Full coverage: 2016 Central Economic Work Conference

The goal of the reform is to rebalance the Chinese economy from being investment export driven to a more balanced and long-term growth model.

Analysts say that significant progress has been made in various aspects in the past year. Now let's take a look at what economists consider the biggest accomplishments this year, and more importantly, what needs to be done in 2017.

CKGSB economics professor Li Wei says that when looking at the progress of China's supply side reforms, tax reform is an important step in this year's changes.

Li says that in terms of deleveraging, China has made progress in changing the debt structure from short term to long term and from high interest to low interest. Li also said that most importantly, change has been from dollar debt to RMB debt. Still, analysts all agree that deleveraging should continue to be the main focus in 2017.

Li says that to make overcapacity reduction more sustainable, such policies as property tax reforms should be implemented. Li says that would change local government incentives from wanting business investment to attracting more residents.