Central Economic Work Conference concludes; Five Musts and Eight Key Tasks; US-Japan-China; H200s

The Central Economic Work Conference concluded Thursday. I have posted a full translation of the readout here. There were no surprises as it mostly fleshed out what we saw from the Monday Politburo meeting readout, and no indications of more aggressive stimulus measures or a shift in the currency policy, but it is an important and interesting document. All members of the Politburo Standing Committee attended, Xi gave a speech and Li Qiang summed up the meeting.

The politics may be at least as interesting as the readout. Politburo member Ma Xingrui was not shown in the CCTV report of the meeting, which per protocol shows the Politburo members and other officials in attendance. Ma was also missing from the CCTV report of the November Politburo study session, so the rumors that he is under investigation look more likely to be correct. This X account also noted that Xu Xueqiang, head of the Equipment Development Department of the Central Military Commission (CMC), and Wang Renhua, Secretary of the Political and Legal Affairs Commission of the CMC, were absent. So the purges continue…

Here are some of the highlights:

The meeting noted that there are still many old problems and new challenges in China’s economic development. The impact of changes in the external environment is deepening, the contradiction of strong domestic supply and weak demand is prominent, and there are many risks and hidden dangers in key areas. Most of these are problems arising during development and transformation, and they can be solved through effort. The supporting conditions and the basic trend of China’s economy remaining positive in the long run have not changed. We must strengthen confidence, utilize our advantages, respond to challenges, and continuously consolidate and expand the trend of economic recovery and improvement.

会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出，重点领域风险隐患较多。这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头。

The meeting emphasized that to do a good job in economic work next year, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deeply implement the spirit of the 20th CPC National Congress and the plenary sessions of the 20th Central Committee, and fully, accurately, and comprehensively implement the new development philosophy. We must accelerate the construction of a new development pattern, focus on promoting high-quality development, and adhere to the general principle of seeking progress while maintaining stability. We must better coordinate domestic economic work and international economic and trade struggles, better

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