Xi's economic thought for new era takes shape

BEIJING - A new economic doctrine proposed by President Xi Jinping is taking shape, Chinese leaders said as the annual Central Economic Work Conference concluded on Wednesday.

"Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era" will now be applied to economic decision-making in the country.

China must build and improve the mechanisms for pushing ahead high-quality development, said a statement released after the meeting.

The country will continue to adopt a prudent and neutral monetary policy and a proactive fiscal policy in 2018.

Supply-side structural reform will be furthered in the next year, with more efforts to improve economic quality, promote innovation, cut overcapacity and foster new growth drivers.

China will move faster to put in place a housing system that ensures supply through multiple sources, provides housing support through multiple channels, and encourages both housing purchase and renting in 2018.

Imports will be increased and import tariffs for some products will be cut to promote balanced trade.

Pollution prevention and control will be in focus for the next three years.

Authorities will continue to crack down on illegal activities in the financial industry to forestall risks. In the coming three years, the country will seek to foster a "virtuous circle" between finance and the real economy, between the finance and property sectors, as well as within the financial system.

China currently has the world's largest middle-income population. The country has made historic economic achievements since the 18th National Congress of the Communist Party of China in 2012, providing important material conditions for reforms in other areas.

The country will prioritize measures for targeted poverty reduction during the next three years.