China's continuous reforms, development to boost global economic recovery

China will usher in a crucial year in 2015 for its comprehensively deepening reforms, which are set to bring an important opportunity for other countries' economic development, overseas experts said.

During the 2014 Central Economic Work Conference that concluded Thursday, Chinese leaders mapped out major economic policies and priorities for the coming year based on an economic "new normal."

China will not only focus on boosting quality and efficiency of economic growth next year, but also stick to the theme of seeking progress while maintaining stability.

According to estimates of the International Monetary Fund (IMF), China has topped the world with its contribution to the global economy accounting for 27.8 percent in 2014.

Moreover, China's economic growth driven by its structural reform is expected to contribute to 30 to 40 percent of the Group of 20's goal for an additional 2-percent growth over the next five years.

During the meeting, Chinese leaders agreed that China should deepen reforms highlighted by an innovation-driven concept.

Since the establishment of the Shanghai Free Trade Zone (FTZ), a testing ground launched in September 2013 for China's exploration of new ways in reforms and opening up, foreign investments have increased every month and nearly 1,800 foreign-invested enterprises set foot in the zone.

Next year, the Shanghai FTZ will continue to push forward institutional innovation, further broaden financial openness, strengthen financial regulation, and expand other fields of reform.

William Adams, a senior international economist with the PNC Financial Services Group, said China carried out remarkable reforms in the financial area this year.

On Nov. 17, China officially launched the landmark Shanghai-Hong Kong Stock Connect, aimed at linking up the stock exchanges of Hong Kong and Shanghai.

It was an important step for the country to make the capital account freely convertible, which will help the Chinese economy better incorporate into the global market.

If the scheme is further expanded in 2015, China will gradually set up a more market-oriented, incorporated capital market.

Meanwhile, the Chinese government approved five private banks this year, in a bid to break monopoly and shore up private capital.

On Nov. 22, the People's Bank of China, China's central bank, lifted the upper limit of the floating band of deposit rates to 1.2 times the benchmark from the existing 1.1 times, laying a foundation for further liberalization of interest rates.

Huang Yuchuan, senior research fellow with the Carnegie Endowment for International Peace, a US think tank, said some new policies implemented by China next year will help the country cast off negative factors on household consumption.