Chinese leaders concluded their annual economic conference on Wednesday and set the tone for China's economic policies next year.

The three-day Central Economic Work Conference saw leaders analyze the country's economic performance this year and map out plans for 2018.

Here are eight key facts to take away from the meeting.

1. Xi's thought on socialist economy put forward for first time

The meeting put forward Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era for the first time, mainly focused on a new development concept and stresses the Party's leadership in economic management, people-oriented development, the new economic normal, the market's role in resource distribution and supply-side structural reform.

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, according to a statement released after the meeting.