Chinese officials have unveiled the basic framework for China's economic strategy for 2016, outlining a plan that focuses on ensuring a stable macroeconomic environment for Beijing's ambitious economic reform plans for next year.

China's  economic plan for 2016 --  the year that will mark the start of the first five-year plan under President Xi Jinping -- was presented by Chinese national authorities at the conclusion of the annual Central Economic Work Conference in the country's capital recently.

Like Us on Facebook

The policy outline adheres to Beijing's basic stance of pursuing stable progress while calling for more robust fiscal policies and the rapid implementation of moderate monetary regulations, according to reports.

Under the plan, Beijing has pledged to resolve the four major issues that encumber China's bid to achieve faster, more vigorous economic expansion: excess manufacturing plants, a housing glut, local government debt and the high cost of doing business.

In keeping with this pledge, the Chinese government will -- among others -- move to accelerate bankruptcy and liquidation hearings and promote corporate efficiency; encourage developers to reduce the cost of housing; ensure tighter management of local government finances; and move toward deregulation and the lowering of taxes for businesses and investments.

Beijing's economic planners have said that they intend to boost investments into infrastructure development even as they work to expand tax cuts, as well. Citing experts, the Nikkei Asian Review notes that this may increase the government's budget deficit from 2.3 percent to three percent of the country's gross domestic product next year.

China's economy is likely to see relatively sluggish growth in the coming years, some experts claim, but it will remain as viable and as resilient as ever.  In a report written for Forbes Magazine, the global risk consultancy firm RiskMap says that -- while there is no room for complacency among multi-national investors in China -- the Chinese economy is far from a spent force.

"Beijing has proved skeptics wrong before by reforming its way out of trouble, and may well do so again," the report says, "It has a track record of competent policymaking and of executing major reforms to adapt its economy when facing trouble."

Although Beijing has yet to announce its economic growth targets for 2016, Xi has said that he wants government to aim for a minimum average annual economic growth of around 6.5 percent over the next five years. 

Tagschina economic growth