China's main goal for 2020 is to complete in all respects the creation of a stable financial market and prosperous economy, as regulators buckled down to work this early to meet this target, officials disclosed over the weekend.
One of the key economic objectives is to double the country's 2010 gross domestic product by the end of 2020 - the closing year of the country's 13th Five-Year Plan (2016-20) - economists said after last week's annual Central Economic Work Conference.
This will entail an economy that operates within a reasonable range, including maintaining an acceptable rate of growth, stabilizing inflation, keeping unemployment small, and maintaining a balance in the international system of payments, the experts said.
"At the National People's Congress in March, the numerical goals will be made clear," said Han Wenxiu, deputy head of the Central Financial and Economic Affairs Commission's office during a forum on Saturday.
Crucial Time To Improve
As the situation differs in different regions, local Chinese authorities will set their own priorities on the basis of those circumstances, Han said.
Each region is not mandated to double its GDP by 2020, analysts said, but it is "a worldwide target." According to Han, China should be fully prepared to resolve the difficulties leading to downward economic pressure.
The finance expert added that the country is at a critical moment in transforming its development model, improving its economic structure and identifying the driving forces of growth.
Had stressed that the "three tough battles" - reduction of inequality, successful prevention and control of financial risks, and protection of the environment - are also main tasks that should be carried out next year.
Structural Reforms, Balance
China will make economic stability its top priority in order to achieve the goals for 2020. Measures will be taken to promote structural reform on the supply side and strike a "dynamic balance" between supply and demand, National Development and Change Commission vice-minister Ning Jizhe said.
The 3-day Central Economic Work Conference, which culminated last week, concluded that it is necessary to uphold the policy framework of stable macro policies and flexible micro-measures to ensure that key tasks are fulfilled by then.
Vice-Premier Liu He, who heads the Small and Medium Enterprise Development at the State Council hosted the fourth meeting of the Leading Group on Friday to begin implementing the principles outlined at the conference.
In a statement released on Sunday, government departments such as the Ministry of Industry and Information Technology and the China Banking and Insurance Regulatory Commission has been urged to improve their services to SMEs and mitigate their financial burdens.
