Cutting excess capacity will be a priority for the work of China's top economic planner in 2017, a senior official said Saturday.

The National Development and Reform Commission (NDRC) will use market and legal tools to balance overcapacity cut and stable supply, structure optimization and industrial upgrading, said Xu Shaoshi, head with the NDRC at the government organ's year-end work meeting.

The NDRC will also try to arrest the growing leverage ratio of non-financial corporate sector, and further cut taxation and reduce fares for enterprises.

More central government budget will be used to invest in poverty reduction, agriculture, post-disaster water conservancy, infrastructure and innovation, according to Xu.

The NDRC also decided to generally open price control over competitive sectors and links in 2017.

The top economic planner also mulls establishing a project tracking mechanism to follow major projects in key countries and regions. Endi

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