The Chinese government held its annual Central Economic Working Conference on December 14, defining the general direction and objective for the country’s economic development and reform in the coming year.
The party paper People’s Daily delivered a long commentary on the crucial conference the same day, for the first time pointing out that the Chinese economy is standing at a “new point” toward a “new direction,” as the growth rate slows down and as certain industries face further restructuring and upgrading.
Based on the background, the conference emphasizes keeping a creative, green and open-minded development mode with more efforts on the supply-side reform which the government initiated in early 2016.
Analysts predicted that China’s economic growth rate will continue to be set at 6-6.5 percent next year and the government will concentrate more efforts on curbing rising house prices, decreasing the capacity and inventory of State-owned enterprises under poor operation and quickening the long-prepared personal income tax reform which aims to find a better balance between different income groups.
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