Pointing the way forward(3)

Guo Tianyong, a professor of banking at the Central University of Finance and Economics, said such a scheme is badly needed in China's market-oriented financial reform.

Zhu Ning, a professor of finance in Shanghai Jiao Tong University, said the implementation of deposit insurance will greatly expedite market-based interest rate reform in China.

"The lack of deposit insurance system has severely held back other financial reforms. After interest rates are full liberalized in China, the country's banking sector will witness real changes."

Another task high on China's economic agenda is to strengthen regional integration and promote trade by resurrecting an ancient trade route.

In a speech at Kazakhstan's Nazarbayev University in September 2013, President Xi proposed establishing a Silk Road Economic Belt, similar to the Silk Road of more than 2,000 years ago, to boost political and economic ties between China and Eurasian countries.

China has also been trying to revitalize an ancient seaway to promote economic ties with the ASEAN nations since October 2013 when Xi proposed the 21st Century Maritime Silk Road during a visit to Indonesia.

The initiatives aim at enhancing connectivity and trade ties with Central Asia and South Asia by building roads, railways, ports and airports across the two land masses. On November 8, China announced it would contribute $40 billion to set up a Silk Road infrastructure fund to boost connectivity across Asia.

"The two initiatives will be the most important mid- and long-term national strategies for China, in terms of China's major-country diplomacy, regional integration and industrial upgrade," said Guan Qingyou, Assistant Dean of Minsheng Securities Research Institute.

Zhang Yansheng, Secretary General of the Academic Committee of the NDRC, said China's labor- and resource-intensive industries can profoundly benefit from the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

"It will help increase exports of products, equipment and laborers from China to countries along the proposed trade routes," Zhang said.

Major Tasks for 2015

Maintaining steady economic growth

Fostering new growth points

Upgrading agricultural production

Coordinating regional development

Strengthening social security network and improving people's quality of life

Eight Emphases for 2015

Fulfilling people's demand

Analyzing the consumption market and consumer psychology

Guiding societal expectations

Strengthening protection of property and intellectual property

Fully tapping into entrepreneurial talent

Improving education and increasing human resource competence

Improving the ecological environment

Advancing technology and innovation