The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting Wednesday to analyze the economy and plan the country's economic work.
The meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee, said that China has achieved sustained and healthy economic and social development this year.
In the first three quarters, the country achieved overall economic stability with steady progress, and economic performance was kept within a proper range, according to a statement issued after the meeting.
The economic structure continued to improve. Work has been done to support the private sector while a series of measures aimed to promote the healthy development of the financial market boosted market sentiment.
The economy has seen changes amid overall stability with increased downward pressure. Some companies are suffering from operating difficulties while some risks accumulated a long time ago have been exposed.
"China should attach great importance to the current situation and be more proactive in taking measures to cope with the issues," said the statement.
The current economic situation is a combined result of long-term and short-term as well as internal and external factors. China's economy is transitioning from a stage of high-speed growth to a phase of high-quality growth while the external environment has seen profound changes. Some of the domestic policies are yet to see their effects.
The country will uphold the underlying principle of pursuing progress while ensuring stability, remain committed to the new development philosophy, pursue supply-side structural reform as the main task, further push reform and opening up wider, and come up with targeted measures to address major contradictions.
China will continue to promote high-quality development, implement proactive fiscal policy and prudent monetary policy, and move to stabilize employment, finance, foreign trade, foreign investment, domestic investment and expectations to cope with external environment changes and ensure stable economic development.
The country vowed to address difficulties plaguing private businesses as well as small and medium-sized enterprises, and improve institutions to promote the capital market's long-term and healthy development.
It will also promote active and effective use of foreign investment, and safeguard the legitimate interests of foreign companies operating in China, the statement added.