December Politburo meeting and the imminent Central Economic Work Conference

The Central Economic Work Conference (CEWC) should meet later this week, so we may soon have some more clarity on priorities and policies for 2026.

The Politburo held its December meeting Monday, and the CEWC usually follows within days. In this post I have provided a full translation of the readout from today’s meeting, as well as some highlights.

The meeting starts with a positive appraisal of this year’s economic work and says, unsurprisingly, that “the major targets for economic and social development are set to be successfully achieved”:

The meeting held that this year is a significant year in the process of Chinese modernization. The CPC Central Committee, with Comrade Xi Jinping at its core, has united and led the whole Party and the people of all ethnic groups across the country to rise to challenges and strive hard. By coordinating both domestic and international situations and implementing more proactive and effective macro policies, the major targets for economic and social development are set to be successfully achieved. China’s economic operation has been generally stable with steady progress; new quality productive forces have developed steadily; new steps have been taken in reform and opening up; positive progress has been made in defusing risks in key areas; the livelihood of the people has been more effectively guaranteed; and overall social stability has been maintained. Over the past five years, we have effectively responded to various shocks and challenges. China’s hard power in economy, technology, and national defense, as well as its soft power in culture, institutions, and diplomacy, have significantly improved. The “14th Five-Year Plan” is about to conclude satisfactorily, and a good start has been realized on the new journey toward the second centenary goal.

会议认为，今年是中国式现代化进程中具有重要意义的一年，以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、奋力拼搏，统筹国内国际两个大局，实施更加积极有为的宏观政策，经济社会发展主要目标将顺利实现。我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出新步伐，重点领域风险化解取得积极进展，民生保障更加有力，社会大局保持稳定。过去5年，我们有效应对各种冲击挑战，我国经济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，“十四五”即将圆满收官，第二个百年奋斗目标新征程实现良好开局。

The paragraph on principles for 2026 economic work includes a reminder for the US and other countries concerned about PRC trade practices that any deal is likely a tactical pause, as the meeting readout again says “we must better coordinate domestic economic work with international economic and trade struggles 斗争”:

The meeting emphasized that to do a good job in next year’s economic work, 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 apply the new development philosophy. We must

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