China will fully deepen reforms in its economy system and open itself up more next year, according to a statement issued after the conclusion of an annual central economic work conference on December 16.

Deepening economic reform is crucial to stabilizing growth, transforming the economic growth pattern and making structural adjustments, the statement said.

The conference, which sets the tone for economic policymaking in the year ahead, called for "greater political courage and wisdom" to promote further reforms, it said.

In-depth research and studies should be done to improve the top-level design and general plan for China's reforms, and a clear overall scheme, road map and timetable should be made, it said.

While effectively implementing measures that have already been announced, new measures should be introduced in a timely way to solve outstanding contradictions, it said.

People's initiatives, practices and creativity should be respected in the course of reform, it added.

(Xinhua News Agency December 16, 2012)