The Communist Party of China (CPC) identified major tasks for the government's economic work in 2016, the first year of China's 13th five-year plan, on Monday.

The country should expand the effective demand on the housing market by turning more migrant rural workers into urban residents in order to reduce high housing inventory, according to a statement released after a meeting of the Political Bureau of the CPC Central Committee.

China will continue to promote mass entrepreneurship and innovation and reduce costs for companies, including transaction costs, tax burdens, social insurance fees and financial costs, the statement said.

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