinping summarised China’s current economic situation and outlined the economic plans ahead for 2021 during the Central Economic Work Conference which was held from December 16 to 18 in Beijing.
We have summarised some key takeaways from the conference:
- Plans to expand domestic consumption and increase the employment rate in 2021
- Amid the economic uncertainty caused by COVID-19, China will continue to promote domestic consumption in 2021 to help the economy to recover and stabilise the job market.
- Reduction of carbon dioxide emissions
- China previously announced that the country will reach peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060.
- Development of China’s digital economy
- China’s digital economy reached 36.2% of GDP in 2019 and has expanded at a rapid rate this year.
- The country will continue to promote the digital economy in all aspects of life, especially in relation to technology, business models and day to day operations.