China will strive to keep economic growth and policies steady in 2015 and adapt to the “new normal” of slower speed but higher quality, according to a statement released at the end of the Central Economic Work Conference, which detailed economic policies and priorities for the country for next year. Continuity and stability are key to macro-economic policies, the statement said. To reach 2015’s goals, China’s leaders vowed to accelerate reforms, further open up the economy, encourage innovation, upgrade agriculture, enhance regional integration, and improve the livelihoods of low-income households. President Xi Jinping and Premier Li Keqiang stressed that the economy still faced many challenges and “relatively big” downward pressures such as increasing difficulties for businesses and the emergence of economic risks. China’s top leaders emphasized that China could deliver its social and economic goals for 2014 “relatively well,” with the economy staying within a reasonable range. The meeting did not announce a GDP growth target for 2015. It said China would have to adjust to the “new normal” or lower economic growth. The “old normal” refers to the 35 years between 1978 and 2013, when annual growth of the Chinese economy averaged close to 10% and, between 2003 and 2007, when it was over 11.5%. In 2015, the Chinese government will accelerate reforms in nine areas: capital markets, market access for private banks, administrative approval, investment, pricing, monopolies, franchising, government procurement and outbound investment. The problems of state-owned enterprises (SOEs) will be addressed and efforts made to improve efficiency and competitiveness, the Shanghai Daily reports.

China’s economic growth continued to slow in November. Industrial production grew 7.2% from a year earlier in November, down from the 7.7% gain in October. Fixed-asset investment (FAI) gained 15.8% in the first 11 months, hitting a 13-year low. The only bright spot was retail sales which picked up 0.2 percentage points from a month earlier to 11.7% in November, bolstered by the massive online shopping on November 11, Singles Day.