The annual central economic conference, which concluded on Sunday afternoon, said that it will be important to continue to improve China’s socialist market economic system.

The opportunity offered by good economic conditions and people's enhanced sense of reform should be seized to push forward economic and social development.

According to sources from the conference, next year's reforms will be centered on solving fundamental contradictions and issues that affect overall development.

Efforts will be made to increase efficiency and competitiveness and to continue to deepen corporate reform; improve supervisory management systems for state-owned assets, set up and improve modern corporate systems, actively promote internal restructuring, and prevent losses of state-owned assets.

Efforts will also be made to encourage, support and guide the development of non-publicly owned enterprises, improve services, supervision and quality.

Macroeconomic controls should be improved, while fiscal, financial and administrative reforms should continue.

The conference also stressed the improvement of market systems and better distribution of resources. The construction of capital, labor, technology and other elementary markets and a social credit system should be accelerated. The economic legal system should be improved to rationalize and regulate economic relations.

The conference said that reform is at a critical stage and that the country must adhere to development of its socialist market economy.

(Xinhua News Agency December 5, 2004)