As the world reviews the receding year and plans for the next one, China held the annual Central Economic Work Conference in Beijing from December 10-12 to analyze the current economic situation and outline the key tasks for 2020.

With the China-U.S. trade disputes and anti-globalization sentiment prevailing in 2019, the Chinese economy went through a tough time. Nevertheless, China managed to maintain sustainable and sound economic and social development in spite of mounting risks and challenges both at home and abroad.

Undeniably, there are risks and challenges ahead in 2020 as well. "While fully acknowledging our achievements, we must see that China is at a pivotal stage of transforming its growth model, improving its economic structure, and fostering new drivers of growth," a statement issued at the end of the conference said. The country faces rising downward economic pressure amid intertwined structural, institutional and cyclical problems.

The global economy continues to slow down as the world is still undergoing in-depth adjustments due to the global financial crisis. Profound changes are accelerating and sources of turbulence have increased. "We need to be well prepared with contingency plans," the statement said.

The meeting set the guiding ideology, goals, tasks and principles for the economic work in 2020 based on an evaluation of the current circumstances.

To achieve the targets for 2020, China will make stability of the economy a priority, and uphold stable macro policies, flexible micro policies, and social policies that ensure people's basic needs are met. Stability means keeping the economic growth within a reasonable range. Without stability, it will be hard to win the battle against poverty on schedule in 2020 and to prevent and defuse financial risks.

Overcoming difficulties in economic development, such as the impact of the complicated international situation, is also essential to ensuring stability. It's encouraging that China and the U.S. have recently reached an agreement on phase-one economic and trade deal after strenuous negotiations. This is good news not only for the two countries but also for the entire global economy.

With the good tidings we wish our readers a joyful festive season and a very happy new year.