The Chinese economy is forecast to see more positive conditions and more opportunities than challenges next year.

This is according to state media citing comments from the Chinese Communist Party's finance and economy office.

According to statements from the annual Central Economic Work Conference, macroeconomic policies will still provide support for the country's economic recovery in 2024, Xinhua reports. The conference sees top leaders establish economic objectives for the coming year.

"China's prices are low, central government debt levels are not high, and conditions are in place to strengthen implementation of monetary and fiscal policies," according to Xinhua, quoting the office of the Central Financial and Economic Affairs Commission.

However, blockages remain within the domestic economic cycle as demand, consumption and enterprise investment are still comparatively weak, Reuters reports.

Furthermore, party officials said China will aim to move from a post-pandemic recovery to persistent consumption growth next year.

In November, the International Monetary Fund upwardly revised China's growth forecast for this year to 5.4%, saying the amendment was down to a "strong" post-pandemic recovery. Meanwhile, the government has set a growth target of around 5%.

In addition, the Chinese economy is also set to enhance new consumption growth areas including smart homes, recreation and tourism and sports events, the Reuters report adds.

The report also states that the impact of the treasury bond issuance this year, interest rate and tax cuts, as well as other policies, will continue into 2024.

That said, China will need to keep a close eye on its property market and meet real estate firms' financing requirements.

"With the concerted efforts of all parties, the policy objectives of real estate risk prevention and market stabilisation can be fully achieved," the Xinhua report comments.