China's annual Central Economic Work Conference set policy direction for 2024, pledging "forceful" macroeconomic policy and renewed support for advanced manufacturing, real estate stabilisation, and consumer demand.
The readout balanced traditional growth language with continued emphasis on quality of development, with a clear preference for industrial upgrading and "new productive forces" over old-style infrastructure spending.
Officials signalled tolerance for a moderate increase in the budget deficit ratio and active use of policy banks, while reiterating constraints on hidden local-government debt accumulation.
Markets read the meeting as a green light for further fiscal and monetary easing, ahead of the headline announcements at the National People's Congress in March.