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Tackling excess capacity will be one of the top tasks on China's economic agenda in 2014, as the issue becomes a major challenge to maintaining the pace and quality of economic growth.
"The Chinese economy still faces downward pressure next year," the Central Economic Work Conference pointed out on Friday, citing the capacity issue weighing down some sectors as one of the major challenges facing the world's second-largest economy.
The key annual economic meeting, which sets the tune for the following year's economic policy, vowed to make strenuous efforts to adjust the country's industrial structure by eliminating obsolete and unneeded capacity and promoting innovation-driven growth.
"We will vigorously develop strategic emerging industries, speed up the development of service sectors and promote the optimization and upgrading of traditional industries.
"We will create an environment that will enable enterprises to become the main force in innovation," the CEWC meeting declared.
In the process, the government will strengthen the protection of intellectual property rights and improve tax policies to facilitate innovation.
Authorities also called for measures to guarantee new jobs for laid-off workers.
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