The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting Friday to analyze the economic work for 2020 and make plans for improving conduct and building integrity within the CPC.

President Xi Jinping, also general secretary of the CPC Central Committee, presided over the meeting.

According to a statement issued at the end of the meeting, China's economy has maintained overall stability despite uncertainties in the global environment, with gross domestic product (GDP), foreign trade, foreign direct investment (FDI) and other indicators all registering sound growth.

In the first three quarters of the year, China's GDP expanded by 6.2 percent to about 69.78 trillion yuan (about 9.92 trillion U.S. dollars). The country is moving towards a growth model that focuses more on quality.

China's foreign trade expanded by 2.4 percent year on year in the first 10 months to reach 25.63 trillion yuan (about 3.67 trillion U.S. dollars). Service trade, on the other hand, totaled 4.44 trillion yuan (about 629.8 billion U.S. dollars) in the first 10 months, up 2.6 percent year on year.

FDI into the Chinese mainland rose by 6.6 percent from a year earlier to 752.41 billion yuan (about 107 billion U.S. dollars) in the first 10 months. Non-financial outbound direct investment (ODI) in 164 countries and regions amounted to 621.78 billion yuan (90.46 billion U.S. dollars) in the period, up 5.9 percent year on year.

Meanwhile, the combined profits of China's SOEs rose by 5.4 percent year on year to 2.94 trillion yuan (about 418 billion U.S. dollars) for the January-October period. The total revenues of the SOEs reached 50.13 trillion yuan during the period, up 6.5 percent from a year earlier.

These economic outcomes can be mainly attributed to the basic tone of seeking progress while maintaining stability, and the Chinese government's recent proposal of a target to "stabilize the employment, finance, foreign trade, foreign investment, investment and expectations," collectively known as the "six stabilities," according to the statement.

The statement also noted that the country has witnessed new breakthroughs in technological innovation and supply-side structural reforms. Reform and opening-up has been carried out smoothly with major steps being made and significant progress was also made in building a well-off society in an all-round way.

During a meeting on China's economic work for 2020 held on Wednesday, President Xi shared his opinion on China's economic development in the future.

He said that China's economy will maintain steady growth for a long time, adding China is confident in responding to external uncertainties.

Regarding major focuses of 2020, Xi stressed efforts to win the "three critical battles" against potential risk, poverty and pollution as 2020 will be the year to secure a decisive victory in building a moderately prosperous society in all respects as well as the last year of the 13th Five-Year Plan (2016-2020).

President Xi urged the acceleration of the progress of developing a modernized economy, the avoidance of systemic financial risks and the promotion of high-quality development in agriculture, manufacturing and service industries.

Focusing on building a high-level open economy and improving livelihood, Xi called on efforts to deepen economic reforms and establish a regional economic layout with complementary advantages.

He expected all walks of life in China would unwaveringly carry out the central committee's economic policies, play an active role in economic reforms and make contributions to building a moderately prosperous society in all respects.

(With input from Xinhua)