Pointing the Way Forward
China's top leadership convenes to map out economic and reform plans for 2015
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Cover Stories Series 2014> Reform Initiatives Underway for 2015> For Your Information
UPDATED: December 16, 2014 NO. 51 DECEMBER 18, 2014
Highlights of China's Central Economic Work Conference

Major Tasks for 2015

- Maintaining steady economic growth

- Fostering new growth points

- Upgrading agricultural production

- Coordinating regional development

- Strengthening social security network and improving people's quality of life

Eight Emphases for 2015

- Fulfilling people's demand

- Analyzing the consumption market and consumer psychology

- Guiding societal expectations

- Strengthening protection of property and intellectual property

- Fully tapping into entrepreneurial talent

- Improving education and increasing human resource competence

- Improving the ecological environment

- Advancing technology and innovation

What does 'new normal' mean?

Consumption: Mass featureless consumption has come to an end and customized consumption is becoming mainstream.

Export and international balance: China still has competitive edge in exports; high-level imports and large-scale exports coexist.

Market competition: Quality-based differentiated competition has replaced quantity-based price competition.

Environment: Plans for green, low-carbon production and recycling will be adopted in the face of global climate change.

Investment: Infrastructure interconnection, new technology, new products and new business models have enabled massive investment opportunities.

Production: Smarter, smaller-scale professional production will gain more popularity.

Risk control: Economic risks are controllable in China, though it may take time to defuse risks caused by high leverage and asset bubbles.

Macro-regulation: The effects of massive stimulus measures are decreasing. China should digest the excess capacity while using market mechanism to explore industrial development in the future.

Production factors: Cheap labor force used to be China's biggest comparative advantage, but China's economic growth is currently more dependent on the quality of human resources and technological progress.

(Source: Xinhua News Agency)

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