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China has made supply-side reform an economic priority, and tax cuts to lower the cost of business are widely expected.

The five concepts on development and the strategy of innovation-driven development must be fully implemented, the political resolution read. It also called for enhanced efforts to cut overcapacity and excess inventory, deleverage, reduce costs, and strengthen points of weakness.

"There is a need to avoid forcing through a text against serious differences among parties, so as to maintain the unity of the council and preserve the authority of the resolutions of the council," he said.

Meanwhile, he called for improving people's livelihood as "sharing" is one of the five new concepts in development. Xi called for continued effort in upgrading public services and ensuring everyone can share in services.

CUTS EXPECTED