The just-concluded China Economy Annual Conference hosted by think tank China Center for International Economic Exchanges (CCIEE) set a course for China's economy next year. What specific measures can we expect?

Chinese Vice Commerce Minister Yu Jianhua spelled out directions for China's further opening-up.

"China will make more efforts to establish a market-oriented, law-based and internationalized business environment, and speed up building new global competitive edge. We will further reduce the negative list for foreign companies, deepen the opening-up of manufacturing and service industries, and ensure sound implementation of foreign investment law and related regulations," Yu said.

The vice commerce minister also noted that phase one trade deal with the U.S. will boost market confidence, and is in the best interest of the two countries and the world.

Meanwhile, China will pursue more reforms in the foreign exchange mechanism, based on China's central bank vice governor Chen Yulu, who said that "a market-based exchange rate formation mechanism will help the real economy to reduce risks, and allocate resources efficiently."

At present, majority of Chinese businesses still borrows funds through third-party services, mostly commercial banks. Chen stressed supply-side reform in the financial industry, with a focus on including more direct financing and equity financing.

Moreover, the vice minister remarked the significance of capital account convertibility, which means the currency of a country can be converted into foreign exchange without restrictions.

"Improving capital account convertibility will help stabilize market expectations, and facilitate foreign investment. Only by realizing basic capital account convertibility, two-way opening up of financial system, exchange rate based on market supply and demand, that we can achieve coordinated development of the whole financial industry," Chen said.