China’s central economic work conference concludes with plans for 2018

China has mapped out its economic plans for 2018, according to a statement released after the three-day Central Economic Work Conference concluded Wednesday in Beijing.

Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era has taken shape, according to the statement.

China will continue to adopt a prudent and neutral monetary policy and a proactive fiscal policy in the next year, said the statement.

According to the statement, the country will further its supply-side structural reform in 2018, with more efforts to improve economic quality, promote innovation, cut overcapacity and foster new growth drivers.

It 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 for the coming year, the statement highlighted.

The country will also prioritize measures for targeted poverty reduction during the next three years, the statement noted.

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

The country will focus on pollution prevention and control for the next three years as well, said the statement.

Besides, the statement said China would increase imports and cut import tariffs for some products to promote balanced trade, according to the statement.

The statement also pointed out 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.

(CGTN)