China's top policymakers signalled more support for the economy next year with tax cuts and other policy measures as a bruising battle on debt and a trade war with the US have weighed on growth.
The meeting headed by President Xi Jinping yesterday also pledged further opening of the economy, better protection of intellectual property rights and to push forward trade negotiations with Washington.
The outcome of the annual Central Economic Work Conference, during which leaders review past policy and plan for the upcoming year, was published by the state news agency Xinhua.
Economic data has shown China's economy slowing this autumn, with Chinese consumer spending growing at its slowest pace in 15 years during November and factories easing up on production.
Mr Xi and US President Donald Trump agreed to a 90-day tariff truce this month, as the two sides try to find a more permanent solution to the trade dispute.
Trade frictions with the US have been "handled steadily", the statement said.
"We must implement the consensus reached in Argentina between the Chinese and US heads of state and push forward economic and trade negotiations," the readout said.
Comprehensive opening up is listed as one of the seven major tasks for next year - but critics say Beijing has long promised much while delivering little.
Beijing will work to relax market access, protect the legitimate rights and interests of foreign businessmen in China, especially IP rights, and allow them to operate independently in more areas, Xinhua said.
China's top officials hammer out their broad plans for the next 12 months during the three-day closed-door meeting.
China would "continue to implement a proactive fiscal policy and a prudent monetary policy," the statement said.
The meeting pushed for more fiscal measures and "a larger tax cut". Beijing has already put in place one round of tax cuts for the middle and lower class this year.
Still the trade row with the US has sapped market confidence, dragging down Chinese equities and the yuan.
Policymakers said they would increase the scale of local government bond issuance and solve financing problems for small and medium enterprises.
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The world's number two economy expanded at its slowest pace for nine years in July-September and analysts expect full year growth to slow further next year.
The meeting said China would "keep the economy running in a reasonable range," next year.
China's leaders are battling to stabilise the economy, transforming it from one fuelled by exports and state investment to one that relies on domestic consumption.
Leaders will work to "enhance spending power, let the people eat with ease, dress satisfactorily, and use things comfortably," Xinhua said.
Policymakers indicated they would continue to push deleveraging and handle local government debt risks.
"We must do a good job in preventing and resolving major risks," the statement said.
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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