The big picture from China’s most important economic meeting of the year

The most senior members of China’s Communist Party have just wrapped up a three-day, closed-door meeting on where they think the Chinese economy should head. Here are the key points from the meeting:

Growth

China has bid farewell to “high-speed” growth and entered a new era of “high-quality”growth. In other words, don’t expect to see any dramatic rebound in economic expansion in the coming years.

Policy

China will maintain a “proactive” fiscal and a neutral monetary policy stance, ruling out any stimulus or monetary easing. Beijing also said it would keep the yuan’s exchange rate basically stable.