BEIJING - China will fully deepen reforms in its economy system and open itself up more next year, according to a statement issued after the conclusion of an annual central economic work conference on Sunday.

Deepening economic reform is crucial to stabilizing growth, transforming the economic growth pattern and making structural adjustments, the statement said.

The conference, which sets the tone for economic policymaking in the year ahead, called for "greater political courage and wisdom" to promote further reforms, it said.

In-depth research and studies should be done to improve the top-level design and general plan for China's reforms, and a clear overall scheme, road map and timetable should be made, it said.

While effectively implementing measures that have already been announced, new measures should be introduced in a timely way to solve outstanding contradictions, it said.

People's initiatives, practices and creativity should be respected in the course of reform, it added.

China will continue to implement the proactive fiscal policy and prudent monetary policy in 2013.

The control policies on the property market will also be continued next year.

Both private and public investment?will be encrouaged?next year to effectively bolster the country's economic development, according to the statement.

While encouraging and providing better guidance to private investors, the government will increase public investment on infrastructure projects that will not cause repetitive construction but set foundations for long-term development and benefit people's well-being, it said.

Related:

China vows to protect foreign investors' interests

Fiscal policy makers to set goal for 2013 GDP growth

China opens key 2013 economic work meeting

2012 Central Economic Work Conference