China opened its annual Central Economic Work Conference on December 10 amid calls for stronger and more concrete reform efforts.

The meeting is set to review China's economic progress in 2013 and suggest plans for 2014, an important year for carrying out the reform blueprint adopted in November.

Li Yang, Vice President of the Chinese Academy of Social Sciences, which is a major government think tank, said China cannot wait any longer to transform its pattern of growth, and economic policies should focus on quality growth and efficiency instead of bailouts and high-speed growth in the short term.

Economists said that China's economy has entered a new era of structural slowdown, and the rate of economic growth is likely to decrease to less than 6 percent by the end of 2030.

"The structural slowdown is not a concern by itself, but it requires an adjustment of the macroeconomic policy framework," Li said.