BEIJING -- China will wield its microeconomic policies to continuously stimulate the vitality of market entities in 2022, said a statement released Friday after a tone-setting economic meeting.

The country will seek to boost market confidence, advance the implementation of fair-competition-related policies, ramp up crackdown on monopolies and ensure fair competition through fair oversight, according to the annual Central Economic Work Conference held in Beijing from Wednesday to Friday.

Efforts should be made next year to intensify protection of intellectual property rights to create a favorable environment where companies of all types of ownership thrive.

The meeting also emphasized the need to uphold the spirit of contract and effectively curb arrears and evasion of debts.