High-ranking Chinese officials gathered in Beijing on Monday for the annual Central Economic Work Conference, which will analyze international and domestic economic situations and map out plans for economic development in 2012.

The annual event has served as a crucial mechanism for the Communist Party of China (CPC) Central Committee to run the Chinese economy.

The year 2012 is considered a crucial year in implementing China's 12th Five Year Plan (2011-2015), so the plans and strategies made in this conference will be significant for consolidating the sound momentum of China's economy and further promote the steady and relatively fast economic growth.

In a prelude to or warming up of the conference, the Political Bureau of the CPC Central Committee convened a meeting on Friday, saying that China will maintain its prudent monetary policy and proactive fiscal policy next year, and make its macroeconomic regulation more targeted, flexible and forward-looking next year.

At the meeting it was agreed that China will continue to balance efforts to "ensure stable and relatively fast economic growth, while adjusting the economic structure and regulating inflationary expectations next year."

China's GDP growth slowed to 9.1 percent in the third quarter from 9.5 percent in the second quarter, and 9.7 percent in the first quarter.

Growth of the consumer price index (CPI), a main gauge of the country's inflation, eased to 4.2 percent in November from this year's peak of 6.5 percent in July.