China's annual tone-setting Central Economic Work Conference concluded on Friday, with participants agreeing to step up tax cuts and keep monetary and fiscal policies more accommodating to support growth, according to a statement published by Xinhua News Agency.

Policymakers at the meeting, which was presided over by President Xi Jinping, also agreed to continue to push all-around opening-up next year and protect the legitimate interests, especially intellectual property rights, of foreign enterprises.

Analysts said the tax cuts and more proactive fiscal and monetary policies will help stabilize GDP growth of the world's second-largest economy next year.

The meeting said the authorities should implement reductions in taxes and fees on a "larger scale" and substantially increase the size of local government special bonds.

The country's fiscal policy will remain proactive next year but should be stronger and more efficient, the conference said.

Bai Jingming, vice-president of the Chinese Academy of Fiscal Sciences, told China Daily that a more aggressive tax- and fee-cut plan will focus on both the corporate sector and households, which will improve business sentiment and increase individual incomes.