China has wrapped up its annual Central Economic Work Conference, vowing to continue to transform its economic development mode and adjust its economic structure.

Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, speaks at the Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec. 9 to 11, 2014. [Xinhua]

The conference, which started on Tuesday, acknowledged the changes and trends in China's economic development, such as consumption, investment, export, production capability, structure and environmental restraints, which have been termed "the new normal".

The conference said China's economy will change from high-speed development to medium to high speed development. It added that China must understand and adjust to this "new normal", and further its economic development based on its conditions. Coming to terms with the new normal will be the "main logic" for China's current and future economic growth. In this situation, China says it will give more emphasis to development quality and deepening reform, as well as encouraging innovation-driven development, stepping up macro controls and improving people's livelihoods.

In order to stabilize the economy, the conference also called for transforming government functions, consolidating agricultural foundation, balancing regional development, fostering new growth points as well as the market's role in resource allocation.

Meanwhile, the conference said China could achieve its social and economic goals for 2014 relatively well and continue to hold the economy within a reasonable range. China will strive to keep its economic growth steady in 2015, sticking to a proactive fiscal policy and prudent monetary policy.

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