China’s top leaders, including President Xi Jinping, concluded a major economic meeting Friday where they outlined China’s economic policies for the next year and vowed to counter an ongoing growth downturn.

All seven members of the standing committee of the Politburo – the Communist Party’s highest-ranking decision-making body that includes Xi and Premier Li Keqiang – attended the Central Economic Work Conference (CEWC), which started on Wednesday, according to a report by the official Xinhua News Agency.

The leaders pledged to cut taxes and fees “on a greater scale,” increase the issuance of special-purpose local government bonds by “a relatively large margin,” and strike a balance between monetary tightening and easing to ensure “reasonably ample liquidity,” as they promised to continue to take measures to address the financing difficulties faced by private and small companies. The measures are part of official efforts to “strengthen counter-cyclical policy adjustments,” which refers to government support to boost economic growth, according to Xinhua. Proceeds from sales of special-purpose local government bonds are often used to fund infrastructure investment, a key driver of economic expansion.

They noted that the world is facing a “once-in-a-century” change that entails both crisis and opportunities. They urged the nation to “turn crisis into opportunities” by improving its technology and innovation capabilities, deepening reforms and opening up further, participating in global economic governance system overhaul, and speeding up a transition to high-quality growth, the report said.