The Central Economic Work Conference has pledged to roll out a slew of long-awaited measures to bolster growth and lead the ongoing transition, including less housing curbs, more tax cuts, a better safety net, deepening medical and financial reforms and more aid to shake off poverty.
Supply-side reform proposed by President Xi Jinping represents a much clearer line of thinking to lead the economy forward, say experts.
Once the turbo-charger powering China's economic acceleration, the manufacturing sector is now in dire need of a service.
China is setting its sights on its 274 million migrant workers as a savior for the economy, as they have the potential to buy unsold homes.
China plans to turn 100 million farmers into registered urban residents with the hope that this will encourage them to buy city apartments and help alleviate the country's massive housing glut.
The priorities set out by Chinese leaders at a key economic meeting have prompted strong interest among foreign media organizations.
Central Economic Work Conference: Roles and Functions
As China strives to sustain growth while the effectiveness of traditional demand-side policy support wanes, the country is turning to the other side, the supply side, for new vitality.
The government will phase out outdated businesses and focus on devising policies that will help the industries it wants to support, say economists.
China will formulate policy to resolve overcapacity as the supply glut in some industries has presented a major challenge to growth.
China will focus on shoring up weak areas in economic growth by expanding effective supply.
The Central Economic Work Conference, held at the end of every year since 1994, is China's highest economic meeting that reviews the progress in the past year, and maps out plans for the coming year.
To lead the ongoing transition, China has pledged to underline supply-side reforms and to launch a series of policies next year that have been discussed for a long time, including more tax cuts, incentives for specific industries, regulatory reforms and more aid to lift people out of poverty.
