Officials from the main economic and financial regulation institutes, as well as specialists, discussed issues about deepening supply-side structural reform, boosting high-quality development, promoting coordinated regional economic development, accelerating innovation-driven development, and speeding up the construction of a new high-level open economic system.

China's Central Economic Work Conference, co-organized by the China Center for International Economic Exchanges and the Xinhua News Agency think tank, was held at the Beijing International Hotel Conference Center on Dec 22.

With the theme "Deepening the reform and opening-up in the new era and injecting strong impetus for high-quality development", the conference defined the development stage of the Chinese economy amid increasing uncertainties.

"China's economic and social development has made significant achievements in the face of extremely complex environments both home and abroad this year. We have taken another solid step towards achieving the first Centenary Goal," said Han Wenxiu, deputy head of the Central Financial and Economic Affairs Commission.

Han also mentioned the future stages of China’s economy. "Whether China is still in the period of strategic opportunity and how to seize opportunities have become the big concern for decision-makers in the central committee. This conference gives us the answer that China remains in the strategic development process and will be in such a critical period for a long time."

"The key tasks for next year are very clear," said Ning Jizhe, vice-minister of the National Development and Reform Commission. He pointed out the central committee should promote the high-quality development in manufacturing industries and the formation of a strong domestic market, as well as the strategy for rural vitalization.

All agreed that the supply-side structural reform should be further cemented.

Xin Guobin, vice-minister of Industry and Information Technology described the current situation of the manufacturing industry with three key words — change, innovation and integration. 

“Looking into the future, we should continue to focus on the supply-side structural reform. Efforts can be put on several aspects such as optimizing the innovation ecology of manufacturing industry, promoting industrial integration, expanding the opening cooperation of manufacturing industry.”

"If we attach greater importance to improving the investment environment, we could attract more high-quality foreign investment. Also, further cooperation should be carried out in the areas of smart manufacturing, the industrial internet, cybersecurity and civil aviation under the Belt & Road Initiative," said Xin.

“Sticking to the supply-side structural reform is also essential to improving the financial system's ability to serve the real economy,” said Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission. “The financial system must adapt to the requirements of economic transformation, so as to provide effective services for optimizing the economic structure and changing the driving force of growth.”