The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting Wednesday to analyze the current economic situation and arrange the country's economic work.
The meeting, presided over by Chinese President Xi Jinping, also general secretary of the CPC Central Committee, said that China has achieved sustained and healthy economic and social development this year.
In the first three quarters, the country achieved overall economic stability with steady progress, and economic performance was kept within a proper range, according to a statement issued after the meeting.
The meeting also stated some challenges faced by China's economy, including downturn pressure and some accumulated potential risks, and Chinese government must attach great importance to these challenges and take measures in time.
The status quo of China's economy is a result of combined factors, including long-term and short-term, as well as internal and external, the meeting said, noting that China's economic growth is shifting from merely high speed to high quality.
In the backdrop of external circumstances, it will take some time to implement some policies and see the effects, the statement said.
As for the major challenges, the meeting claimed to keep supply-side structural reform as a focus with further reform and opening up.
China will stick to positive fiscal policy and prudent monetary policy to stabilize its economy, including its labor market, finance, trade, investment as well as market expectation, according to the meeting.
China will work on solutions to the difficulties faced by medium and small enterprises, protect legitimate rights and interests of foreign companies in China and encourage development as well as reform of capital markets.