This file photo dated Oct 3, 2022 shows the view of skyscrapers of the Central Business District (CBD) at dusk in Beijing, capital of China. (PHOTO / XINHUA)

BEIJING - China will see more favorable conditions than unfavorable ones for economic development next year, as positive factors supporting high-quality development continue to accumulate, according to a Chinese official.

China's economic development still has enormous opportunities despite sluggish global growth and insufficient domestic demand, said the official of the Office of the Central Committee for Financial and Economic Affairs.

The remarks came as the country held its annual Central Economic Work Conference a week ago to decide the priorities for the economic work in 2024.

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China is home to a super-large market with the biggest potential in the world. As social expectation gradually improves, high savings will help boost consumption and investment, the official said.

People walk in the open shopping mall Taikoo Li Chengdu in Chengdu, capital of Sichuan province, China, on Oct 21, 2023. (GARY CHIU / CHINA DAILY)

A series of government policies, including the issuance of 1 trillion yuan ($141 billion) in additional government bonds, reductions in interest rates and reserve requirement ratios, and tax and fee cuts, will continue to take effect next year, the official said.

"As the government rolls out more policies next year, the synergy effect of existing and new policies will work together to propel economic recovery," the official said.

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China has ample policy space to beef up monetary and fiscal policy support for the economy given that the consumer prices are relatively low and the debt level of the central government is not high, the official added.