BEIJING, Dec. 20 -- Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era has taken shape, according to a statement released after the Central Economic Work Conference concluded on Wednesday.

The thought is the "theoretical crystallization" of the past five years of practice in pushing forward China's economic development, and the "latest fruit" of socialist political economy with Chinese characteristics, the statement said.

The three-day conference was attended by President Xi, who is also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission.

The annual meeting, which set the tone for China's economic policies in 2018, also described the thought as the "extremely precious spiritual wealth" of the CPC and the country. It must be adhered to for a long time and developed continuously.

According to the statement, the thought is mainly based on the new development philosophy, which was put forward by Xi in 2017 and features innovation, coordination, green development, openness and sharing.

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