‘Get things done’: China tries to rally risk-averse officials to revive economy

Leadership’s references to ‘three exempts’ policy a clear sign that economic growth is the top priority, analysts say

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Chinese leaders are trying to encourage officials to take more risks to dispel some of the clouds over the economy. Photo: Reuters

Xinlu Liangin BeijingandWilliam Zhengin Hong Kong

Published: 8:05pm, 27 Sep 2024Updated: 8:30pm, 27 Sep 2024

China’s leaders are again seeking to rally risk-averse cadres to the cause of decisive economic action by stressing the need to “get things done” and its tolerance of mistakes in a policy known as the “three exempts”.

The Politburo, the ruling Communist Party’s inner circle, signalled the renewed political commitment in a statement after a meeting on Thursday to, in part, address the lack of action among many officials to help revive the economy.

“Party members and officials are urged to take responsibility and be willing to innovate, using challenges as opportunities to grow and achieve results,” state news agency Xinhua quoted the Politburo as saying.

“The ‘three exempts’ framework must be effectively applied to support those who take on responsibilities and get things done. Major economic provinces should be encouraged to take the lead and play a greater role in driving the economy forward.”

The meeting came a day after financial authorities unveiled a series of sweeping stimulus measures and in the lead-up to National Day celebrations, underscoring Beijing’s desire to prop up growth over other priorities.

It also stressed the need for proactive policies, effective financial measures and support for the private sector.