Reform and innovation will overcome future economic uncertainties

Every December, Chinese leaders hold a meeting to chart the economy's course for the year ahead. The meeting, called the Central Economic Work Conference, was held Wednesday through Friday in Beijing this year.

What makes this year's Central Economic Work Conference different from those of the past is that the presidential election in the United States, the largest economic partner of China, has voted in an administration that promises to rewrite many of the US' policies and that the Federal Reserve raised the interest rate on Wednesday, which may signal a new turn in the cycle of the world economy.

This year's conference is special also because of the conditions prevailing in China. The country's ongoing economic transition started four years ago, shifting the focus from quantity and pace to quality and sustainability, and from exports-led to consumption- and innovation-led growth.