The importance of urbanization, not only a historic task, but one that also holds the greatest potential to expand domestic demand, was emphasized.

China will show "greater courage and intelligence" in promoting market reforms, the conference heard.

Chi Fulin, president of the China Institute for Reform and Development, said the conference showed the resolution of the new leadership to improve reform.

A roadmap for improving reform is expected to be unveiled in the coming year, he said.

Top priorities for reform include income distribution, energy prices and State-owned monopoly enterprises, he said.

A new income distribution framework to address the growing gap between rich and poor is expected to come out by the end of the year, according to media reports.

Cai Fang, a senior researcher at the Chinese Academy of Social Sciences, said on Sunday that China can no longer rely on a massive labor supply for economic growth.

The country's average growth rate may fall to an annualized 7.2 percent from 2011 to 2015, and down further to 6.1 percent from 2016 to 2020 due to the change in demographic patterns, Cai forecast.

But there is no need to pursue a high growth rate through financial stimulus from the government, he said. China will have to depend on unleashing its productivity through further reform and technological upgrading.

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