Setting the economic growth tone for 2017

The Central Economic Work Conference, held in Beijing in mid-December, set the tone for economic development in 2017. This is the first time the conference upgraded "seeking progress while maintaining stability" to an unprecedentedly high level - from a methodology for economic work to an important principle for governance.

"Stability" is the theme and objective of this principle. And it means steady economic performance, "more proactive and effective" fiscal policy to serve the supply-side structural reform, "prudent and neutral" monetary policy, further cuts in taxes and administrative fees, appropriate level of money supply and credit size, and relatively stable interest and exchange rates.

"Progress" is reflected in the extension of the supply-side structural reform to agriculture, rejuvenation of the real economy and the creation of a long-term mechanism for the stable and healthy development of the property market. It means breakthroughs should be made in the reforms of such important sectors as State-owned enterprises, finance, taxation and elderly care services.