BEIJING - China's economy is stabilizing, but its development will "face various challenges that should not be underestimated" next year, the Political Bureau of the Communist Party of China (CPC) Central Committee warned on Tuesday.

"China will fulfil its economic and social development tasks this year as its economy is stabilizing and positive elements are increasing," said a statement issued after a political bureau meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee.

The statement said China will "maintain continuity and stability in its macro economic policies, make them more targeted and effective, and predetermine or fine-tune these policies at an appropriate time and in an appropriate way."

Chinese authorities will put "enhancing quality and efficiency of economic growth at the center" next year and they will deepen reform and opening-up, as well as step up efforts to pursue growth driven by innovation, it said.

More efforts are needed to improve macro economic control, boost domestic demand, adjust the economic structure, improve people's livelihoods, and add vitality to the economic development, according to the statement.

China should also work to maintain stable consumer prices and realize continuous and healthy economic development as well as social harmony and stability, the statement said.

Efforts should also be made to promote a stable increase of investment, optimizing investment structure, boost agriculture production, advancing urbanization, optimize foreign trade structure, and push forward reforms in key sectors, it said.

Authorities will support companies leading major national scientific and technological projects with clear industrial goals, according to the statement.

China will further carry out the country's regional development strategy by accelerating development of economically underdeveloped regions, it said.

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