1st LD-Writethru: China opens key economic meeting to plan for 2016

The Central Economic Work Conference opened on Friday as Chinese leaders begin to review the country's economic performance in 2015 and map out plans for 2016 with a priority on structural reforms.

China has achieved steady growth this year despite a slowing world economy, with its GDP expanding 6.9 percent year on year in the first three quarters of 2015, contributing to about 30 percent of the global economic growth.

The country already fulfilled its annual urban employment target this year, its resident income growth continued to outpace the GDP, and the quality and efficiency of the economy improved.

Progress was made in the structural adjustment, with the service sector now accounting for half of China's GDP and consumption contributing to more than 60 percent of economic growth.

However, the country still faces a complicated international environment and great downward pressure in 2016, analysts say.

Some Chinese companies are having difficulties coping with weakening demand and traditional drivers of the economy are losing steam while new growth engines are not powerful enough.

China should continue to keep economic growth in a proper range and advance structural reforms in 2016, according to a statement released after a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee earlier this week.

"While appropriately expanding the aggregate demand, the country should improve the quality and efficiency of the supply system," the statement said.

China's economic fundamentals remain positive in the long run and the country is expected to step up support for innovation and deepen reforms in several key areas, including state-owned enterprises, economists say. Endi