In the 4,700-word mission statement issued after China's latest Central Economic Work Conference, the word "stability" was cited 25 times, reiterating its importance for the country's sustained economic development. Prudent, flexible and appropriate monetary policies are also necessary to maintain momentum next year, the mission statement said. Liu Zhiqin, senior fellow at Renmin University of China's Chongyang Institute for Financial Studies, told CGTN that China will also implement the registration-based IPO system on bourses and curb excess capital growth with a type of "traffic-light" mechanism, to further strengthen oversight over capital markets, while ensuring healthy development.