BEIJING -- China will vitalize development through polices of reform and opening-up in 2022, according to a statement released Friday after a tone-setting economic meeting.

The country will pilot reforms of the market-based allocation of production factors and comprehensively implement registration-based initial public offering mechanism, according to the annual Central Economic Work Conference held in Beijing from Wednesday to Friday.

Efforts should be made to complete missions laid out in the three-year action plan for state-owned enterprises reform and steadily advance reforms in natural monopoly industries including power grids and railways, the document said.

The country will expand high-quality and institutional opening-up, grant foreign-funded enterprises national treatment, attract more investment from multinational companies, and facilitate the early implementation of major foreign-invested projects, it said.

The document also emphasized the need to promote high-quality development of the Belt and Road Initiative.