The Central Economic Work Conference in December 2020 set the agenda for 2021, emphasizing technology self-reliance, demand-side reform, and financial risk prevention. These priorities reveal Beijing's post-pandemic economic strategy.
Technology Self-Reliance
The top priority is strengthening domestic technology capabilities, particularly in semiconductors and other areas where foreign dependencies create vulnerabilities. This reflects lasting lessons from US export controls.
Demand-Side Reform
For the first time, demand-side structural reform receives emphasis alongside supply-side reform. This signals concern about consumption weakness and recognition that supply expansion alone cannot sustain growth.
Risk Prevention
Financial risk prevention remains a priority, with emphasis on local government debt and property sector exposure. The balance between growth support and deleveraging continues to define policy trade-offs.