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Wednesday, December 14, 2016, 21:13

China opens key economic meeting to plan for 2017

By Xinhua

BEIJING -- The Central Economic Work Conference opened Wednesday, as Chinese leaders begin to review the country's economic performance in 2016 and map out plans for 2017.

In a prelude to the conference, the Political Bureau of the Communist Party of China Central Committee convened a meeting Friday, saying that the country will continue efforts to advance supply-side structural reform in 2017 .

The basic tone of "seeking progress while maintaining stability" will be an important principle in governance and a key guidance for economic work next year

China has achieved steady growth this year with GDP expanding 6.7 percent year on year in the first three quarters. The government set a growth garget range of 6.5 to 7 percent for this year.

Economic structure and quality have improved, with strategic emerging sectors and high-tech industries growing over 10 percent. There have been breakthroughs in reform and opening up, as well as improvement to standards of living and the environment.

Analysts said the economy, however, still faces prominent problems, such as the contradiction between excess capacity and upgrading of demand structure, financial risks emerging in some sectors and some regions face economic difficulties.

Next year will see the 19th CPC National Congress. The basic tone of "seeking progress while maintaining stability" will be an important principle in governance and a key guidance for economic work next year, according to a statement released Friday after the Political Bureau meeting.

The Political Bureau meeting, which usually sets the tone for the Central Economic Work Conference, promises efforts to achieve progress in key fields while maintaining social stability.

Analysts expected the Chinese government to further implement the development philosophy of innovation, coordination, green growth, opening up and sharing while highlighting supply-side structural reforms, and making progress in completing five major tasks -- cutting overcapacity, destocking, de-leveraging, lowering costs and improving weak links.

The country will promote supply-side structural reforms in the agriculture sector, boost the real economy and study and establish a long-term mechanism compatible with the national conditions and market laws, to ensure stable and healthy development of the real estate market, according to the meeting.

The government will push forward reforms in key sectors, including state-owned enterprises, taxation, finance and social security, it was agreed at the meeting.

China will enhance the rule of law, improve its investment environment, open up wider and work to proactively attract foreign investment, according to the Political Bureau meeting.

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