(MENAFN- Kuwait News Agency (KUNA)) China will continue to transform its economic development mode and adjust its economic structure, as it has wrapped up its a crucial economic policy meeting, the official Xinhua News Agency reported Friday.
The three-day Central Economic Work Conference, which concluded Thursday, acknowledged the changes and trends in China's economic development, such as consumption, investment, export, production capability, structure and environmental restraints, which have been termed "the new normal." The conference said world's second-biggest economy will strive to keep its economic growth steady in 2015, sticking to a proactive fiscal policy and prudent monetary policy.
At the meeting, Chinese leaders including President Xi Jinping stressed that the economy still faces many challenges and "relatively big" downward pressures such as increasing difficulties for businesses and the emergence of economic risks.
"Although the risks are generally within control, it will take a while for China to gradually dissolve them," a statement released after the annual conference said.
To reach the 2015 goals, the leaders also vowed to accelerate reforms, further open up economy, encourage innovation, upgrade agriculture, enhance regional integration and improve low-income people's life." China's economy grew 7.3 percent year-on-year in the third quarter, the slowest pace of expansion since the 2008/2009 global financial crisis, dragged down by a housing slowdown, softening domestic demand and unsteady exports. The growth rate missed the government-set 2014 growth target of 7.5 percent.
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