Supply-side structural reform

A wind farm at Rudong in Jiangsu province. [Photo by Xu Congjun / for China Daily]

China's Central Economic Work Conference has made "seeking progress while maintaining stability" the main theme for economic work in 2017, pledging to push for substantial progress in supply-side structural reform.

Economists believe China will improve its basic economic system and expedite reforms to delegate power, improve regulation and optimize services.

Yu Yongding, economist and former central bank adviser, stressed the importance of both supply-side structural reform and macro-control policies, saying China's stable growth may not be sustained without reforms, while the reforms will not be successful if they run out of control.

"Looking from a global perspective, China's advantage lies in its ample room for reforms," said Xing. In 2017, China is expected to launch fundamental reforms involving state-owned enterprises, taxation, finance, land, urbanization, social insurance, ecological civilization and the opening up policy.