Zhang Liqun, the Department of Macroeconomic Research, DRC

The central economic working conference made a clear analysis of the complicated economic situation and illustrated various tasks to be accomplished in the future. Since the outbreak of the international financial crisis, China has witnessed profound changes in domestic and international economic environment and China’s economic development has entered the stage of comprehensive transformation and adjustment, from high-speed growth to mid-to-high speed growth, from overall shortage to overall overcapacity, and from mainly focusing on prices to more on quality, brand and credibility.In face of such a profound and complex shift, our primary task is to prevent economic deceleration. To adapt to the economic new normal, it is more important to transform and adjust enterprises’performance and conduct structural reform on the supply side. This year’s central economic workingconference clearly defines the five missions of reducing capacities, destocking, deleveraging, lowering costs and improving weak links, which offered an action guideline for China’s economy in 2016, the first year of the 13thFive-Year Plan. Implementing the five tasks to form synergy will definitely help advance systematically and steadfastly the corporate transformation and shift of the development model and keep improving the economic growth foundation, stability and sustainability.