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Sales and prices are falling and investment slowing, which has affected many sectors ranging from cement to home appliances.

Workers that are made redundant as industrial overcapacity is addressed should be relocated and offered training.

To prop up the economy, the People's Bank of China cut benchmark interest rates five times in 2015. Since the last reduction in October, the central bank also lowered the short-term money market rate many times to inject more liquidity to the financial system.

2) Legislation pertaining to people's wellbeing was pushed forward.

Since 2013, China has rolled out reform measures of uNPRecedented amount and strength. Now it is a pressing job to implement these reforms, according to a statement released after the meeting.