Key meeting works as compass for China's economy in 2024

Ming Ming, the chief economist of CITIC Securities, said that the tone-setting meeting regarding monetary policy might suggest the government's intention to increase the broad money supply into the real economy.

With inflation data declining over the past two months, there's a stronger chance of interest rate cuts or reductions in the reserve requirement ratio before the end of this year, Ming told China News Service.

Ming said the meeting continues to convey positive signals in terms of fiscal policy. Mentioning the need to optimize the structure of fiscal expenditures and strengthen financial support for major national strategic tasks, next year's fiscal approach might lean more towards sectors related to people's livelihoods and social security.

The meeting highlighted the importance of effectively implementing structural tax reductions and fee cuts, suggesting a further decrease in tax burdens for some enterprises and residents, Ming added.