(Yicai Global) Dec. 13 -- The annual Central Economic Work Conference was held in Beijing from Tuesday to Thursday, as Chinese leaders charted course for the economy in 2020.

Facing the complicated situation of mounting risks and challenges at home and abroad in 2019, China has maintained sustained and sound economic and social development and made key breakthroughs in the "three tough battles," seeing notable progress in targeted poverty reduction, effective prevention and control of financial risks, and general improvement in the environment, according to a statement released after the conference.

"While fully acknowledging our achievements, we must see that China is at a pivotal stage of transforming its growth model, improving its economic structure, and fostering new drivers of growth," the statement said.

The country faces rising downward economic pressure amid intertwined structural, institutional and cyclical problems, according to the statement.

The conference pointed out that the basic trend of the Chinese economy maintaining steady growth toward long-term sound development remains unchanged.

To achieve the expected targets for 2020, China will make ensuring stability a top priority, and uphold the policy framework of stable macro policies, flexible micro policies, and social policies that ensure basic needs are met.