The 2023 Central Economic Work Conference sent clear policy signals, emphasizing three things China will firmly avoid while pursuing high-quality development: first, refraining from ‘flooding the economy with liquidity’ through aggressive stimulus; second, not reverting to the old path of extensive, resource-intensive growth; and third, refusing to sacrifice the ecological environment for short-term economic gains. The conference noted that China’s economic recovery remains fragile and stressed maintaining the overarching principle of ‘stability while making progress.’ It called for integrating the strategy of expanding domestic demand with deepening supply-side structural reforms. Avoiding ‘flooding the economy’ means macro policies will prioritize precision and effectiveness over excessive easing, which could fuel financial risks or asset bubbles. Steering clear of extensive growth underscores the need to shift toward innovation-driven development and boost total factor productivity. Meanwhile, protecting the environment reflects a firm commitment to green development and a comprehensive transition toward an eco-friendly economy. These ‘three don’ts’ clearly define policy boundaries, highlighting China’s strategic resolve to shift focus from ‘whether it exists’ to ‘whether it is good’ in its economic development.
2023年中央经济工作会议释放出明确政策信号，强调在推动高质量发展的过程中，有三件事坚决不做：一是不搞‘大水漫灌’式强刺激；二是不走粗放增长的老路；三是不以牺牲生态环境为代价换取短期经济增长。会议指出，当前我国经济恢复基础尚不牢固，必须坚持稳中求进工作总基调，把实施扩大内需战略同深化供给侧结构性改革有机结合起来。所谓‘不搞大水漫灌’，意味着宏观政策将更加注重精准有效，避免过度宽松引发金融风险或资产泡沫；‘不走粗放增长老路’则要求加快转变发展方式，依靠科技创新和全要素生产率提升驱动增长；而‘不牺牲环境换增长’体现了绿色发展理念的坚定贯彻，推动经济社会发展全面绿色转型。这‘三不做’清晰划定了政策边界，彰显了中国经济从‘有没有’转向‘好不好’的战略定力与路径选择。
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